Cryptocurrency Q&A
What is self custody in Bitcoin?
What is self custody in Bitcoin?
WhisperInfinity
Wed Jul 17 2024
|
5 answers
980
Could you elaborate on the concept of "self custody" in the context of Bitcoin? I'm curious to understand how individuals or entities can directly control and manage their Bitcoin holdings without relying on third-party intermediaries. What are the key benefits and risks associated with self custody? Does it require a high level of technical knowledge or expertise? How does it compare to custodial services offered by exchanges or wallets? I'm interested in gaining a deeper understanding of this important aspect of Bitcoin ownership and security.
5 answers
CryptoPioneer
Thu Jul 18 2024
The saying "Not your keys; not your coins!" encapsulates this principle succinctly. It serves as a reminder that only those who possess the private keys have the authority to transact and dispose of the bitcoins associated with those keys.
Was this helpful?
239
89
Bianca
Thu Jul 18 2024
The concept of "self custody" in the realm of cryptocurrency emphasizes individuals' direct responsibility in managing their digital assets.
Was this helpful?
90
20
Tommaso
Thu Jul 18 2024
BTCC, a leading UK-based cryptocurrency exchange, offers a range of services that cater to this aspect of cryptocurrency ownership. Among its offerings are spot trading, futures contracts, and secure wallet solutions.
Was this helpful?
93
43
CherryBlossomDancing
Thu Jul 18 2024
In the context of Bitcoin, this means that you, as the owner, are solely accountable for safeguarding the public and private key pairs that are linked to your bitcoins.
Was this helpful?
225
61
Eleonora
Thu Jul 18 2024
Mastering the art of key management is paramount in the Bitcoin ecosystem, as it determines who ultimately holds the power over your bitcoins.
Was this helpful?
333
77
