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Non-custodial wallets
What are non-custodial wallets?
A non-custodial wallet is a digital tool for storing and managing cryptocurrencies that provides users with full control over their funds. Unlike custodial wallets, where a third party\ (for example, an exchange or service) stores users ' private keys, in a non-custodial wallet, private keys are stored on the user's device. This provides a high level of security and privacy, but also requires the user to be more responsible for their funds.
How non-custodial wallets work:
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The user installs a software or mobile application on their device that creates a unique private key for each wallet address. This key is used to sign transactions and provide access to funds.
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The user can send and receive cryptocurrency to their wallet address using this private key.
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A non-custodial wallet does not have access to the user's private keys, so it cannot control or transfer funds without the user's permission.
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For security reasons, we recommend using two-factor authentication and storing your private keys in a safe place.
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If a user loses or destroys a device with a non-custodial wallet installed, they will lose access to their funds unless they store their private keys in another secure location.
Popular examples of non-custodial wallets:
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Ledger Nano S / X: hardware wallets for secure storage of cryptocurrency.
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Trezor: another popular hardware wallet.
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MyEtherWallet: Web wallet for Ethereum and ERC -20 tokens.
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Electrum: Easy and secure wallet for Bitcoin.
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Exodus: a multi-currency wallet with a user-friendly interface.
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Metamask: a browser-based wallet for interacting with the Ethereum\blockchain.
These are just some of the popular non-custodial wallets. When choosing a wallet, it is important to take into account its reputation, security, and support for various cryptocurrencies. You should also pay attention to the presence of a mobile application to have access to your wallet at any time and in any place.
