Not your keys, not your coin, right? Sounds wonderful and empowering, yet delving into the world of self-custody is no easy feat. No, you don't need a degree in cryptography to secure your assets — With the right tools, self-custody can be done in no time. Everyday use can be easy. Yes, you can access your assets daily without a headache. But first, what is self custody, and why does it matter?
What Is Self-Custody and Why Should I Care?
Self-custody is a way to manage your crypto without relying on third-party services. No exchanges that might fall — just you retaining complete control over your keys and, by extension, your funds.
Self-custody has a plethora of benefits. First off, it puts you in the driver's seat. Nobody other than you can control your funds. Talk about financial sovereignty, right? On top of that, it also reduces your exposure to external threats such as hacks, regulation, or service denial.
Embracing self-custody is a must if you want to keep your finances private. It makes your assets available on your terms at any time.
Now, the big question is how I can secure my crypto via self-custody.
How to Self-Custody 101
When it comes to self-custody, you have different options available. Each one will give you different levels of security and accessibility. The best option will depend on your needs and preferences. Here's an overview of the most reliable methods for self-custody of your crypto:
Hardware Wallets: Physical devices that store your private keys offline. This will reduce your exposure to online attacks. You pair that with software, and it's one of the safest options out there.
Paper Wallets: These printed pieces of paper with your public and private keys. It's offline and pretty secure, but it's not suitable for day-to-day transactions.
Desktop Wallets: It's software installed on your computer. It offers a nice balance between security and convenience. However, it's one of the most targeted wallets via malware.
Mobile Wallets: These are apps that you can install on your smartphone. They are convenient for everyday use. Yet, they can be vulnerable if your phone is hacked or robbed.
Multisig Wallets: Wallets that need more than one key to approve a transaction. It's one of the most secure wallets out there, ideal for those with significant sums of crypto.
But what if there was another option? Imagine an option that combines the best aspects of hardware wallets with the ease of use of exchanges... Well, it already exists: Meet Bitkey.
What Is Bitkey?
Bitkey is a self-custody Bitcoin wallet that combines the convenience of an exchange with the security of a hardware wallet.
Security
Bitkey makes security simple with a three-key system that blends accessibility and safety. The mobile, hardware, and server keys each play a role in protecting your assets. They interact with each other to create a 2-of-3 multi-signature wallet system.
For any transaction, you need two out of these three keys. Thanks to their app, you can still send money to other wallets like any other exchange as long as it's within your set limit. If you go over it, you need your hardware key to approve it.
Recovery
Unlike traditional hardware wallets, Bitkey doesn’t use seed phrases or other easily lost or damaged tools for recovery. Every wallet comes with a suite of built-in recovery tools to ensure you always have access to your money whether you lose your phone, hardware, or both.
You might lose a key, but you’ll never lose your crypto, that’s for sure.
Exchange Partners
It’s not just security, though. To make using Bitkey even easier, they’ve integrated with Cash App and Coinbase to make adding bitcoin to your wallet fast, transparent, and secure. That way, you can manage your bitcoin and keep it secure all in one place.
Bitkey will make you embody 'Not your keys, not your coins' to the maximum level — with no fear of losing your wallet. Your wallet and your keys are always under your control. Bitkey is your oasis in the middle of the turbulence that being in the bitcoinworld can feel like.
Manage your bitcoin on your terms. That's how you hodl not only your funds but your own power.
