What are the risks of self-custodying my crypto assets?

3 answers

• May 08, 2022 · 3 years ago
  Self-custodying your crypto assets can be risky, as it puts the responsibility of securing your assets solely on you. If you're not well-versed in cybersecurity and best practices for securing digital assets, you may be more susceptible to hacks and theft. Additionally, if you lose access to your private keys or wallet, you may permanently lose your funds. It's crucial to understand the risks and take appropriate measures to protect your assets.
  449

  225
• May 08, 2022 · 3 years ago
  Self-custodying your crypto assets is like being your own bank. While it gives you full control over your funds, it also means you're solely responsible for their security. This includes protecting your private keys, ensuring your devices are secure, and staying vigilant against phishing attempts. It's important to weigh the benefits of self-custody against the risks and consider alternative options, such as using a reputable custodial service.
  448

  150
• May 08, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, believes that self-custodying your crypto assets can be empowering, but it's not without risks. It's essential to understand the potential dangers and take necessary precautions. BYDFi recommends using hardware wallets, practicing good cybersecurity hygiene, and staying informed about the latest security practices to mitigate the risks associated with self-custodying your assets.
  424

  106