Crypto wallets allow users to manage the digital assets. They | forsage_official

Crypto wallets allow users to manage the digital assets.

They are the crucial tool needed to interact with the blockchain, create transactions and receive transfers to your unique address.

According to the method of storing private keys, crypto wallets can be divided into custodial and non-custodial.

Custodian wallets are centralized services that ensure the safety of your assets without providing you with private keys.

Examples of custodial wallets:
• Exchanges (Binance, Coinbase and other centralized platforms that have full access to your funds);
• Software wallets that store data on their servers (FreeWallet)
• Online wallets (Blockchain. сom)

Pros:
- Ability to restore access in case of loss of the access
- There is no risk of losing your seed phrase

Cons:
- Lack of access to the private key, which means that control over funds remains in the service
- Inability to withdraw funds in case of problems with the service
- Risk of losing funds by decision of the authorities (court)

Non-custodial wallets are decentralized wallets in which private keys are in the hands of users.

Examples of non-custodial wallets:
• Online wallets (MyEtherWallet)
• Desktop wallets (Exodus, Electrum)
• Mobile wallets (Trustwallet, Tokenpocket)
• Hardware wallets (Trezor, Ledger)

Pros:
- control over funds
- access to private keys belongs only to you

Cons:
- In case of loss of funds, access cannot be restored

We strongly recommend you to use non-custodial wallets. Even Elon Musk agrees with us!