What are the importance of this non_ custodial wallet? - page 2.

SatoPrincess

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Quote from: Kristiyana on May 10, 2024, 04:14:13 AM

Quote from: Charles-Tim on May 10, 2024, 04:00:35 AM

With noncustodial wallet, you have the private key. Having private key means you have the full control over your own wallet.

I'm still new here so whenever time I see people talking about non custodial wallet I don't really understand what they are talking about so that is the reason why I choose to ask this question so that you guy's can enlighten me more about non custodial wallet. that is why is very good to ask questions in any area that you don't understand I always ask questions if there's anything I don't understand I don't care what people might say or talk about me, I'm not that type that always keep quiet even if they don't understand they will just keep quiet and pretend like they know exactly what you're talking about when they don't even have any idea of what they are talking about, well thank you so much for making me to understand what non custodial wallet means.

It’s good to ask questions about what you do not understand and it’s also good to research those questions as well. There is a pinned thread about wallets that answers your question and other questions you may have about bitcoin wallets: [General] Bitcoin Wallets - Which, what, why?

Charles-Tim and others have given you a straight forward explanation. There really isn’t more to be said on the topic. You can lock the thread now.

Ultegra134

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Quote from: Kristiyana on May 10, 2024, 04:14:13 AM

I'm still new here so whenever time I see people talking about non custodial wallet I don't really understand what they are talking about so that is the reason why I choose to ask this question so that you guy's can enlighten me more about non custodial wallet. that is why is very good to ask questions in any area that you don't understand I always ask questions if there's anything I don't understand I don't care what people might say or talk about me, I'm not that type that always keep quiet even if they don't understand they will just keep quiet and pretend like they know exactly what you're talking about when they don't even have any idea of what they are talking about, well thank you so much for making me to understand what non custodial wallet means.

No need to apologize; no one was born knowing everything, and we also took our time learning even the basics. There's nothing wrong with asking questions, and the majority of users here are actually helpful and friendly. It's quite rare to encounter someone harassing you for simply asking a question, although, there are quite a few threads and guides on this forum mentioning it already. Trust me, if I'd made this thread or had bothered to search a few years ago, I would have saved some of my BTC, which was then in online wallets. It's always best to prevent a mistake; although it wasn't a huge amount, I never managed to recover it. Online wallets seemed easy and beginner-friendly back then, but if only I had known any better.

EL MOHA

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Quote from: Kristiyana on May 10, 2024, 04:14:13 AM

I'm still new here so whenever time I see people talking about non custodial wallet I don't really understand what they are talking about so that is the reason why I choose to ask this question so that you guy's can enlighten me more about non custodial wallet. that is why is very good to ask questions in any area that you don't understand I always ask questions if there's anything I don't understand I don't care what people might say or talk about me, I'm not that type that always keep quiet even if they don't understand they will just keep quiet and pretend like they know exactly what you're talking about when they don't even have any idea of what they are talking about, well thank you so much for making me to understand what non custodial wallet means.

Seriously there is no harm in asking question regarding anything crypto related here on the forum, I can boldly tell you that majority of members here actually learnt lots about the cryptocurrency space or bitcoin from this forum, so feel free to ask.

But one thing i will ask you to place restrictions on is the type of questions you ask here, there are basically some that are not necessary because you can simply use the search button for that and I tell you there will be a thread out there on the forum about the subject matter. For example this your question has a thread here that explains it custodial vs non-custodial wallet explained.

Using the search button makes you not to look like a spammer creating repeating threads but when you ask newbies to make use of the search button you see threads like newbies are been maltreated which is not right.

For future occurrences you can learn how to use the search engine properly here

khalidkhan82118

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Quote from: Kristiyana on May 10, 2024, 03:57:49 AM

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?

Non-custodial wallets are preferred by investors because they offer enhanced security, privacy, decentralization, portability, access to a wide range of assets, and empower users to have full control over their funds without relying on third-party services.

OcTradism

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Quote from: Kristiyana on May 10, 2024, 03:57:49 AM

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

I believe the fact is opposite. Most of people, traders or investors, store their bitcoin in custodial wallets, not in non custodial wallets.

They can know importance of non custodial wallet, private keys for their bitcoin control but they can not know about this. It depends but practically most of people don't use non custodial wallets. They want to store their bitcoins directly on centralized exchanges, in online accounts. This practice is not recommended but it is preferable by many people.

Reminder: do not keep your money in online accounts

Kelward

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Eloncoin.org - Mars, here we come!

One of the first things that I learned in this forum when I joined as a newbie, was not to leave my coins in exchanges, that it's not safe, because they can go bankrupt or be hacked at anytime, so the best place to leave your coins is in a none custodial wallet. Not your keys not your coins is a popular phrase in this forum, and any experienced member that falls victim of any exchange that went down, then they have themselves to blame for their loses. With none wallets, you are the custodian of your wallet.

Felicity_Tide

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The keyword here is simply 'ownership.' Non-custodial wallets are wallets that give the owner complete access to their private keys without any third-party involvement. This also means that the owner of a non-custodial wallet takes full accountability and control of their coins.

Owning and managing a non-custodial wallet solely depends on the user's security level, as no one else will help keep your keys secure. The idea of writing your seed phrase on a sheet of paper or your device, or even trying to memorize it, is strongly discouraged, as this type of wallet comes with a lot of responsibility, but it's also the right choice.

These wallets range from private hot wallets to private hardware wallets. Private hot wallets are usually connected to the internet and come in the form of desktop or mobile wallets, while hardware wallets, also called cold wallets, are offline wallets that are connected to external applications. For adequate security and long term hodling of your Bitcoin, you should consider this type of wallet.

Ruttoshi

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Baba God Noni

A noncustodial wallet gives you the right to be your own bank, you own your private key that only you is in full control of, and the safety of your wallet is in your hands. Noncustodial wallets are the best wallets for storing your bitcoin, because no one can identify the owner of such wallets.

Custodial wallets are the opposite of a noncustodial wallet. You don't have full control on your private keys and your funds are not safe because, your private key is with a third-party.

Kristiyana

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Eloncoin.org - Mars, here we come!

Quote from: Charles-Tim on May 10, 2024, 04:00:35 AM

With noncustodial wallet, you have the private key. Having private key means you have the full control over your own wallet.

I'm still new here so whenever time I see people talking about non custodial wallet I don't really understand what they are talking about so that is the reason why I choose to ask this question so that you guy's can enlighten me more about non custodial wallet. that is why is very good to ask questions in any area that you don't understand I always ask questions if there's anything I don't understand I don't care what people might say or talk about me, I'm not that type that always keep quiet even if they don't understand they will just keep quiet and pretend like they know exactly what you're talking about when they don't even have any idea of what they are talking about, well thank you so much for making me to understand what non custodial wallet means.

EL MOHA

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It seems you don’t understand what non-custodial storage means. It is a wallet where you have control of the keys and seed phrase. This way the assets or coins on that wallet is controlled by you, you can move funds anytime you like without having to worry for confirmation from any platform. Also it so save in such way that you don’t get the scare of a custodial wallet collapsing.

If you ask me it is one of the core principles of bitcoin; that is been your own bank. The phrase not your keys not your coins is definitely referring to any one not using non-custodial wallet.

Lastly any wallet that provides you with private key or seed phrase is a non-custodial wallet. The difference now lies on if it is open source or closed source

Charles-Tim

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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.

Kristiyana

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Eloncoin.org - Mars, here we come!

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?

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