Business Activity || Custodial vs Non-Custodial Crypto Wallets || @divinemercy || 10% Payout To @businessactivity
With a custodial wallet, your private keys to your money are managed by the service provider. It often offers customer assistance, backup & security, as well as the capacity to retrieve the payments. One example is the Coinbase Exchange Wallet. The firm has the keys to your money, but you may access it using your login information and password for your account.
PROS:
• Convenient
• User Friendly
• Trader Friendly
• Customer Support
• Account Recovery
CONS:
• Not Your Keys, Not You Crypto
• KYC
• No Offline Access
• Prone To Hacking
• Prone To Data Breach
• Prone To Bankruptcy.
Custodial wallets include all exchange wallets. Exchanges may offer diverse benefits, services, security measures, and insurance to institutional and individual investors. Users using custodial wallets run the risk of losing access to their assets if the corporation offering the service ever went out of business, was hacked, or was torched. Brian Armstrong, the CEO of Coinbase, went on to clarify on Twitter why consumers are safeguarded in the event of a "black swan" occurrence, such as bankruptcy, which is, in his opinion, exceedingly improbable. When the quarterly earnings are $430 million in LOSS, he stated this.
Self-Custody or Non-Custodial wallets put control in the users' hands. Your personal security and keys are your responsibility. Ledger and Metamask are two examples of cold wallets. With your password and seed phrase, they let you to communicate with BC and access money!
PROS:
What matters most in your crypto life is the amount of security you desire! The majority of individuals in the area combine the two of them:
• Self Custody
• More Security
• Full Control Over Funds
• No CEX Fees
• Can Access Offline
• No KYC
CONS:
• Technical
• More Responsibility
• Lose Your Keys, Lose Your Funds
• No Support
• Bad UX/UI
What matters most in your crypto life is the amount of security you desire! The majority of individuals in the area combine the two of them:
Custodial Wallets: If you're a trader or a crypto novice with little to no prior expertise.
If you desire extra protection to safeguard your wealth, use non-custodial wallets.
And if you're the kind that prefers the highest level of protection, use a cold wallet like Ledger or Trezor.
Thanks for reading.
| Business name: | Divine Nylon |
|---|---|
| Owner's name: | @divinemercy |
| Business address: | Lagos, Nigeria. |
| About us: | Link to presentation |
Hola @divinemercy:
No puedes recibir voto por Steemcurator05, porque no cumples con el club5050. Te invito a encender el 50% de tus ganancias.
Gracias
@pelon53
I'm a club75 @pelon53
Saludos amigo, el mes pasado tú no cumplistes ni con el club5050. Por lo tanto, no puedes estar en el club75, cuando nisiquiera cumples con el club5050.
Gracias.
@pelon53