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.
- 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.
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.