In the past few years, ensuring that cryptographic decentralised systems storage is safe has been a big problem. This is because bad people try to hurt more people daily. Chainalysis did a study in 2021 that said investors lost about $14 billion that year. People who took advantage of DeFi protocols caused most of these losses. This trend is still going strong this year, as more and more people look to the DeFi industry for jobs that will change their lives. People who don’t know how to keep their digital assets safe should they take the chance.
The question now is, which of the non-custodial wallets on the market is the best? Even though the most important innovations in this field do similar things, digital wallets can be categorised into software and hardware. It’s also important to remember that the different non-custodial wallets offer different user experiences. In the next part of this essay, we’ll talk about the three best wallets that don’t put your money in a bank. Visit Bitcoin smart if you want to trade cryptocurrencies or invest in them.
Metamask ConsenSys, the company that made Metamask, one of the first non-custodial wallets, said in a recent update that more than 10 million people use the wallet every month (MAUs). Since this wallet is a browser add-on, people who want to use it must download and install the official extension. Decentralised exchanges are the main purpose of this wallet (add-on or plugin). After the installation, users can choose a password, and metamask will create a 12-word backup phrase (master key).
When it was first released, metamask could only be used with the Ethereum blockchain. But since then, the platform has grown to include more blockchain ecosystems, such as the BNB chain, Avalanche, Fantom, and Polygon networks. Metamask allows DeFi users to store their digital assets in these blockchain environments.
All they have to do when they switch platforms is change the network icon. First, people who use MetaMask have full control over their private keys. No one will be able to steal their money if they don’t have the 12-word backup phrase.
Ambire is another wallet that doesn’t hold your money. It’s easy to use and suitable for both new and experienced users. Unlike metamask, this open-source wallet was first released as a web app. People could join by putting in their email addresses. This method makes keeping track of seed words easier, which can be hard to find if they aren’t kept correctly. During this time, users of Ambire have full control over their wallets and can even host them on their servers.
A wallet that doesn’t store cryptocurrency also works with hardware wallets, handles transaction fees automatically, has built-in swaps and cross-chain transfers, and works with different networks.
The $WALLET token is used to run the Ambire ecosystem. It is a native token. This token is also a way for the platform to give people a reason to use it. People who own $WALLET can vote on proposed changes or ways to link it to other DeFi systems.
- Ledger Wallet
One of the best-known hardware wallets on the market is called Ledger. It was created in 2014 to meet the growing demand for offline storage of private keys. Ledger was also one of the first hardware wallets. Most ledger wallets look like USB flash drives because that’s how they were meant to be used.
Unlike what is called “hot wallets” or “online wallets,” hackers have a hard time using the internet to get into a “ledger wallet.” Many experienced crypto investors keep their digital assets in a ledger wallet because it’s safer to keep them offline than online.
The main wallet that competes with Ledger is Trezor, which has a big market share for hardware wallets like Ledger.
It’s possible that cryptocurrency is a land of opportunity, but those chances could vanish in the blink of an eye. People must do their research and due diligence before putting money into a project in this market. Most importantly, people who buy cryptocurrencies should be careful where they keep their new money. You can start with the examples in this article, but you should always be very careful.