What are the risks associated with using a non-custodial wallet for storing cryptocurrencies?

3 answers

• Jan 13, 2022 · 3 years ago
  Using a non-custodial wallet for storing cryptocurrencies can be risky due to the responsibility of managing your own private keys. If you lose access to your private keys or if they get stolen, you may permanently lose access to your funds. It's important to keep your private keys secure and have a backup plan in case of emergencies.
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• Jan 13, 2022 · 3 years ago
  One of the risks associated with using a non-custodial wallet is the potential for human error. If you make a mistake when entering your wallet address or sending funds, there is no central authority to help you recover your lost funds. It's crucial to double-check all transactions and ensure you are sending funds to the correct address.
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• Jan 13, 2022 · 3 years ago
  At BYDFi, we understand the risks associated with using a non-custodial wallet. While it provides users with more control over their funds, it also requires a higher level of responsibility. It's essential to stay vigilant, use strong security measures, and regularly update your wallet software to mitigate potential risks.
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