![]() Seed-phrase backup: Probably this is the most common one. In a non-custodial mechanism, you can share the recovery responsibility with other parties, but the key point here is that no one should be able to take away your funds without your consent. Power corrupts.Īny wallet service that has access to your private key, is by default custodial. While this may sound impossible now, I find it very likely to happen in the future. ![]() They can start lending the money in order to earn more interests, and re-create the same system that we have today. While today is not a problem, in the future, it can make these companies operate the same way as banks do today. Centralising Power: Another super under-hyped issue with having a custodial wallet, is that the companies behind have complete access to the funds.Killing one of the core principles of crypto. ![]()
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