Custodial wallet and Non-custodial wallet for bitcoin
If you are a bitcoin traders or an investors, then it is required to know secret of wallet service. Especially how they store your coin or transfer and their security level. Here we will discuss about custodial wallet service and non-custodial wallet system.
In case of custodial wallet system, the wallet service provider gives a unique number to the user when they sign up. But when they deposit an amount all funds being deposited in a single wallet. Basically here you are not the owner of your own coin. When someone request a withdraw they transact an amount from their master wallet to the receiver. Coinbase works in this way but they are very trusted and well established int the market.
In case of non-custodial wallet service they provide a password to the user when they sign up. Actually their password is the private key. In this case wallet provider do not store private, so you are the owner of your own coin here. But if you loose your master key you will loose your coin forever.
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