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Wallets

Self-custody crypto wallets

A self-custody wallet is one where you hold the keys, so nobody else can move or freeze your crypto. If you lose the keys, nobody can get them back for you.

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Self-custody or an exchange account

  • Exchange: the company holds the keys. You sign in with a password and can reset it.
  • Self-custody: you hold the keys, as a seed phrase. Nobody can reset it.

Source: MetaMask, a self-custodial wallet.

Examples

  • Self-custody: MetaMask, Phantom, Robinhood Wallet, Coinbase Wallet.
  • Held for you: the Coinbase exchange app, the Robinhood app.

What you gain

  • Nobody can freeze or lend out what is in it.
  • You can use apps on the chain directly.
  • You can receive from anybody without an account.

What you take on

  • Keeping the seed phrase safe.
  • Checking every transaction before you sign it.
  • No help desk that can undo a mistake.

When an exchange is fine

For buying and selling, and for small amounts you watch. Many people keep both.

Self-custody and tbfcrypto

A tbfcrypto card pays the person's own wallet. They need a self-custody address to claim it.

The front of the card

For Hana · First wallet · 12 October

Collection pot6 people chipped in 150 USDG

  • Your keys, your card. Happy first wallet.

    Tom

  • Paper copy, fire safe, done. Now you are one of us.

    0xivy

  • For the next adventure.

    Mina

Robinhood Chain

An example card. The names are made up.

Questions

What is a self-custody wallet?

A wallet where you hold the keys, so nobody else can move your crypto.

Is Coinbase self-custody?

The Coinbase exchange app is not. Coinbase's separate wallet app is.

Is a self-custody wallet safer?

Safer from a company failing. Riskier if you lose the seed phrase.

Do I need a self-custody wallet to receive crypto?

No, an exchange account can receive too. You do to claim a tbfcrypto card.

Can a self-custody wallet be hacked?

The keys can be stolen through phishing or a bad approval. The wallet itself rarely is.

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