A great article to understand between custidial and non-custodial wallets.

A lot of people, especially beginners, have all their crypto in custodial wallet sites, and I don't get it all. The point of crypto is decentralization, and self ownership of your assets. So if you are letting a company mange it for you, and most likely a non-decentralized one, then it's like you did nothing and might as well just use banks.

I always see the argument that noncustodial wallets are more complicated. While that may be true for some, for most it's not complicated by too much or at all.

For example, the Exodus wallet is a noncustodial one, giving you access to all your keys, and exodus is the definition of simplicity. Arguably, it's simpler than most custodial ones and has a better user interface. (I give Exodus as an example as it's the one I have used the most till now)

I get that custodial wallets might have features or benefits noncustodial ones don't have. But in my opinion, the assurance that I own my crypto, and will not lose it for some corporate excuse, is better for me than any benefits. Still, with that, noncustodial wallets can have plugins to give you some of those extra features. Exodus again, for example, it lets you install additional apps (plugins) that let you stake, bet, etc… Not only that, but it also supports the majority of the coins available, so you don't have to have the issue of managing many wallets. (Also, if something is making you benefit, then it's most probably they're benefiting from you even more.)

You don't trust yourself to keep your private keys safe? Then you shouldn't trust yourself with your credentials for custodial wallets either. It's easy to keep your keys safe, either in real life, or a backed up pass locked note protected by two-factor auth that's synced to multiple devices (like Authy).

Also, I think a reason why custodial wallets may be more popular is that they get much more marketed than noncustodial ones.

What do you think? And what noncustodial wallets do you suggest as well other than Exodus that you think are not hard to use, and offer useful features?

#crypto2023 #BNB #dyor #wallet #BTC