Top 5 non-custodial wallets to store crypto
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Loading... - Shirley Sarfo
- 27 Mar 2023
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The pace of development in the field of decentralized finance is increasing, and after them, non-custodial cryptocurrency wallets are becoming more widespread.
Strictly speaking, a non-custodial wallet does not store your assets. It provides a user-friendly interface for accessing your funds and allows for third-party integration.
What is the difference between custodial and non-custodial wallets
The main difference between custodial and non-custodial wallets is ownership. If you use the services of an exchange to store cryptocurrencies, this means that the coins formally belong to the exchange. And if your activity looks illegal, you may be blocked from accessing your funds.
To paraphrase one famous saying in the industry - "not your key - not your coins." On the other hand, if everything is in order with you, but you suddenly forgot or lost your password, this is not critical. The support team will help you restore access to your account.
A non-custodial wallet gives you full control over your assets and private keys. Restricting the ability to dispose of funds to anyone will be orders of magnitude more difficult. But you will also be solely responsible for the safety of your keys. If for any reason the keys are lost, no one can help you restore access to your funds. And in this case, it will hardly matter to you which scenario is discussed in Ariva Coin price prediction.
MyEtherWallet
MyEtherWallet (MEW) has been around since 2015. It is easy to use, but still designed for fairly advanced users. This interface is designed to interact with the Ethereum blockchain and additional networks that are based on it. Accordingly, it is possible to store ETHIRUM and ERC-20 tokens in it.
MEW can be integrated with decentralized exchanges and some decentralized aggregators. In addition to the web wallet, there is a MEWconnect mobile app for Android and iOS. Manufacturers position it as a "hardware wallet without hardware." This application improves the security of wallets created in MEW, as assets and all personal information of the user can be stored on an isolated device.
The application does not collect user data. Access to assets can be restored using a mnemonic phrase. Read More…
