You may have heard the phrase, 'not your keys, not your crypto' before in relation to custodial and non-custodial crypto wallets, but what does it actually mean?
Non-custodial wallets do not have this problem. Non-custodial wallets do not require the outsourcing of trust to an institution, so no institution can refuse to complete transactions.
These transactions are essentially censorship-resistant, as the user controls the private key. However, non-custodial wallets are not as easy to use as custodial wallets. When using a non-custodial wallet, users must remember that if they lose the private key, the coins in the wallet are essentially lost forever. Misplacing private keys can be a costly mistake.
Ultimately, there is no right or wrong way to store your assets. In crypto, there’s a popular saying, “not your keys, not your crypto.” This is true, as the holder of private keys essentially controls the coins in a wallet, but not all people are afraid of trusting an institution with private key management, nor do they fear censorship.
A beautiful feature of cryptocurrency is that each user is free to decide how to hold crypto for themselves.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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