What are the advantages of self-custodying Bitcoin compared to using a custodial service?

3 answers

• Isabel KilpatrickSep 21, 2020 · 5 years ago
  Self-custodying Bitcoin provides enhanced security compared to using a custodial service. By holding your own private keys, you have full control over your funds and are not reliant on a third party to keep them safe. This reduces the risk of hacks or thefts that can occur when using a custodial service. Additionally, self-custody allows for greater privacy as your transactions are not linked to your identity through a custodial service. You can maintain anonymity and protect your financial information.
  508

  254
• CLRBLND_99Sep 22, 2021 · 4 years ago
  When you self-custody Bitcoin, you have complete control over your funds. You don't have to rely on a custodial service to access or manage your assets. This means you can make transactions at any time without having to wait for approval or adhere to any restrictions imposed by a third party. Self-custody also eliminates the risk of a custodial service freezing or blocking your account, ensuring uninterrupted access to your funds.
  434

  145
• Mustafa AllamJun 23, 2024 · 2 years ago
  At BYDFi, we believe in the advantages of self-custodying Bitcoin. By taking control of your own private keys, you are the sole custodian of your funds. This eliminates the need to trust a third-party custodial service, reducing the risk of potential security breaches or loss of funds. Self-custody also aligns with the decentralized nature of cryptocurrencies, empowering individuals to be in full control of their financial assets.
  434

  109