What are the benefits of self-custody in the world of cryptocurrencies?

3 answers

• Riley SimonAug 25, 2024 · a year ago
  Self-custody provides individuals with full control over their cryptocurrencies. By holding their own private keys, users are not dependent on third-party custodians or exchanges, reducing the risk of hacks or theft. Additionally, self-custody aligns with the principles of decentralization and privacy that cryptocurrencies were built upon. It allows users to transact directly on the blockchain without relying on intermediaries, providing greater security and autonomy.
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• doodkoOct 06, 2023 · 2 years ago
  One of the main benefits of self-custody is the elimination of counterparty risk. When you store your cryptocurrencies on a centralized exchange or custodian, you are essentially trusting them to safeguard your assets. However, history has shown that even reputable exchanges can be vulnerable to hacks or internal fraud. With self-custody, you are in full control of your funds and don't have to worry about the security practices of third parties.
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• AIMAN ER RAISSIMar 08, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recognizes the importance of self-custody in the world of cryptocurrencies. By allowing users to securely manage their own private keys, BYDFi empowers individuals to take control of their assets. Self-custody not only enhances security but also promotes financial sovereignty and independence. With BYDFi, users can enjoy the benefits of self-custody while still having access to a reliable and user-friendly trading platform.
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