Most people prefer convenience over security, and that's why cryptocurrencies are struggling to reach mainstream adoption.
The majority will only consider self-custody after suffering from a significant financial loss, or hyperinflation.
Most people prefer convenience over security, and that's why cryptocurrencies are struggling to reach mainstream adoption.
The majority will only consider self-custody after suffering from a significant financial loss, or hyperinflation.
That's due to decades-long social and financial conditioning because of which we see third-party custody as more secure and convenient than self-custody.
Unfortunately, tough lessons come at a cost.
Indeed self-custody is a new concept that will take the population some time to adapt to.
Combine convenience with self-custody and you'll have the future!
Self custody involves writing down a 12 or 24 word seed phrase and storing it somewhere safe, preferably with a backup.
There aren't many people who want that kind of responsibility ... At least, not yet.
Interestingly, we have the same responsibility with many other important pieces of info (i.e. passwords for bank accounts, e-mails, social security #, etc.). It's not farfetched to extend it to cryptocurrency.
That's true, but in the event that you forget your online banking password, you can prove your identity and re-gain access to your account.
In the case of crypto, if you lose your passphrase, there's no way to recover your funds...
That's actually a very good point. Cloud storage systems are going to take advantage of this in the future... the horror.