Of cryptocurrency assets has become a popular way for users to protect their funds from third parties stealing their money. users of bitcoin, ethereum, and other cryptocurrencies have the freedom to do whatever they want with their funds if they keep the only key, which is like a car key. electrum is a popular desktop wallet used for self-custody, and users can also use metamask, phantom, ledger, and coldcard wallets.
Self-custody process began when users download the wallet software and completed the initial setup, prompting them to create a new seed phrase. after sending crypto from an exchange to a self-custody wallet, users should do their own research (dyor). to check if funds have arrived in the wallet, users should look for the “transaction history” tab and check the “confirmations” column.
Process of self-custody is done to protect users from risks such as hacks, frozen withdrawals, and insider fraud. a seed phrase is roughly equivalent to a password and must be written down and stored safely and offline. more complex options are available such as multi-sig wallets like casa, and some users prefer to carve the seed phrase into metal plates for added security. depending on the asset sent, it could take anywhere from a few minutes to a few hours for the transaction to be fully confirmed. as user experience in self-custody continues to improve, casa does not require writing down or remembering the seed phrase.