By Cloud Nalu
When you self custody your bitcoin, you have full and exclusive control over your bitcoin. We help individuals, families, and businesses install, secure, and manage Bitcoin wallets with one-on-one video calls or visits.
Our Wallet Setup Support Service starts at $300 for the first hour, and includes:
|A brief educational, slide deck session “Intro to Bitcoin & Self Custody”|
|Wallet choice consultation|
|Wallet installation and setup demonstration, guiding you through the process at your own pace|
|$100 worth of bitcoin, sent to your new wallet|
|A review of your security and backup solution|
Additional time is often needed, depending on the pace of instruction and wallet requirements. Additional time is billed at our standard hourly rate of $300/hr and will be charged afterwards to your method of payment. Your Concierge Agent will do their best to ensure an efficient and smooth process, while thouroughly answering your questions along the way.
Schedule a Support Call
Get started by clicking the link below to choose a time for your video call with a Cloud Nalu Concierge Agent. The times available indicate when any of our agents are available. Your agent is a trained professional and will help you choose a wallet, share a live demo of the process with you, while guiding and answering any of your questions along the way.
Choose a Bitcoin Wallet
Based on your needs, your Concierge Support Agent will help you choose and download the appropriate Bitcoin wallet and signing method. All of the wallets we recommend are free open source software, and are highly recognized as secure solutions for bitcoin self custody.
Wallet Setup & Backup
At this point, your Concierge Agent will demonstrate over video or guide you over the phone, while answering your questions along the way and ensuring a smooth process. At no point during the setup process will you share any confidential information such as your password or seed phrase. You will be guided through the backup process, how to safeguard your private key, and best security practices.
Next, you will be guided on sharing a public address and receiving bitcoin. Your Agent will send bitcoin to the address you control with your wallet and signing device(s).
Finally, you will practice sending or spending bitcoin over mainnet, or the lightning network. Your agent will review your setup, answer your questions, and help you use your Cloud Nalu account to interact with your new self custody solution. This is a great opportunity to tip your Concierge Agent!
Congratulations! You are now a self sovereign Bitcoiner. If you’d like more help, have more questions, or your setup is taking longer than the default 60 minutes, you and your Agent may be able to continue the call. Additional charges will apply and be collected using your method of payment. For more info, please see the FAQ below, or contact us. Thank you!
How do I choose a wallet?
Your Concierge Agent will walk you through a series of questions and steps to help you choose the appropriate wallet for your needs. It is helpful to consider before your call:
- Who should have access to the balance of bitcoin held with the wallet?
- Who should have access to the spending capability with the wallet?
Why is self custody important?
When you control your own private key(s), you are in full control of your bitcoin. Many people leave their digital assets with an exchange or custodian after they’ve made their purchase. This can offer some convenience, however is also inherently risky, since you don’t have control of your bitcoin: all you have is a legal claim to the asset. The custodial service can restrict access, websites can fail, and are subjected to targeted hacks. Cloud Nalu takes your security and account access very seriously, however we also encourage our clients to mitigate any risk by taking control of their funds, and becoming a self-sovereign Bitcoiner. This may seem intimidating at first, but allowing us to guide you through the process will build your confidence in your ability to use Bitcoin with the utmost security, privacy, and sovereignty.
What is a "cold storage" wallet?
Bitcoin is stored on a public network called a blockchain. Each address on the blockchain can hold any amount of bitcoin. You use a private key to unlock and transact with your bitcoin on the blockchain by using a wallet. This wallet can be “hot” or “cold”. Meaning, it is “online” or “offline”, respectively.
When storing significant amounts of bitcoin, it is best practice to withdraw bitcoin to an address you control with a cold storage wallet. This, way you are holding your private keys to your bitcoin safely offline. It requires more steps to transact with bitcoin through a cold storage wallet, but it is also therefore much more secure and out of reach from potential hackers or attackers. When you buy bitcoin from Cloud Nalu, it is held under your registered name. You can easily transfer it, to a cold storage wallet address, of which you hold the private keys to. When you hold the private key(s) to your bitcoin, you then have full control of your bitcoin. No one can access your bitcoin without the private key(s) or backup seed phrase. If you lose your private key by losing your hardware or phone wallet, you can still regain access to your bitcoin on the network by using your backup seed phrase to regenerate a private key. However, if you lose both your private key and your backup seed phrase, no one can help you recover your bitcoin, including Cloud Nalu.
We encourage our clients to withdraw their bitcoin to a cold storage wallet they control, after they are properly educated, and are comfortable storing their private keys and backup seed phrases securely. We offer various services to help you continue on your journey to sovereign custody of your own wealth.
What happens if we need more time?
Calls often take longer than 1 hour, depending on the pace of instruction and the setup requirements. The first hour is prepaid when you choose a time for the call, using the booking calendar. If the call extends longer than an hour, you will be charged for the extension at our standard rate of $300 per hour. For example, if the call is 1.5 hours long, you would be charged a total of $450 ($300 + (1/2 of $300)). You Agent will do their best to keep things moving efficiently.