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Taking Personal Responsibility for your Assets

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Written by   495
3 months ago

Note: This is not a financial advice but a friendly reminder when it comes to securing your assets. Remember before doing an action, please DYOR- Do Your Own Research. Don't rely on one piece of information only and be wise and responsible for handling your assets.

To avoid losing our assets, we must be responsible in doing specific actions that can be the effect of an unexpected or fortuitous event especially if this is about securing your assets on your e-wallets like tokens and coins.

I know that there are lots of writers here who already wrote about how important to secure your wallet to remind each of every one of us to be responsible enough for it and what will be the consequences of our actions. But even there is so much information that reminding us, some are getting lazy and irresponsible so in the end, they will be regretting being careless. In this article, I will be sharing some basic information and enlighten you that you must remember here in the crypto-verse or it can also be applied in your personal life. Remember that you are responsible for your assets, not your family, not your friends or mentors, not your phone or any devices.

Topic:

  • Custodial wallet and Non-custodial wallet

  • Backup your recovery phrase

  • Importance of Wallet Consolidation

Custodial wallet and Non-custodial wallet

Many of you already know the differences between the two so you can skip this one. I wrote this for beginners to be aware what is the importance of knowing this information more importantly if you wanted to be a crypto holder or you are using these types of wallets for an exchange. Whatever type of wallet you chose you must always be sure to follow the best security for your assets.

The custodial wallet is a wallet that provides a third party to control your private keys, to be specific, you are trusting another party to secure your funds. Most custodial wallets is a web-based exchange wallet and are usually a cryptocurrency exchange that allows you to trade or to send them somewhere. This type of wallet is considered less secure compared to a non-custodial wallet but still, there are lots of users who prefer them because they do not require as much responsibility and are usually more convenient for traders.

To understand more about the custodial wallets, these are some examples that I provided for you like Binance, Coinbase, Freewallet, Paypal, Coins.ph. As long as there are third parties involved when performing transactions and involved to controlling your funds, it is custodial. The advantages of this wallet are even if you lose your mnemonic phrase or private keys, your device got corrupted or the system was hacked, the company is somewhat responsible and can help you to retrieve your access to your assets.

The Non-custodial wallet is a wallet that gives you all the control of your keys and of course, YOUR FUNDS! that is very solid proof that the fund is yours. just like what they say "Not your keys, not your coins" simply because you don't have the guarantee of ownership if you don't have the recovery phrases. It is much secure because that transaction is not involving any third parties to make the transaction successful. As long as you have the seed phrase of your wallet and you make sure that no one can access then your fund is very secure. And if you ever lost it, there is no chance to retrieve the funds. That is why I am reminding you to secure your wallet now. Yes write it down now.

Examples of non-custodial wallet are bitcoin.com, atomic, exodus and etc.

Backup your Recovery phrase

There are simple ways to keep your wallet secured when you are using a non-custodial wallet.

  • Manual backup

Write your seed phrases on paper and store them in a safe place. This is the first thing that I did because the keys on your paper are not accessible online. It is one of the easiest yet most secure. It is very recommended especially to the Hodlers if you are going to backup your seed phrase.

by the way, you can also store your seed phrases by using Qr-code access, codes to decipher that only you can resolve, and of course, storing it in your mind if you are capable of doing it so.

  • Cloud backup

This is a very convenient way to back up your wallet. If you are using bitcoin.com they are offering ways on how you keep your assets safe you just have to synchronize your email when your device got broken it is easy to open your wallet on another device by using cloud backup instead of importing all wallets one by one again.

or... you can also read this article of @Crypto.Maniac to more ways of securing your wallet.

Article link: https://read.cash/@Crypto.Maniac/is-your-seed-phrases-safely-storedor-try-these-simple-storing-ideas-8df7e2

Importance of wallet consolidation

Before I was having a hard time on how to lessen the fee of every transaction I made on bitcoin.com wallet but I am glad to know the purpose of consolidating wallet that can help to lower the transaction fees. So what is a consolidation?

Consolidation is a unification of funds at one address and it is worth doing especially if you are always creating or receiving small outputs.

Here is the example of my consolidated and not consolidated wallet on Bitcoin.com and this is why I love bitcoincash, lower fees, lower fees, easy to use, easy to convert hehe love it, really 💚💚💚

References:

Author's Note:

Article #88 (August 18, 2021)

Hi! Welcome to my humble abode. Thank you for sincerely reading my content and I really appreciate your visits, likes, upvotes, comments, and subscriptions so thank yo so much. I hope this article helps you in a little way.

Connect with me and let's be connected with each other. What if, you are the one that I was waiting for? I will gladly welcome you with open arms. See you around! Or in my comment section? Don't be shy and type what you got.

