Self-Custody Wallets

[Starmix]

Self-Custody Wallets

Since I am choosing which one is the best wallet to open for a crypto account, so I found this other kind of crypto wallet called a Self-custody wallet. I do not know which one is the best wallet. Investing in crypto isn’t easy. We have to take precautions to avoid losing our hard-earned money. It said that if we choose this wallet, we can have complete control of our crypto. Like the hosted wallet, the self-custody wallet is also safe. Despite having software to remember your password but it said that the sole responsibility in remembering and safeguarding your password falls entirely on the user. They will offer the user a private key or seed phrase. The private key consists of a 12-word phrase. Maybe I will prefer the seed phrase. The private key might be too long to remember.

Self-custody wallet differs from a hosted wallet in the sense that the former can have access to more advanced crypto activities like yield farming, staking, lending, borrowing, and more. But many opt to choose the Hosted wallet for it is easy to use. We need to keep the 12 words password or else we cannot get access to our wallet. It is good to try though.

 

[Suba]

You don't need to be confused sis, to choose a crypto wallet, there's nothing wrong with trying it and it's free. Self Custodial Wallet is safer than other hot wallets, because you have full control over the crypto you have, you can even import it to other similar wallets, but you will also be charged high rates if you transact with exchanges, many novice users are uncomfortable using Self Custodial Wallet. Examples of Self Custodial Wallet are Atomic, Trust, Metamask etc.

 

[Starmix]

@Suba ,thank you sis. You're such a crypto expert. I'm a beginner user of crypto and thank you so much for your valuable advice. I'm indeed confused about cryptos. I do research every now and then.