What are the potential risks of using a DIY crypto wallet?

3 answers

• Dec 19, 2021 · 3 years ago
  Using a DIY crypto wallet can be risky as it requires technical knowledge and expertise to set up and secure properly. Without the necessary skills, there is a higher chance of making mistakes that could lead to the loss of funds. It's important to understand the potential risks and drawbacks before using a DIY crypto wallet.
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• Dec 19, 2021 · 3 years ago
  One potential risk of using a DIY crypto wallet is the possibility of malware or phishing attacks. If the wallet software or computer used to access the wallet is compromised, hackers can gain unauthorized access to the wallet and steal the funds. It's crucial to keep the wallet software and computer system secure to minimize this risk.
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• Dec 19, 2021 · 3 years ago
  At BYDFi, we recommend using trusted and reputable crypto wallets instead of DIY wallets. While DIY wallets can offer more control and customization options, they also come with increased risks. Trusted wallets have undergone rigorous security testing and offer better protection against potential threats. It's important to prioritize the security of your funds when choosing a crypto wallet.
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