hello self-custody wallets ๐๐ฟ
why are " self custody wallets" trending, & why are they even important?
Weโve already talked about the various wallets that store crypto. Missed that article?
You can read it here ๐๐ผ
Todayโs article focuses on a very exciting topic and a highly-searched one, especially after an eventful year for Centralised exchanges in Crypto ( read: FTX ๐ฅฒ)
Alright, So โself custody walletsโ.. what are they ?
Self-custody wallets = software applications that allow you to store, manage, and transact with crypto without relying on a third-party custodian.
They stay true to the principle of a Peer-2-Peer transaction interface, with mostly no 3rd party interference.
When you use a self-custody wallet, you are the sole custodian of your private keys, which are used to access and manage your cryptocurrency holdings. This means that you have full control over your funds and are solely responsible for keeping your private keys secure.
& how can I get a self-custody wallet?
Self-custody wallets can be on
๐ desktop,
๐ mobile, or (ex: trust wallet)
๐ web-applications, ( ex: meta mask)
Most self-custody wallets support A LOT of digital currencies, and are not restricted to the top few ones.
Self-custody wallets are considered to be more secure than custodial wallets since they provide users with full control over their private keys.
Fundamental benefits /Advantages of using a self custody wallet are >
Security: Self-custody wallets offer a higher level of security since you are the only one with access to your private keys. This reduces the risk of your funds being lost or stolen due to hacks, scams, or other security breaches.
Ownership and Control: With a self-custody wallet, you have full ownership and control over your cryptocurrency holdings. You can manage your funds as you see fit, without the need for third-party authorization or approval.
Privacy: Self-custody wallets offer greater privacy and anonymity since you don't have to provide any personal information or identification to use them.
Decentralization: Using a self-custody wallet aligns with the principles of decentralization, which is a core value of cryptocurrency. By using a non-custodial wallet, you are contributing to the decentralization of the network, which strengthens the overall security and stability of the blockchain.
Compatibility: Self-custody wallets are compatible with a wide range of cryptocurrencies and can be used to store, send, and receive multiple digital assets. This provides greater flexibility and convenience for managing your digital assets in one place.
So - when are you switching to a self custody wallet of your own?
PS; most of them are free of cost ๐
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