Using Bitcoin or other cryptocurrencies requires a digital wallet for transactions, trading on crypto exchanges, or utilizing blockchain applications. Consequently, understanding how cryptocurrency wallets function and the primary distinction between non-custodial and custodial wallet providers is crucial.
Crypto wallets enable interaction with blockchain networks, allowing users to send and receive cryptocurrencies or access decentralized applications (DApps). These wallets comprise two main components: a public key and a private key. Wallet addresses are generated by the public key and can be shared, while private keys must be kept secret to ensure the funds’ security.
Crypto wallets can be paper, desktop software, or hardware devices, with some supporting non-fungible tokens (NFTs). Wallets are categorized as custodial or non-custodial, depending on how they store and manage the private keys.
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