Within the cryptocurrency and blockchain space there are essentially two different manners of crypto storage and each one comes with their own pros and cons.
What is a Custodial Service
Custodial services essentially hold your cryptocurrency for you. These services are usually centralized crypto exchanges and that means you aren’t in control of your coins. The trade off between convenience and risk is huge. If a crypto exchange platform is hacked, or decides not to provide you service anymore, your coins will more or less be lost. If there is no insurance mechanism, in the event of a hack, the platform could go bust, and with it your crypto assets. Another risk with centralized custody services is in the event they decide to stop providing you service. Generally speaking, custodial services and centralized exchanges are becoming a less popular way to store cryptocurrency for these very risks.
What is a Non-Custodial Wallet
Non-custodial wallets, also referred to as self-custody wallets, mean that you are the sole owner of the cryptocurrency wallets. You own the private keys that are used to sign blockchain transactions. That also means you are responsible for keeping the wallet details, credentials, private keys, and mnemonic phrases safe and secure. A self custody or non-custodial wallet is a great way to avoid the risks of being the victim of a large hack on a centralized custodial service or being refused service.
Another benefit of most custodial wallets is that you can access them anywhere as long as you have an internet connection. Even still not all non-custodial wallets have bragging rights on providing ease of access and utility.
What is a Self Custody Light Wallet
Self custody light wallets tend to provide the most accessibility to their users as they do not require users to provide the resources needed to store entire blockchains. Instead, self custody light wallets like Vidulum App provide a mechanism through which users are able to interact with the blockchain. Vidulum App specifically offers its users ease of accessibility from any device, anywhere in the world and is available on the Google Play Store, Apple App Store, or online through modern web browsers like Chrome and Brave.
Due to the flexibility of Vidulum and it’s low barrier of entry, any user of any skill level can take full ownership of their digital assets and cryptocurrencies. The continued adoption of Vidulum is making it the best wallet for Dogecoin, Bitcoin, it’s own native asset VDL, and many more with over 1000 listed coins and tokens.
Why You Should Use Non-custody Wallets
Non-custodial, or self custody, crypto wallets ensure you are in full control of your digital assets, and in a way, economic freedom. When you use a self custody service you are essentially able to act as your own crypto bank without relying on a third party service. When you own your wallet private keys, you are the only person with the authority to interact with those wallets through the blockchain.