World Crypto Global
- Written by: noreply@blogger.com (Silicon Valley Newsroom)
- Sun, 20 Feb 2022
- United States
Nunchuk provides Bitcoin wallets and multi-sig wallets to anyone who wants one (multisig is a wallet that requires more than 1 person to unlock). Their apps are free, their code is open source - and they're never in possession of anyone's funds.So when the Canadian Government ordered the wallet provider to freeze funds and turn over all personal information on a user, they instead got a lesson on crypto custody...Storing crypto on a wallet you own, aka "Self custody" means even the platform used to create that wallet doesn't have the keys to get inside - only the owner gets that.The upside - no one has ever cracked a bitcoin wallet, not even the most powerful governments can take funds from a wallet without the key to get in. The downside, you better write down or otherwise somehow save that key somewhere that you will always be able to find - there's horror stories of people forgetting or losing theirs, and unlike an exchange there's no 'password reset' or customer support to help. ---------By: Michael CobbToronto NewsroomGlobal Crypto Press AssociationSubscribe to GCP in a reader
