Losing your private keys means that you also lose access to your crypto holdings. Therefore, it is imperative that you understand how crypto wallets work. Let's look at the differences between custodial vs non-custodial wallets.
Public and Private Crypto Wallet Keysis the public-facing address of your wallet. You can think of public keys like your home address — you use it when you want something delivered to your place.
Meanwhile, a private key is akin to the password used to access your digital assets. It also proves ownership over those assets stored in the wallet, and is used to transfer cryptocurrencies out of the wallet. , are known as custodial wallets. These wallets come with certain benefits attached to them, such as less user responsibility as compared to managing your own wallets.
After that, the business takes over and is directly responsible for making the transaction on their own as the funds are stored on the wallets that they own.As mentioned, the private access keys are not your responsibility. You do not need to worry about forgetting your key, and even if you misplace your password, you can always request that the CEX or wallet provider recovers your account.
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