Crypto Self-Custody, Would You Rather Not Be Fully Responsible?

Whether you like it or not, when involved with cryptocurrency the responsibility for keeping your funds safe lies with every individual, there might be cases out there where some opt to have their funds managed by others which I strongly believe defeats the purpose of crypto. The design of cryptocurrency allows for each to be responsible for their wallet which is where the famous saying, not your keys not your cryptos comes in to keep us reminded of our crypto funds.

This might be too much of a responsibility for some, tasked with remembering passwords and keeping them safe from prying eyes.

I came across the Tweet below that thinks the saying, not your keys not yours cryptos scares newbies away from cryptocurrency.

If you’re using the phrase “not your keys not your coins” you’re basically telling normies to never get into the space. No one wants to learn how to do this.
Source

The focus or rather the concern for this person is because no one wants to learn how to self-custody, people want to be baby-seated, wipe their noses and change their diapers.

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No one complained when we were subjected to learning things in school, take the Periodic Table, for example, we know the first twenty elements offhand. If we compare that to our MetaMask password phrase is it impossible to memorize with our money involved? Am not asking us to memorize our password phrases but at least taking the responsibility to keep them safe isn't too much and I don't think it should be a reason for some to avoid cryptocurrency provided one can read and write.

Should we rather not tell newbies they are fully responsible for their keys? Again that would defeat the transparent characteristic of cryptocurrency. It could be seen as luring people to get on board crypto without caring for them.

For a true adoption of cryptocurrency and a sustainable one, everyone has to know the fundamentals of what they are dealing with and that extends to self-custody of funds, there is no room to blame the other person, what I like about crypto is I can't point fingers when I screw up with the handling on my funds, I shut up and man up for screwing up and that is what some can't deal with which is fine, there's no a gunpoint to people's head to join crypto.
As much as cryptocurrency is for the masses, the reality is, it is not for everyone.

So if telling the self-custody truth to newbies scares them from crypto, let them remain scared. You don't have to be involved in the crypto space for too long to experience the fact that the community is always keen on sharing knowledge and that's if you belong to the right community.

I wouldn't have it otherwise, self-custody gives me a sense of ownership, I go to bed every night knowing am responsible for my wallet and not in someone else's care that might develop ideas over my funds.

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This debate is still trendy. I wouldn't have it any other way than self custody. But the process is a bit complex and not everybody wants to embrace it. One of the downsides to self custody is losing your keys (maybe through forgetting where you place them) which can potentially lock you out of millions.

Self custody entails are certain kind of self responsibility that many people don't currently have. We've been thought that everything should be easy lol.

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Some of us are used to not being responsible even when money is involved.
With Cryptocurrency we now have the option to be fully responsible for our funds, the safe keeping of our keys are not easy not I wouldn't have it otherwise. I'd rather be in control and blame myself instead of pointing fingers.

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Crypto and drinking don’t mixed, if you don’t want to lose all your money lol.

The new generations may not have the experience from the not too old days of physical cash and coins and even before that silver and gold, all required taking the responsibility to protect physical wealth.

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Lol certainly not, you don't want to be drunk and give out your keys.

Exactly, and I think keeping our password safe now is easier than bars of gold, and cash in those days when there were no banks. I am just not buying into the excuse of self-custody being difficult and scaring people away from crypto.

!PIZZA

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That’s how CEX and institutions get business.

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It's something to really pay attention to now that centralized exchanges are not reliable. With all the contagion happening because of it, I just think most things are safer in your own wallet where you have the most control over it.

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True, there's no other option unless we want to risk the chance of losing our funds with CEXs.
Being in control of my funds works better for me.

!PIZZA

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The truth is we are too scared of taking responsibilities and that's why we always want someone to be in charge so we will have some one to blame when something goes wrong. But then the bitter truth is, in the end you will still be the one that will bare more of the weight for being so careless and that is why is just right to bare the responsibility from the start.

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I think we are used to finding ways to shift the blame, this is even common at work and in day-to-day life, and with crypto, in relation to our wallets, the responsibility just sounds too big for some.

!PIZZA

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Exactly, some are already used to having people do the work for them while they sit down and enjoy, lolz. Crypto has made so many unable to run from that responsibility of being responsible, hehehe.

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