What are the importance of this non_ custodial wallet?
What are the importance of this non_ custodial wallet?
I have been mean to ask this question, but it keeps skipping out of my mind. so I have decided to ask to know the importance of non_custodial wallet, because most investors prefer to use non custodial wallet to store most of their asset, why did they choose non custodial wallet when they are many wallet’s out there to use in storing their assets? I keep hearing about non custodial wallet so I will like to know of which importance is this non custodial wallet to us as investors?
With noncustodial wallet, you have the private key. Having the private key means you have the full control over your own coins. Only you can generate the digital signature that can be used to spend the coins.
Unlike custodial wallets that you do not have the private key. The company that provided custodial wallet has the private key and they have the full control over your own money just like banks. They can freeze your coins. They can block your account. There can be account maintenance and other inconveniences.