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Written by   495
3 months ago
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Comments

Very informative nito para sa beginners like me cutie. Thank you 💚🤗

$ 0.00
3 months ago

So much helpful for to us to be informed of what were going to do.💛

$ 0.00
3 months ago

This is what everyone needs to do so. Earning isnt easy and losing any of the assets is a die hard thing. so we all need to do , is to do all those preventive measures, which can help in saving our assets, just like saving seed phrases

$ 0.00
3 months ago

Yes indeed it's a very serious matter if it about securing assets. Thank you for dropping by. Much appreciated

$ 0.00
3 months ago

so we all need to be secure for them You are always welcome

$ 0.00
3 months ago

Thanks for this! I actually just knew about the custodial and non-custodial.

$ 0.02
3 months ago

Yay, thnaks for dropping by in here.

$ 0.00
3 months ago

Bata dapat sinampal mo to kay femfem ahahaha @dziefem Di mo ba to nabasa? Hahaha 👻👻👻.

Naysuuu, alam mo dapat nga laging may gagawa ng ganito ee kasi ang dami laging bagong pasok dito kaya needed talaga TU. Kalat mo to sa noise.cash bataaaa

$ 0.05
3 months ago

Hahajjaa kaya nga ako nakapagsulat dahil sa kanyaa😂😆

$ 0.00
3 months ago

Kahit nabasa ko to walang magbabago HAHAHAHAHA

$ 0.00
3 months ago

Ay ambot nag share na din ako ng ganito before 🙄 ay kaso di oa pala kita friend non wahahahaha

$ 0.00
3 months ago

Aww sad naman. Hahaa. Pero kahit nga friend na tayo non baka wala lang din. T😆

$ 0.00
3 months ago

Loka loka ka pano, ahahahaha

$ 0.00
3 months ago

Tamad nga kasi ako ate hahaha

$ 0.00
3 months ago

Hello, Thank you for writing your article for me, I mean, I am a beginner in this bitcoin and the different way to understand it. I have the recovery phrases written on paper and stored in a safe place. I like to read posts that use simple language for beginners, like yours, because not all of us who are on this platform know everything. Thank you.

$ 0.05
3 months ago

Hey there, Rodriguez. Apologies for replying too late as I was busy doing a personal matter and I am so happy that you allotted your precious time reading my article and thank you so much if you find it easy to understand. Glad to know that I can help in a little way by sharing. Thank you so much

$ 0.00
3 months ago

Thanks to this. may natutunan ako and I am just happy to use bitcoin.com. hehe

$ 0.00
3 months ago

Thank you for this sis.. This is really helpful since I'm a newbie with this platform. Thank you so much. God bless...🙏😇

$ 0.00
3 months ago

You are very much welcome po.

$ 0.00
3 months ago

naka manual back up ung dalawa kong wallet, nakasulat sa notebook kaso ung dalawa pa pala hindi ko nasulat, salamat po sa paalala. Abugh nagiging active kana ulit. Keep growing queen cutie mushroom.❤❤🥰

$ 0.00
3 months ago

Ayun okay iyan, doon tayo sa secure para hindi tayo nagsisi sa bandang huli. Haha

$ 0.00
3 months ago

Finally! Productive cari is back

And I'm using bitcoin.com wallet since start and it's best and safest option for me

$ 0.00
3 months ago

Hehe same here samii but I cannot assure you if I will be active again because semester is waving naaaa🤧

$ 0.00
3 months ago

I understand now what is the best wallet to use, non custodial is the best and it is bitcoin.com wallet. Thanks bhe, ang dami ko pa namang wallet....🤣 wallet lang ha pero walang laman...🤣🤣

$ 0.00
3 months ago

Same tayo sa madaming wallet na walang laman haha saka okay din iyon para sa consolidation madami kang wallet and make one wallet as your main (sa mga huge transactions mo para mas tipid lalo ang fee🤭😚😁 pero dyor pa din ate haha madami pang non-custodial wallet diyan ang bitcoin.com kasi may error din nawawala ang tokens😆 need pa isscan.

$ 0.00
3 months ago

sa bitcoin.com medyo naguguluhan ako sa pagadd ng wallet. kabado ako baka kasi mawala ulit, nakikigamit lang kasi ako ng android kaya sa coins.ph ko muna naihohold lahat

$ 0.00
3 months ago

Pag nag add ng wallet nag gegenerate na iyon ng panibagong seed phrase, so kung ilan wallet mo ganon din ang seed phrase. Madali naman siya magets kung ieexplore mo basta backup mo lang sa email na alam mo para mas secured or isulat. Amg coinsph kasi ay prone to hacking and hindi lang ikaw ang may access sa funds. Okay iyon for exchanges pero if mag hodl ng crypto hindi siya advisable.

$ 0.00
3 months ago