If you have been following up with my post you will see where I have blogged and talked about what is Non custodial wallet and custodial wallet. I remembered how I went in detailed in that post to really explained what the both wallet means because I felt it is very necessary as a person who is into cryptocurrency to know what the difference between both wallet and the need to make sure that you are doing what is right with one over the other. We all knows that when it comes to cryptocurrency and the blockchain at large there is every tendency that if you are not careful enough you will at the end looses your little hard earned money. Imagine loosing millions of $ in cryptocurrency just because you failed to deal with the necessary guide. Should in case you think it is not possible you are definitely deceiving yourself. I have heard and seen people sharing their countless stories of how they have lost their hard earned money just because they thought that it can never happen. Well, as we have it, they learnt the hard way.
When it comes to cryptocurrency I have always hinted that no matter how it goes please endeavour to make sure that you knows what you are doing just like what I have hinted above. You should bear it in your mind that no matter what you are doing you should knows that nobody will be held accountable for any loss or gain that you have made. Remember that once you key into cryptocurrency, you are considered a matured person. With that in place, you should knows that you will be allowed to do whatsoever thing that you love here. Since it is a decentralised ecosystem nobody should be dictating to you what to do but despite that you should be careful with your decisions. Remember that why caring out your decisions you can get burnt deep along the line, this is why it is advisable that whatsoever thing that you are doing in the cryptocurrency ecosystem you shall be held accountable for it. Wether loss or gain.
Ever since cryptocurrency ecosystem and the blockchain at large was birthed into reality by the great Nakamoto Satoshi, scammers have decided to launch different strategies in other for them to eat from the national cake. They all knows that cryptocurrency is going to be one of the best thing out there, since they knows how powerful the cryptocurrency ecosystem is, they have started looking for all possible to loot any body that will fall prey to them. With all this at hand, in other to fight against the scammers out there, I have always come out with my strategies to make sure that I remind those real cryptocurrency guys out there that they should endeavour to be safe with whatsoever thing that they are doing. I know with such reminder they will be reminded of how important safety is when it comes to cryptocurrency and the blockchain at large. This is my little quarter of helping the cryptocurrency ecosystem and the blockchain at large.
Deviating from the above and discussing about what we have at hand which will be talking about why you should keep your cryptocurrency token or coin in a non custodial wallet. As for your information, a non custodial wallet gives you the full control of your cryptocurrency token or coin. It it only when you want to make use of it that you can send the token out to centralized exchange or use a decentralised exchange. For your information, Metamask, Trust wallet, Imtoken, Token Pocket etc are all examples of Non custodial wallet. If you are thinking of a Non custodial wallet to make use of, you can make use of the wallet that I just mentioned above, they all will gives you your private keys which you can make use anytime any day. With these kind of wallet your token/coins are safe all the time.
The main reason why it is good to keep your cryptocurrency coin or token in a non custodial wallet is that with the non custodial wallet, you will be able to have your mmnomic phrase and other wallet phrases which will be shown to you alone. Even the team incharge of the wallet can't get the phrase, with this and since you are the only that knows the private code, it shows that no one will be able to temper with your keys unless you tempers with it in a wrong way and another person see's it. Aside that, whenever you want to trade any coin, you can send it to a centralized exchange and immediately after trading, get the token out of such exchange. You know with centralised exchange anything can happen since you don't have the keys. If you knows the decentralised exchange have such coins why not trade it with them since your coin won't be leaving your account?
I will end the post here, hope you love it.
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