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Cardano offers self-custody of on-chain assets - this includes ADA as well as thousands of other Cardano Native Tokens. This may prove to be a fundamental advantage over traditional banking systems. Self-custody means users have complete control and ownership over their assets, without relying on intermediaries or third-party custodians.
Independence requires responsibility and knowledge. The phrase "not your keys, not your crypto" serves as a reminder that if you do not have control over your wallet’s private keys, you do not truly own your cryptocurrency.
The seed phrase is the backbone of security. Without it, a user can permanently lose access to their ADA. Therefore, it is essential to store the seed phrase in a secure location, away from prying eyes, and never share it with anyone. If anyone asks you to share your seed phrase with them, they’re either malicious or ignorant.
When we hold ADA in a private digital wallet, we are embracing a unique set of challenges so that we can benefit from the new value and utility being forged on Cardano. It requires taking the time to understand how to secure your ADA, the risks involved, and best practices for keeping your ADA safe.
During the wallet creation process, a unique seed phrase will be generated and displayed for the wallet owner to copy down. Think of the seed phrase as your key to unlock your ADA; Cardano thinks of anyone holding the key as an owner of the wallet’s contents. The phrase can be written down on a piece of paper and slipped into your pocket… you can travel anywhere you’d like and be able to access your ADA securely, all with just a slip of paper. This is a simplification, of course, but it's true in principle.
Each individual should decide for themselves if acquiring ADA is right for them. All ADA holders must be fully aware that utilizing Cardano's self-custody features requires responsibility, knowledge, and the willingness to secure one's assets. Remember the phrase "not your keys, not your crypto," and prioritize self-custody to truly own your ADA. With the right practices and precautions, you can enjoy the benefits of complete control and ownership over your stake in Cardano.
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