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Saturday, November 9, 2024

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a few tips from an analyst

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According to lead on-chain analyst James Check, there is no excuse for not doing a few hours of research on how to properly manage cryptocurrencies. Participating in the latest debate on self-management, analysts objected to the notion that managing private keys is too complicated and dangerous for the average crypto user.

If you have gold in your safe and cash in your wallet, its the same concept.

Check argues that while semi-custody solutions, such as third-party custody and joint custody, may appear easier to use for the average user, they also carry their own, even greater risk vectors. bottom.

For analysts, there are “no solutions, only trade-offs” when it comes to custody. His position is that having full control over one’s crypto and eliminating third-party risk is worth learning how to keep his 12-word seed of a wallet safe.

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Ultimately Check pointed out that the amount of time and effort someone should spend learning to self-manage should be scaled proportionally to their holdings.

“If you don’t want to spend more than five minutes of your time, you shouldn’t spend more than $5. If you’re willing to work 100 hours right now, you can start talking about saving a significant amount of money,” he said. rice field.

To learn more about Check’s commitment to self-custody, watch the full interview and subscribe to our YouTube channel.