Non-Custodial Wallet
Tue, Apr 15A Non-Custodial Wallet, also known as a self-custodial wallet, places the responsibility of managing your crypto wallet private keys in your hands.
Your crypto wallet private key functions similarly to the PIN for your bank ATM card or the password for your online banking account. With this PIN or password, you can access your fiat currency and truly own and control it.
If someone gains access to your private key, they can not only take ownership of your wallet's assets but also recover your wallet onto their own device, access all your funds, and easily transfer them to another wallet they control.
In a non-custodial wallet, there is no bank or cryptocurrency exchange overseeing your security.
You have full control over your private keys, and only you can verify that the funds in your crypto wallet are yours, as you are the sole person with access to them.
No third party is involved in storing your keys for you. You are entirely on your own!
Non-custodial wallets are generally regarded as more secure than custodial wallets because you maintain complete control, eliminating concerns about a third party, such as a centralized cryptocurrency exchange, being hacked.
Non-custodial wallets come in various forms, including web-based options, software installed on smartphones or computers, hardware devices like USB thumb drives, or even a physical copy of your private key on paper.
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