In Defi, since there are no intermediaries or third parties, you need an interface to interact with the blockchain, to store, receive, and send cryptocurrencies, this is why Crypto wallets are created.
A wallet helps users interface with the blockchain, wallets allow you to receive, store, and send cryptocurrencies.
Imagine how browsers help you interact with the internet, that’s how wallet helps you interact with the blockchain.
kinds of Wallets
1) Custodial
2) Non-Custodial Wallets.
Custodial Wallets:
These are wallets where third parties keep and maintain control over your cryptocurrencies on your behalf.
When using a Custodial wallet, you trust an external party to store your coins safely.
In Custodial Wallets, The user does not think about private keys but trusts a third party, the user is open to losing his/her money.
Some examples of Custodial wallets
Free Wallet, Binance, BitMex, Bitgo, Blockchain.com
Non-Custodial Wallets:
These are wallets where a user takes full control and ownership of his/her cryptocurrencies.
When using a non-custodial wallet, you trust no external party and only yourself to ensure that your cryptocurrencies are safe, but you need to store and protect your private keys, if you lose your private keys, you will lose access to your cryptocurrencies too.
Note: Always protect your keys.
Some examples of non- Custodial wallets
Metamask, Trust wallet, Electrum, Exodus, Ledger Nano X, TREZOR One.
WHAT IS MetaMask?
MetaMask is a popular cryptocurrency wallet that supports a broad range of Ethereum-based tokens and non-fungible tokens (NFTs) on supported blockchains.
Its function is to inject a javascript library called web3.js into the namespace of each page your browser loads. Web3.js was written by the Ethereum core team.
MetaMask is mainly used as a plugin in the web browser
My name is Maakai Princewill a DeFi content creator
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