Why Does the Account Not Provide a Bitcoin Buying Functionality?
The Self-Custody Account prioritizes the security of your Bitcoin assets above all else. Our highly advanced storage solution ensures true ownership and guaranteed security for your holdings. Unlike typical cryptocurrency exchanges that offer buy and sell functions, we take a different approach. We do not offer these functions as we believe in empowering our customers to maintain complete control and sovereignty over their Bitcoin holdings. Our fundamental principles of Self-Custody oppose the idea of holding and managing customer funds. Trusting third-party entities with your valuable assets is not in your best interest, and that’s why we don’t offer these functions.
How to transfer Bitcoins to the Self-Custody Account?
The process is quick and effortless. Simply initiate a transfer from the exchange or wallet where you currently hold your Bitcoin to our secure Self-Custody Account. Our seamless transfer process takes only a few clicks and mere seconds to complete, ensuring a hassle-free experience.
What is a Private Key?
A private key is a unique alphanumeric code used to authorize transactions and verify ownership of Bitcoin. It is the essential tool that allows for the secure and decentralized transfer of funds in the Bitcoin network. Private keys must be kept safe and secure, as whoever has access to them can transfer the associated Bitcoin.
What is Self-Custody?
In the world of Bitcoin, ‘not your keys, not your coins’ is a fundamental principle. Recent events have highlighted the importance of this principle as several crypto exchanges have gone bankrupt or stopped withdrawals, wiping out users’ assets. This is where Self-Custody comes in.
Self-Custody enables you to have complete control of your Bitcoin assets by storing them safely on-chain without any third party having access to your coins at any point in time. This means you have full control over sending, receiving, and storing your Bitcoins without relying on banks or exchanges.
When you buy Bitcoin from a bank or exchange and store them there, you don’t actually own your Bitcoin. Custodians have total control over your assets because they own your Bitcoin private key, which comes with high risks. These include the risk of theft by hackers or fraud by employees, as well as the risk of liquidity difficulties.
To avoid these risks, it is advisable to hold all your Bitcoins in Self-Custody. With Saidler & Co.’s Self-Custody solution, you can enjoy complete control over your Bitcoin assets. Only you own your private key, which is fully encrypted and secured in Switzerland, making you the sole owner of your Bitcoin and completely independent of any institutional or governmental influence
Why is Self-Custody Important?
Buying Bitcoin from a bank or exchange and storing it there means you don’t actually own your Bitcoin. Custodians have control over your assets because they own your Bitcoin private key, which exposes you to severe privacy and security risks in case of fraud, bankruptcy, or hacking.
With our Self-Custody solution, your Bitcoin belongs to you and you alone. Your private key is fully encrypted and secured in Switzerland, granting you complete independence from banks, exchanges, and third-party influences.
Nobody can decrypt your private key, not even us. Your private key is safely stored and encrypted in Switzerland, and only you can access your Bitcoin. When you open an account with us, it is completely private, and you encrypt your private key during account creation, making it impossible for us to decrypt it. This protects you against any security and privacy vulnerabilities of a custodial service
What is Offline Storage?
Offline storage is a security practice that involves storing Bitcoin on an offline server that is not connected to the internet or any other network. By doing so, users gain a high level of security and protection against potential hacks, breaches, or other online attacks that may compromise their funds. The advantages of offline storage include improved security, reduced risk of theft or loss, and greater control over one’s Bitcoin assets.
What is Multi-Sig?
Multi-Sig, short for Multi-Signature, is a security feature in Bitcoin that requires multiple private keys to authorize a transaction. This means that more than one person or device must approve a transaction before it can be executed. The use of Multi-Sig adds an extra layer of security and protection against potential hacks, theft or loss, and is a popular feature for institutional and high net worth investors.
What if I Lose My Private Key?
With our Self-Custody account you protect your Bitcoin assets without the need of complex hardware devices using our highly secure backup solution. In case of loss, the private key is securely backed up and recoverable, ensuring the safety of your Bitcoins.
Where is My Data Stored?
With Saidler & Co.’s Self-Custody solution, all Bitcoin transaction data is securely stored on the Bitcoin blockchain. Your client data and the backup of your private key are stored in a certified data center in Switzerland, ensuring the safety and security of your data. Our solution is fully compliant with all relevant regulatory requirements, providing peace of mind that your Bitcoin assets are always in good hands.
What is End-to-end Encryption?
End-to-end encryption is a security protocol that allows data to be transmitted securely between two or more parties. With our Self-Custody account your data is secured with military-grade AES-256bit encryption, ensuring that only you have access to your private key.
Can You Access My Bitcoin?
Nobody can decrypt your private key – not even us. This means you are the only person who can access your Bitcoin. Your private key will be safely stored and encrypted in Switzerland.
What Are the Account Fees?
The fee for the Self-Custody account is calculated based on a transparent formula: a percentage of your average annual balance of Bitcoin assets in USD. By charging a fee that reflects the value of your Bitcoin holdings, we remain committed to providing transparent and reliable services that benefit our partners.
How Can I Open a Self-custody Account?
Opening an account takes a few minutes. You only have to go to the login page and enter your email. You will be then guided through a simple process. Once the account is ready, you will be able to transfer your Bitcoins and start using it.
What if I No Longer Want the Service?
You can cancel the service at anytime. The service fee is based on an annual basis, you will be able to use all account features until the end of term. The Bitcoin assets must be transfered to the new wallet before closing the account.