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To start with, we know how blockchain app developers and business founders take keen interest in determining how to incorporate the two into their processes and relish better opportunities compared to those offered by the traditional models.
While many are debating on blockchain beyond cryptocurrencies, how to create a Blockchain wallet, and which cryptocurrency will become the single global currency, many others are focusing on choosing the right wallet as per custody of private key: Custodial vs Non-Custodial wallet comparison. Something about which we will discuss in detail in this article.
But before we jump to the part where we look into the Custodial vs. Non-Custodial comparison, let’s uncover the basics of both the blockchain wallet types, starting with Custodial Wallets first.
What is a Non-Custodial Crypto Wallet?
It is a type of Blockchain wallet that lets you be your own bank. This implies that users have full control over their funds and on the associated private key. If you want to know more about blockchain wallets -
Custodial Vs Non-Custodial Wallet
Custodian of private key
Transaction type
Security
Backup and recovery possibility
Offline accessibility
Future scope,
Examples
Benefits of Non-custodial Wallets
Users’ control over funds
The prime reason why Non-Custodials are gaining a huge momentum is because they provide users an individual access to their funds. The users need not look up to any third party to manage their fundings or perform any related activity.
Safety in funding
Since all the details associated with your online Crypto wallet and its funds relies on you, the risk of data breach is much lower. This is one of the primary reasons why 66.5% of crypto holders are relying on non-custodial and mobile storage solutions these days.
Instant withdrawals
Unlike best Custodial wallets, these wallets do not need confirmation from a third party for performing every transaction. This streamlines the whole process and makes it easier to enjoy instant withdrawals.
