Are you tired of trusting others to hold onto your precious digital assets? Do you want full ownership and control over your data, digital properties, and cryptocurrency? The complicated technology and quick pace of change can make starting your Web3 journey feel difficult. But don't let your fear prevent you from investigating these new opportunities. At first look, taking control of your funds through self-custody may appear scary, especially if you have no prior experience handling private keys. However, being your own banker offers exceptional benefits that might change more than just your perspective on money; they might also affect Web3's future course. Get ready to take on greater authority and learn how to manage your money!

What makes self-custody on Web3 important?

Cybercrime is evolving quickly with Web3, and users need strong safety measures. A certain amount of control and security are frequently given up in favor of convenience by centralized systems that enable streamlined transactions. Such transactions may serve as critical points of failure or serve as the focus of malicious attacks. Self-custody, on the other hand, gives you the authority to #TakeItBack. Taking back ownership of your crypto assets without the use of middlemen, giving you more authority over them, and reducing the possibility of illegal activities. Learning the skill of self-custody gives one confidence when using innovative technical breakthroughs.

The beauty lies in knowing you decide where your data goes, who sees it, who can send transactions on your behalf, and most importantly, YOU ALONE HOLD THE KEYS TO YOUR ASSETS. This independence translates to greater privacy & autonomy over things we value most, our identities, relationships, property rights etc.. We have unparalleled freedoms and power when society's institutions are decentralized. Keep in mind that self-custodianship is not suitable for everyone and requires effort, discipline, and good security practices.

Don't hesitate to dive deeper and learn more!

Privacy, another vital aspect of cryptocurrency adoption, involves preserving individual freedom and online anonymity. Bitcoin and many altcoins allow peer-to-peer transactions directly between participants, eliminating the need for middlemen like banks or credit card companies. Privacy-focused cryptocurrencies, such as Monero (XMR), DeroProject (DERO), further enhance privacy features by implementing advanced obfuscation techniques to conceal sender, recipient, and transaction amounts. The use of zkSNARKs (zero-knowledge succinct non-interactive arguments of knowledge) allows proving specific facts (like balances, proofs of ownership, or contract execution results) while hiding other details behind cryptographic proof commitment schemes and zero-knowledge primitives.

Although it still represents a fundamental human right, having control over one's finances is often jeopardized by the banking infrastructure of today. Governments and legacy institutions impose strict rules, regulations, and limitations on money movement, creating bottlenecks for international payments, business operations, and charitable donations. Central authorities frequently freeze accounts, garnish wages, and demand personal or corporate taxes, all without providing optimal service efficiency or robust cybersecurity protections.

Below are some simple steps for getting started with cryptocurrency while prioritizing anonymity:

Research and educate yourself: Learn about cryptocurrency technology and the mechanisms used for transaction anonymization. Gain knowledge on key concepts like fungibility, privacy coins, and mixing techniques. A lot of info to be found in the chapters of our Free Guide.

Set up a safe environment: Establish an offline computer or virtual machine dedicated solely for managing cryptocurrency. Use the Tails operating system for maximum security and anonymity during this process.

Enable Secure, Private Connections - Access crypto networks via Tor, I2P, or other privacy browsers, further obscuring IP addresses and usage patterns from outsiders trying to monitor internet activity. Connecting through proxy servers or VPNs might also improve confidentiality; however, be wary of malicious exit nodes potentially compromising connections.

Install a NON-Custodial wallet or get a Hardware wallet device or a Paper wallet: You can read more about wallets, the pros and the cons, the why and the how to's in this chapter of our Free Guide.

Convert fiat currency to cryptocurrency: Acquire cryptocurrency through exchanging traditional money with someone or utilizing OTC traders via encrypted messaging platforms like Session, Signal, or Threema (Be sure to scrub metadata before sharing any identification documents) or use Peer to Peer exchanges such as BISQ or ROBOSATS where KYC requirements are also not an issue. THORWallet is another alternative although there are limits for buying without KYC though.

Choose the appropriate coin/token: Select a privacy-oriented cryptocurrency like Monero (XMR), Dash (DASH), ZCash (ZEC), or DEROProject (DERO), among others. Each coin offers varying levels of anonymity based on unique technological implementations.

Participate in communities: Engage with cryptocurrency enthusiasts and professionals to stay informed and connected through forums like Reddit, Telegram or Discord channels focused on crypto, anonymity, or privacy concerns. By connecting with others, you could benefit from shared experiences and gain valuable insights and advice along the way.

Choose an appropriate and preferably decentralized exchange: Look for a dex that offers high levels of privacy and security features, has good trading volume, and allows withdrawals to addresses other than the originating address. We really like THORSwap!

As you develop familiarity with these steps, continue learning best practices and emerging techniques designed to bolster your privacy online.

You can help us get the word out about this by sharing this information on your social network!

Until Next Time!