Self-custody is a type of cryptocurrency storage that allows individuals to have full control over their own funds. It has become increasingly popular as users seek more secure and private ways to store their digital assets without relying on third-party services.
With self-custody, users are responsible for keeping track of all the information associated with their cryptocurrency holdings such as wallet addresses, passwords and private keys. While it may seem daunting at first, self-custody provides greater assurance that your funds will remain safe from malicious actors or hackers since you are the only one who has access to them.
To begin using self-custody, the first step is to choose a wallet system that supports this type of storage option. Not all wallets do so make sure to research which ones offer this feature before selecting one. Once you’ve chosen a wallet platform then you must create an account and start generating personalised data such as passwords, recovery phrases etc., which should be stored securely in multiple locations away from online threats like malware or phishing attacks. After these steps have been completed then you can transfer your funds into the new wallet and begin taking advantage of the benefits provided by having complete control over your own money through self- custody methods!
