Now Crypto Community worried with self Crypto custody wallet solutions: Report

The majority of the people in the Crypto Community are under tension and they are willing to know how to remain safe with self-custody of the crypto assets.

As we know that Crypto 2022 was not a good time for us. In the last year, we saw the downfall of multiple Crypto companies. The reasons behind the downfall of the multiple Crypto companies were many but the outcome of those bad events is only downgrade in the trust level over services of the centralized crypto companies. In this situation, the majority of the crypto Investors think it is not safe to put crypto assets at any centralized exchange and the majority of them looking forward to go with self-custodial wallets.

Yesterday, we reported that an OG Bitcoin developer lost his all Bitcoins because of a hack attack on his system where an anonymous hacker hacked his Bitcoin PGP key. 

A Bitcoin supporter jumped in this matter and noted that if an OG Bitcoin dev may face such a situation then how a normal Crypto Investor can safely hold his funds under self-custody?

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You shouldn’t manage your own keys.

If even one of Bitcoin’s OG developers messes this up, I really don’t know how other people are expected to do it safely. pic.twitter.com/KiuxfNo60L

— Udi Wertheimer (@udiWertheimer) January 1, 2023

This old Bitcoin supporter noted that better to write the wallet backup’ “12 words” and put it at a safe place, which is also a not good option because it is not easy to hold paper for the long term safely because there are huge risks, so better to have multiple self custodial wallets instead to go with a single one. 

10/ As for third party crypto custody: it’s not always bad.

It really depends on your needs.

It’s good enough for Michael Saylor, maybe it’s good enough for you too.

If you do it, probably diversify between multiple custodians to reduce your risk, and prefer regulated ones.

— Udi Wertheimer (@udiWertheimer) January 2, 2023

This guy also admitted that self-custody wallets are not much safe and the existing self custody Crypto wallets needed to go through improvement works, which should be regardless of what experts demand.

Read also: World Economic Forum Predicts Crypto Will Go Mainstream

Now Crypto Community worried with self Crypto custody wallet solutions: Report

 

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