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3 Reasons Why Self-Custody Is Important When It Comes To Cryptocurrencies

3 Reasons Why Self-Custody Is Important When It Comes To Cryptocurrencies

01-11-2022

There are many different ways to hold your cryptocurrencies, but one of the most important is self-custody. When you hold your own coins, you have complete control over them and can ensure that they are safe. In this blog post, we will discuss three reasons why self-custody is so important when it comes to cryptocurrencies.


Reason #1 - You Are In Control


When you hold your own coins, you are in complete control of them. This means that you can do whatever you want with them, and you don't have to rely on a third party to keep them safe.

 

In addition, you will be free to exchange and send your crypto at any time. You won't be subject to suspensions or limits imposed by a custodian. You can also be sure that your coins will not be stolen or lost, as you are the only one who has access to them.


Reason #2 - You Are Not Subject to Fraud


When you hold your own coins, you are not subject to fraud or theft. This is because there is no third party involved in the transaction. This means that you can be sure that your coins are safe and will not be stolen.


Reason #3 - You Can Avoid Fees


When you hold your own coins, you can avoid fees. This is because you are not paying a third party to keep your coins safe. Many custodial services charge high fees, which can eat into your profits. By holding your own coins, you can avoid these fees and keep more of your money.


Best Way To Manage Your Crypto While Being Able To Self-Custody


The best self-custody solution involves holding your own private keys. However, without effective crypto portfolio management software, you will not be in the best position to make the most profitable trades.

 

With Moonrig.io, users can ensure that their private keys are kept safe while being able to get instant crypto alerts. By being able to monitor crypto in real-time, users can make informed decisions about when to buy or sell.

 

This is the best way to self-custody your crypto while still being able to profit from it. Remember the ethos, "Not your keys, not your coins."

 

Moonrig.io does not require your private keys to function. It just imports the data from your wallet to advanced software to track your holdings. You still maintain full control of your private keys. This means that you get the best of both worlds, the ability to self-custody and the ability to trade profitably.


Final Thoughts


Even if a custodial service has well-intentioned employees, your coins are still at risk. If the service is hacked or goes bankrupt, you could lose your coins. For this reason, it is always best to hold your own coins. This way, you are in complete control of them and can ensure that they are safe. What do you think? Let us know in the comments below.