If you’re into cryptocurrency, you know that it’s vital to have a safe place to keep your assets. While exchanges are a popular choice, they have their share of downsides, including the risk of hacking, theft, and loss of funds. That’s where self-custody comes in. Self-custodying your crypto simply means storing them offline and taking control of your private keys. In this article, I’ll give you three compelling reasons why self-custodying your crypto is the way to go. So, buckle up and get ready to learn why taking this step may be the best decision you’ll ever make. #shorts
Cryptocurrency is a digital form of money that has become increasingly popular over the years. With rising demand, the market has grown in size, and now, investors can choose from a range of different options when it comes to managing their cryptocurrency. However, despite the availability of various options, the debate on whether to self-custody or not still continues. In this article, we will give you three reasons why you should self-custody your crypto.
Reason #1: Better Security
The first reason why you should self-custody your crypto is better security. Self-custody refers to storing your cryptocurrency in a hardware wallet that you control instead of an exchange. The cryptocurrency market is highly volatile, and many exchanges have experienced hacking attempts in the past. When storing your cryptocurrency on an exchange, you are essentially trusting the exchange to keep your funds safe. However, when you self-custody, you have complete control over your funds, and they are stored offline, reducing the risk of hacks.
Reason #2: Greater Control
The second reason why you should self-custody your crypto is greater control. When you store your cryptocurrency on an exchange, you are subject to the terms and conditions of the exchange. This means that your funds can be frozen or seized if the exchange deems it necessary. On the other hand, when you self-custody your cryptocurrency, you have complete control over your funds, and they cannot be seized or frozen by any third party.
Reason #3: Long-Term Gains
The final reason why you should self-custody your crypto is long-term gains. Self-custodying your cryptocurrency is a long-term investment strategy that can yield greater returns over time. When you store your cryptocurrency on an exchange, you are subject to market volatility and the whims of the exchange. However, when you self-custody your cryptocurrency, you can take advantage of different investment strategies like dollar-cost averaging and hodling, which can result in greater returns in the long run.
Recommendations to Avoid Crypto Mistakes
When investing in cryptocurrency, it is important to avoid making any mistakes that can result in losses. Some common mistakes to avoid include:
- Investing money you can’t afford to lose.
- Failing to do proper research before investing.
- Selling too soon or buying at the top.
- Failing to secure your investments.
Important Dates Related to Celsius/Voyager Timeline
Celsius Network and Voyager Digital are two popular cryptocurrency platforms that offer different services to investors. Here are some important dates related to their timeline:
- October 2017: Voyager Digital founded.
- March 2018: Celsius Network founded.
- August 2018: Voyager Digital acquires Ethos.io.
- October 2020: Celsius Network surpasses $2.2 billion in assets under management.
- January 2021: Voyager Digital acquires Circle Invest.
- February 2021: Celsius Network surpasses $5.3 billion in assets under management.
Links to Learn About Crypto Essentials and Cryptocurrency Tax
It is important to properly educate yourself about the essentials of cryptocurrency before investing. Some useful links to learn about cryptocurrency include:
- Investopedia’s Cryptocurrency Guide
Additionally, it is important to understand cryptocurrency tax laws in your country. Some useful links to learn about cryptocurrency tax include:
- Crypto Tax Guide 2021
- IRS Cryptocurrency Tax Guidance
Recommendations for Mindset Improvement
Investing in cryptocurrency can be stressful, and it is important to maintain the right mindset to avoid making irrational decisions. Some recommendations for improving your mindset include:
- Focus on the long-term gains.
- Avoid making impulsive decisions.
- Stick to your investment plan.
- Be patient.
Note: The video contains no financial advice.
Different Strategies for Crypto Investments
There are different strategies that you can use when investing in cryptocurrency. Some of these strategies include:
- Dollar-cost averaging: investing a fixed amount at regular intervals.
- HODLing: holding onto your cryptocurrency for a long time.
- Trading: buying and selling cryptocurrency in short time frames.
- Staking: holding onto your cryptocurrency to earn rewards.
Free Bitcoin Charts
If you are interested in tracking the price of Bitcoin, some free Bitcoin chart platforms that you can use include:
In conclusion, self-custodying your cryptocurrency can be a great way to improve your security, control, and long-term gains. However, it is important to educate yourself about the essentials of cryptocurrency, understand cryptocurrency tax laws and maintain a good mindset to avoid making mistakes. There are different strategies that you can use when investing, and you can use free Bitcoin charts to track the price of Bitcoin.