Knowing the difference between Custodial wallet and Non Custodial cryptocurrency wallet
We all should knows that when it comes to cryptocurrency the best thing that you can ever pray for is making sure that you are surrounded and guided by information. In the cryptocurrency ecosystem, the more informed you are, the more your growth pace will be moving up the ladder. While I was growing up, I remembered back then one certain popular slogan that I came across which states that information is power. Many people may think that such word is not needed or vital but the truth still stands that in all that you are doing in this world you should knows that information is vital. The reason why we all are making one or two movement currently is base on the information that we are being surrounded with. It is such information that is driving our lives forward in all that is happening in the cryptocurrency ecosystem despite the thick and thin. I have never seen an ecosystem doing better without information driving it. The money you will make from any ecosystem will be base on how informed you are and the ability to take decisions base on the information. In a nutshell, information is very vital in all that we are doing.
Recently I was discussing with somebody and he told me that there is a time he was meant to speak on a cryptocurrency topic during a seminar. He said that although he was able to deliver at the tail end but the reason why he is talking about this topic is simply because he discovered that alot of person in the cryptocurrency ecosystem and the blockchain at large are just after making money from the cryptocurrency ecosystem and the blockchain at large, they don't have great love for what cryptocurrency and the blockchain at large is. Since money is involve, they are just out there trying to push out fake love for what cryptocurrency and the blockchain at large is known for. Why he was lamenting and discussing about this, I was fast to understand the message that he is trying to portrait. As for your information the reason why we came out with topic like this is simply because recently I was doing some research and I came across the need for wallet. While trying to make use of different wallet my mind flashes back to what Custodial wallet and Non Custodial wallet is.
Apart from running into what Custodial wallet and Non Custodial wallet is do you know that I had to make sure that I carried out my own investigation by taking such education to another realm. I had to make sure that those that I came across, I had to put them to test as to what really Custodial wallet and Non Custodial wallet is. I discovered that on the verge of asking those person what Custodial wallet and Non Custodial wallet is I was disappointed to see that they were unable to give me the answers that I truly needed. I was really shocked. Why I was feeling down then my mind flashes to the extent that of a true, many are after just what they can get from the cryptocurrency ecosystem and the blockchain at large. Aside that, there is nothing that they are interested in.
Aside the long talk, the important question at hand right now is what is Custodial wallet and Non Custodial wallet in cryptocurrency.
- What is a Custodial Wallet
A Custodial wallet can be defined as a wallet that the private key are held by a third party. If you have been using various cryptocurrency exchange to change your cryptocurrency token you will discover that such system is what we called a Custodial wallet. It simply means that you don't have say regarding that wallet. The team behind that exchange can wakes up and decides anything they likes with your fund and you might not be able to have your way regarding their decisions and that might ended up affecting you in the way you just don't want. This is the reason why it is very vital for us to take our funds off exchange wallet. It should be kept in a Non Custodial wallet.
What is a Non Custodial Wallet
The Non Custodial wallet is the opposite of Custodial wallet. The Non Custodial wallet is a wallet that gives you the full access to your keys. In this kind of wallet you are fully presented with the options to do whatsoever thing that you love with your cryptocurrency phrase. If you want to secure your fund it is better you keep your fund in a Non Custodial wallet since you have the full access to it.
I will end the post here, hope you love it.
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