What security features should I look for in a self custody wallet?

1 answers

• Nov 26, 2021 · 3 years ago
  At BYDFi, we understand the importance of security when it comes to self custody wallets. When choosing a wallet, make sure it supports hierarchical deterministic (HD) wallets, which generate a new address for each transaction. This helps maintain your privacy and makes it harder for hackers to trace your transactions. Additionally, look for wallets that offer cold storage options, such as the ability to store your private keys offline or on a hardware wallet. This significantly reduces the risk of your funds being compromised. It's also important to choose a wallet that has undergone rigorous security audits and has a strong reputation in the crypto community. Finally, consider wallets that offer built-in features like transaction monitoring and alerts, which can help you detect and prevent unauthorized access to your funds.
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