Hello All Tron Fan Club Member's Hopefully all is well and well by the infinite mercy of the Creator. At the same time you are having a good time with your loved ones. I am also good Alhamdulillah. Today I have come up with a content with you. Today I will discuss Custodial Wallet with you. I hope you enjoy my discussion.

Cryptocurrency means it's not as easy as we think. Because we usually use wallet to do cryptocurrency transactions. Because here we have to lose everything if there is any important key or any other problem related to the wallet. In addition, there are different types of cryptocurrency wallets such as web, mobile, desktop, hardware and paper wallets. So all these wallets are not easy for many to walk together. Wallet Problems Wallets can usually be divided into a custodial wallet and a non-custodial wallet. Today I am discussing Custodial Wallet with you. I will discuss the non-custodial wallet in detail later.

What is a custodial wallet?

Source

Custodial Wallet is a service where the service provider authority or a third party manages the private keys of your funds. In other words, the maintenance of your wallet or the key to the third party. For example, we open a savings account in a bank to save money. And we trust or rely on third parties, such as bankers, to control or secure our money there. Those who give us the security of money. This is how custodial wallets are used in cryptocurrencies. It usually provides a backup and security with customer support and the ability to recover funds. For example: Coinbase Exchange Wallet. Cryptocurrency must be accessed using a private key.

Advantage of custodial wallet!

One of the advantages of Custodial Wallet is that since it is controlled by a third party, there is no key to losing. Your personal keys are the only way to access the funds. One more advantage here is if you lose the password of this wallet. Then you only need to confirm your personal identity in order to regain access to your account. No other key will be needed here. Moreover, the use of custodial wallet is very convenient.

Disadvantage of custodial wallet!

The main problem here is that we do not control the keys of our wallet. Technically we do not own the coins in our wallet. Also the key of our wallet carries third party. So here they can use it for their own purposes Moreover, there is a familiar phrase in cryptocurrency and that is: Not Your Keys, Not You Crypto. Also one of the problems is the KYC problem. It is also online based and internet dependent. So if you don't have internet access here, you won't be allowed to access your funds.

Much Love And Best Wishes To All

I am Md. Kawsar Hasan. I am a Bangladeshi. I feel very comfortable to introduce myself as a Bangladeshi. An assistant teacher by profession. A writer intoxicated. So I feel very comfortable writing content on different topics. It’s great to know the unknown and learn something new. Love to travel.
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