What are the benefits of self custody for digital currencies?

3 answers

• Md Tanvirul IslamOct 14, 2020 · 5 years ago
  Self custody for digital currencies offers several benefits. Firstly, it provides users with full control over their funds, eliminating the need to rely on third-party custodians. This ensures that users have the ultimate authority and responsibility for their assets. Secondly, self custody enhances security as it reduces the risk of hacking or theft associated with centralized exchanges. Users can store their digital currencies in secure wallets or hardware devices, making it more difficult for hackers to gain unauthorized access. Additionally, self custody allows for greater privacy as users do not need to disclose personal information to third-party custodians. Lastly, self custody enables users to participate in decentralized finance (DeFi) applications and earn passive income through staking or lending their digital currencies without relying on intermediaries.
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• Agung MulyanaOct 01, 2022 · 3 years ago
  The benefits of self custody for digital currencies are numerous. By taking control of your own funds, you eliminate the risk of losing them due to exchange hacks or mismanagement by custodians. Self custody also allows for greater privacy, as you don't have to share your personal information with third parties. Additionally, self custody gives you the freedom to participate in DeFi applications and earn interest on your digital currencies. Overall, self custody provides peace of mind and empowers individuals to have full control over their financial assets.
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• Royal FerrellMar 02, 2021 · 4 years ago
  At BYDFi, we believe that self custody is crucial for digital currency holders. It offers unparalleled security and control over your funds. With self custody, you don't have to worry about the security of centralized exchanges or the potential for hacks. You have full control over your private keys and can store your digital currencies in secure wallets. Self custody also allows you to participate in DeFi applications and earn passive income. It's a game-changer for the digital currency industry and BYDFi is proud to support and promote self custody for our users.
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