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Benefits of Non-Custodial Wallets

When using non-custodial wallets, your capital is accessible as long as the blockchain its on is working. If you want to trade digital assets like tokens, NFTs, or on-chain perpetual futures contracts, you do so with a digital wallet.
Digital wallets are what connect you to blockchains and web3.
If the country you live in has a failing currency and experiences consistent bank runs, you can securely store stablecoins like USDC that retain value while not being infringed by intermediaries like untrustworthy regional banks or brokers.
But as Uncle Ben said...

With Great Power Comes Great Responsibility

  • If you lose your mnemonic/recovery phrase for a wallet, you lose access to the funds in that wallet and no one can recover them for you.
  • If you connect your wallet to a website/blockchain application or click on a phishing link, your wallet could be drained entirely by a malicious person or robot.
That's it, but that's a lot. It's imperative that you safeguard your digital assets. You can do so by following best practices and continuing to learn about digital security.