📖What is a self custody digital wallet?

A self-custody digital wallet, also known as a non-custodial wallet, is a type of cryptocurrency wallet that gives users full control and responsibility over their digital assets and private keys. Here's what makes a self-custody digital wallet distinct:

1. User control: In a self-custody wallet, the user has complete control over their cryptocurrency holdings and private keys. Private keys are used to access and manage the wallet and its contents.

2. Private keys ownership: With a self-custody wallet, the user owns and stores their private keys locally on their device, typically in the form of a seed phrase (a series of words). This means that no third party, like an exchange or wallet provider, has access to or control over the user's keys or funds.

3. Security: Self-custody wallets are considered highly secure because they reduce the risk of hacking or unauthorized access associated with centralized wallets or exchanges. Users are responsible for keeping their private keys safe and secure.

4. Decentralization: Self-custody wallets align with the principles of decentralization, which is a core concept in the cryptocurrency space. Users can interact with decentralized blockchain networks directly without relying on intermediaries.

5. Freedom: Users of self-custody wallets have the freedom to transact and manage their assets independently, without relying on third-party services. This aligns with the philosophy of financial sovereignty often associated with cryptocurrencies.

6. Compatibility: Self-custody wallets are compatible with various cryptocurrencies and blockchain networks. Users can hold, send, and receive different cryptocurrencies within the same wallet.

7. Responsibility: While self-custody wallets offer significant advantages in terms of control and security, they also place the responsibility squarely on the user. If the user loses their private keys or seed phrase, they may permanently lose access to their digital assets.