What are the security risks of self custody in the cryptocurrency space?

3 answers

• May 02, 2022 · 3 years ago
  One of the main security risks of self custody in the cryptocurrency space is the potential for loss or theft of digital assets. Since users are responsible for storing their own private keys, any compromise of these keys could result in the loss of funds. It's crucial for individuals to take proper security measures, such as using hardware wallets and secure offline storage, to mitigate this risk.
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• May 02, 2022 · 3 years ago
  When it comes to self custody in the cryptocurrency space, security risks can arise from human error. Forgetting or misplacing private keys, using weak passwords, or falling victim to phishing attacks can all lead to the loss of digital assets. It's important for users to be vigilant and follow best practices to protect their funds.
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• May 02, 2022 · 3 years ago
  At BYDFi, we understand the security risks associated with self custody in the cryptocurrency space. While it provides individuals with full control over their digital assets, it also requires them to take on the responsibility of securing their own funds. We recommend using a combination of hardware wallets, multi-factor authentication, and regular security audits to ensure the safety of your assets.
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