Crypto Self Custody is essential

Self-custody is very important in crypto space, and it is because it is your fund so you should take care of it instead of keeping it on a platform that is centralised. In the crypto world, we also hear a line called not your key, not your crypto and it is very true because the moment you give the key access to someone else, you never know how this is going to be used and how that person or the entity is going to use it. This is why self-custody is always encouraged for everyone to follow because this is the best option where we have control over it, and nobody can take it away unless it is not kept securely.

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There are different options that can be chosen, such as self-custody, where we get two types of wallets, including hardware wallets and non-custodial wallets. Non-custodial wallets are those that we can use on our digital devices, like a mobile phone or a computer. But we get access to the keys, and nobody can access the wallet unless they have access to the key. In these wallets, security is good, but it is always recommended not to share the keys with anyone and also to avoid clicking on links that we are not sure of. There have been multiple events when the non-custodial wallets are packed because of a phishing attempt.

With a hardware wallet, we also get the key, but these are the type of wallets that are not connected to the Internet, and we store them physically. We have not heard any case where hardware wallet is hacked because it is not possible for anyone to get the access to the wallet that you have and obviously if somebody can get it then the access to key is not really possible easily. this is why so far the hardware wallet is the best solution to keep the crypto safe and that too in the self custody but there is a cost because these are the devices available at some cost.

We need to buy the hardware wallets from the market, and generally, it is imported from some other country, so there can also be some import duty charges, and this is why these devices are expensive. If you are holding a good amount of crypto, then that cost is justified because it adds more security and safety to your crypto holdings, and that is why investing in a hardware wallet makes sense.

With non-custodial wallets, there is no cost, but safety can be compromised if something goes wrong. However, with a hardware wallet, that is not the case, and that is why there is some cost, which is justified depending upon how much involvement you have in crypto and what your portfolio is in terms of dollar value

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