What is a 'Non-Custodial Wallet’ in Crypto?
Cryptocurrency allows the end-user to control funds. All bank accounts are custodial. While you may have a legal claim of the money, the reality is that you are asking a bank for permission to withdraw or spend funds in any transaction.
Thanks to the blockchain and the distributed nature of its nodes, non-custodial wallets are changing the narrative, diffusing control to holders. Users who have complete control of their funds operate from non-custodial wallets.
A non-custodial wallet is nothing more than a wallet where the user has complete control of the wallet's private keys. Therefore, the user can approve transactions in every transaction, effectively protected from third-party risks like governments trying to 'choke' you out from spending funds. Out of this arrangement, the user is the only person with access to funds at any point in time. There are no approval processes when using non-custodial wallets and are globally accessible courtesy of the blockchain's design.
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