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If you had stayed abreast with the recent crash of the crypto exchange – FTX, you might have heard the term above. However, one may like to inquire what this term means.
To assist in dissecting this term, we looked at the benefits of self-custody by making use of the Personal Key Wallet via a podcast on Blockchain.com. And, perhaps you missed this, but here are four notable insights from that discussion.
You Have Total Control of Your Wallet When It Is a Non-custodial Type
The main two types of cryptocurrency wallets are Non-custodial wallets and custodial wallets. The Non-custodial wallet type gives its holder total governance of his or her own money.
Most nowadays service providers only provide custodial services. Consequently, this type of service does not allow people’s crypto to exit their platform, by implication, they are the one who keeps users’ money.
Be the Custodian of Your Private Key, Not Someone Else
When a wallet is created a unique private key is generated too. Furthermore, this key serves as the password that gives people access to send cryptocurrency from that created wallet to other destinations.
Never Disclose Your Private Key to a Third-Party
The earlier mentioned term “Not your private key, not your crypto” simply implies that if one doesn’t possess the private key to his or her wallet or a self-hosted wallet, then another person entirely has control over the money in such a wallet. It could even be a third-party service provider. Disclosing this private key can be likened to when someone gives a third party the key to his or her safe deposit box or apartment. Therefore, the wallet’s private key must not be shared.
The Reason Why Everyone Won’t Offer a Non-custodial Wallet, We Do That
Most cryptocurrency companies don’t provide a Non-custodial wallet like Blockchain.com. Blockchain.com’s private wallet was the first wallet that we ever built, therefore is the representation of the “trustless” fundamental value of crypto.
If you are interested in creating a private wallet with us at Blockchain.com, visit Blockchain.com to create yours today.
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