Web3 TLDR Reminder: Self-Custody Or Bust!
November 14th, 2022

If this week doesn’t have you shaking in your boots, well just read all of the FTX drama and get ready to pee your pants. Any money in centralized institutions have one inherent risk no matter what the institutions security policies are, and that is the dreaded “Withdrawal Paused” feature. Even with the utmost security and monetary policies, we are seeing withdrawal pausing to avoid bank runs which could cripple the entity. They claim that it’s to “protect” the users, but how is that fair? If I want to remove my money at any time, I should be able to!

If you’ve only used CEX’s (FTX, KuCoin, Coinbase, Gemini, etc.) to custody your assets, here are three of my favorite wallet providers to use instead:

  1. MetaMask — This is probably the most popular hot wallet provider that has a browser extension, along with a mobile app. NFT’s will not show up in the browser extension, but do show in the mobile app.

  2. Exodus — Another popular hot wallet provider that has a native app for Windows, MacOS, and Linux along with mobile apps for iOS and Android. It also recently introduced a browser extension. My testing on the extension has shown it’s a bit buggy but I’m sure that will be resolved soon enough.

  3. Trezor — Cold wallets, unlike hot wallets, help keep your assets safe even more. These devices only connect to the internet once plugged into a computer, and even then, the Trezor desktop app connects via Tor network for even greater security and anonymity. They are pricey, but if you have $10K work of assets, spending ~$70 for the cheapest model might not be a bad investment for keeping you stuff safe.

Remember, only YOU have the power to protect your assets. Not your keys, not your wallet!

Written by: nikethereum.eth / Medium / Mirror

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