Tutorial Menyimpan Aset Crypto Secara Aman - Crypto Self Custody

Summary

In this tutorial, Kalimasada from Crypto Academy covers the importance of crypto self-custody. The video emphasizes the risks of relying on third-party platforms like exchanges to store assets and introduces self-custody, where users control their private keys directly. The tutorial also explains the concept of private and public keys, mnemonic phrases, and the dangers of cyber attacks on digital assets. With a history of data breaches and fraud, Kalimasada advocates for self-custody as the most secure way to protect crypto holdings. Future modules will explore types of wallets for secure self-custody.

Takeaways

• 😀 Self-custody means having full control over your private keys without relying on third parties like exchanges.
• 😀 Storing crypto assets on third-party platforms, such as exchanges, exposes you to the risk of hacking and loss.
• 😀 In 2024, $2 billion worth of crypto was stolen, highlighting the importance of self-custody in protecting your assets.
• 😀 Self-custody ensures that you are the only one with access to your crypto assets, preventing third-party failures from affecting you.
• 😀 The concept of self-custody was made possible by Bitcoin in 2008, which enabled peer-to-peer transactions without intermediaries.
• 😀 The FTX collapse in 2022 served as a wake-up call for crypto users to take full control of their assets through self-custody.
• 😀 Private keys are essential for authorizing transactions and accessing your crypto, while public keys are used to receive assets.
• 😀 Seed phrases, a set of 12 to 24 words, are used to recover lost wallets and should be stored securely to prevent loss.
• 😀 Physical storage methods like stainless steel are recommended for saving seed phrases to protect them from fires or other disasters.
• 😀 Self-custody offers independence, full control, and risk-free reliance on third parties, but it also requires responsibility for securely managing your keys.
• 😀 To ensure your assets are safe, always back up your seed phrase and keep it in a secure place in case of emergency.

Q & A

What is the main focus of this video tutorial?

The main focus of the video tutorial is to educate viewers about crypto self-custody, specifically on how to store crypto assets safely using both cold and hot wallets.

Why is crypto self-custody important?

Crypto self-custody is important because it ensures that individuals have full control over their private keys and assets, without relying on third parties such as exchanges or custodians, reducing the risk of asset loss through hacking or bankruptcy.

What does 'Not your keys, not your coins' mean?

'Not your keys, not your coins' means that if you do not control the private keys to your crypto wallet, then you do not fully own the crypto. Storing assets on exchanges without self-custody puts them at risk of being lost if the exchange is hacked or fails.

What are the potential risks of storing crypto on an exchange?

The risks of storing crypto on an exchange include the possibility of hacks, bankruptcies, or mismanagement, which could lead to the loss of assets. If the exchange is compromised, users could lose their funds without a way to recover them.

How much crypto is estimated to be stolen annually?

In 2024, it is estimated that crypto assets worth 2.2 billion US dollars will be stolen, highlighting the risks involved in not securing assets properly.

What is self-custody in the context of cryptocurrency?

Self-custody in cryptocurrency refers to the practice where individuals or entities maintain full control over their private keys, rather than relying on third parties, allowing them to securely store and manage their assets.

What are the structures involved in crypto self-custody?

The structures involved in crypto self-custody include the private key, public key, and seed phrase. These elements are vital for securely storing and managing crypto assets, ensuring only the holder has access to them.

What is the difference between a private key and a seed phrase?

A private key is a unique string of characters used to authorize transactions on the blockchain. A seed phrase is a set of 12-24 words that acts as a backup for recovering a wallet, used in conjunction with the private key.

Why is it recommended to store a seed phrase securely?

It is recommended to store a seed phrase securely because it is the key to recovering a wallet in case of loss or theft. Losing the seed phrase means losing access to the wallet and its contents.

How can one store a seed phrase securely?

A seed phrase can be stored securely by writing it down and keeping it in a safe, fireproof location, or using specialized tools like metal plates designed to protect against fire or water damage.