Self-custody: key words

Holding your own private keys, so you alone control your crypto and are responsible for keeping it safe. Source

A company, such as an exchange or custody firm, holds the private keys for you. Source

A secret code that approves transactions from a wallet. It can't be changed, and losing it with no backup, such as a recovery phrase, means losing access. Source

A list of words that can rebuild a wallet. Anyone who has it can take everything in the wallet. Source

A wallet connected to the internet, such as a phone or web app. Convenient, but exposed to online attacks. Source

A wallet kept off the internet, usually a physical device or even paper. Safer from online attacks, but it can be lost or stolen. Source

A small device built only to be a wallet. It keeps private keys offline, away from the internet. Source

A trick where a crook sets up a recovery phrase before a device reaches you, keeps a copy, and waits for you to add funds. Source

A backup split into shares, where a set number of shares rebuild the wallet and fewer reveal nothing. SLIP-39 is one standard for it. Source

An optional extra secret added to a recovery phrase. Every passphrase opens a valid wallet, but only the right one opens yours. Source

Getting someone's phone number moved to a SIM card a criminal controls, so their calls and texts go to the criminal. Source