Unlike Traditional Money Saving Ecosystems like the Bank, there has been a Massive Shift in Financial paradigm and people are Having much more freedom with how they Spend their money and Manage their Financial Expenditure, All thanks to BLOCKCHAIN.
Other than BITCOIN which pioneered the Genesis of Digital Currency and Assets, there has been thousands more Digital Assets Accessible as a Store of Value for users. You have Access to Two types of Wallets to keep your Crypto Assets Which is CUSTODIAL AND NON CUSTODIAL WALLET.
CUSTODIAL WALLETs Are wallets that allows you to store and trade your digital Assets VIA a third party Provider who manages your Private keys, Example of which is a CRYPTOCURRENCY EXCHANGE PLATFORM or CEX. it’s a Centralized Form of safekeeping your assets but under management of Your Provider Like BINANCE.
Custodial Wallets Technically Controls your funds and you do not have total Control over Your Assets, this means your Assets can be frozen over various reasons.
Blockchain Was Created with Freedom and Self-custody in Mind which Brings this topic to WHY Custodial Wallets Exists and is a Necessity.
NON CUSTODIAL WALLETS gives you total Autonomy, Control and unquestioned decisions Over your Assets including the Ownership of Your private Keys and Safeguarding of it. Carelessness with Security will always Spell regret but we have that covered in another Article on Mevengine.com
Just Like Bank Accounts is to Traditional Money, You also Need a Digital Wallet to store your Digital Assets, We have Selected Below the most Widely Accepted and Used Digital Non-custodial Wallets to Store your Digital Assets.
1. METAMASK – Metamask Wallet Initially was Built to Support ETHEREUM networks and Now it has Proceeded to support Other EVM Based Blockchains and Testsnets, Built with Various Fascinating features Including Security and Newly introduced PAYMENT CARDS, You can Interact with Most Decentralised Apps On-chain Using Metamask.
2. TRUSTWALLET – Trustwallet Stands Out as a very responsive Web3 Wallet Application, just like Metamask and other wallets, You have the freedom of Self-custody over your funds and information Alike.
3. LEDGER – Ledger is recognized as one of the best COLD or HARDWARE Wallets in the Web3 and Crypto Space. Takes Self-custody to Another level as COLD WALLETs are Known to be Even safer than HOT Wallets Like Metamask and others.
In a Nutshell, Non Custodial Wallets Gives you a Better Control over your Crypto Digital Assets as long as you Prioritize your Security measures and trust nobody with your Sensitive informations. Additionally, Web3 Wallets allows you to Participate in Advanced Trading Like Flashloan, Sniping Trades and Memecoin Trading. An activity that Crypto Exchanges will not allow you to pull off.
You could easily Play it safe Using a Custodial Wallet from Crypto Exchange or Take the reins and Own your Assets 100% in Your Web3 Wallet. A Careless owner is still vulnerable regardless of the type of wallet they use. Which means Security should be Number one Priority.
