What does self-custody mean?

Self-custody means you are responsible for securing your funds. However, it’s not difficult and only requires one step. In most cases, you are given a Backup Phrase or Recovery Phrase when installing the wallet app. This phrase is used to recover or restore your wallet if your phone breaks or is lost.

Should you use a self-custody wallet?

“Not your keys, not your coins” is a common mantra in the crypto community to encourage the use of self-custody wallets like the ones listed below. Self-custody means you are responsible for securing your funds. However, it’s not difficult and only requires one step.

What is self-custody & how does it work?

What is self-custody? Self-custody can be explained as a method of storing your digital assets in a secure location that only you can access. This implies you’ve decided to handle your private key yourself rather than entrusting it to a third party. It isn’t issued by a bank or any other institution, and it can’t be used to verify transactions.

What is sole custody?

Sole custody is a custody option when parents share a child they are not raising together. Under a sole custody arrangement, one parent takes care of the child for the majority of the time and typically also has the sole right to make decisions when it comes to the child.