Dogechain explains - Self Custody. One of the pillars of blockchain technology is digital asset ownership.

22 Nov 2022, 20:10

Dogechain explains - Self Custody 🛡 🧱 One of the pillars of blockchain technology is digital asset ownership. Thanks to cryptography, every #Web3 participant owns their tokens as long as their remain in possession of their private key. 👛 Your crypto wallet allows you to remain in control of your funds, at all times, without the need for a third-party custodian. 😎 However, out of convenience, or sheer misunderstanding of the concept, many users choose to store their crypto assets on centralized exchanges. 🔪 🐔 By doing this, they are sacrificing their self-custody and handing over their crypto to the #CEX. Just recently, we witnessed how risky this practice can be. 😱 When a CEX like #FTX goes bankrupt or gets hacked, users’ assets aren’t insured and are lost forever. 💸 💱 While it can be handy to keep some assets on a CEX for trading, the bulk of your holdings should always be in your personal wallet. 🔒 Bonus points if you are using a hardware wallet, which is the most secure option out there. ☝️ 🐶 To sum up, the concept of self-custody and digital ownership is essential to understand cryptocurrencies as a whole. Keeping your assets in your decentralized wallet instead of a CEX should be compulsory for every #crypto user. Not your keys, not your crypto. 🔑 ♻️ Dogechain is bringing DeFi & long awaited utility to Dogecoin. Join the family! 🚀 Website I Twitter I Discord I TikTok I Reddit I Blog I Instagram