As a non-custodial platform, Beaver Bitcoin requires you to have your own bitcoin wallet. We recommend BlueWallet.
"Non-custodial" is the term used to describe exchanges or services that do not hold bitcoin on behalf of their customers. This is in contrast to most exchanges, where after purchasing bitcoin, it remains on the platform until you manually withdraw it. Exchanges and platforms that hold your bitcoin are "custodial", and this comes with some risk, as the exchange technically owns this bitcoin (they control the private keys). Only once you've withdrawn the bitcoin from an exchange, to a wallet where you control the keys, is it actually yours.
Simply put, if you leave bitcoin on a custodial exchange or platform, you have no guarantee of ownership of "your" bitcoin. In the worst case, the exchange could go bankrupt, and carefully written terms, conditions, and bankruptcy filings could leave you without any claim to your bitcoin.
This outcome can very easily be avoided.
Taking immediate self-custody of your bitcoin is simply the best way to use the technology, and completely eliminates any custodial risk.
To be clear, we do not hold bitcoin for our customers. After converting your CAD $ into bitcoin, we deliver the bitcoin to your wallet immediately.
If you are new to Bitcoin, read our post on Bitcoin wallet basics.
Please sign in to leave a comment.