Self custody + seed phrase generated offline + cold storage = rich in a few bitcoin cycles.
Self custody is very important. If you have btc on an exchange, it is not yours and can be lost if the exchange collapses or if itβs just a shady exchange.
Generating your seed (keys) offline insures nobody else has access to it. The bitcoin software uses mathematical equations to calculate addresses for btc use. These addresses can be calculated offline by cold storage device like a trezor using the math. This insures you have sole access to the seed phrase.
Cold storage is a term used to describe a wallet that is connected to a physical device. This physical device must be present to send btc out of the wallet. It will have physical buttons that must be pressed in order for the device to confirm your transaction. Trezor and cold card are good examples.
Stay safe. Not your keys not your coins.
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