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Each safe has a string written on it called Bitcoin address which is publicly visible. Before describing (semi) self-sovereign wallets, the functioning of a private key is illustrated.Īnd custody wallets for cryptos operating similarly to PayPal:Ĭonsider a room with an infinite number of safes in which funds are allocated. Therefore you need to control the private key. If you really want to become independent, you have to be sovereign over your wallet. The reason why people give their money to a bank is because they trust the bank. These mechanisms are already automated, however, the bank is still in control of your money. For performing transactions, it is necessary to interact with the bank so the bank triggers the transactions on the customer’s behalf. The bank where you have deposited your money holds the funds on your behalf. Thus, there is no need to wait for block confirmation.Ī hosted wallet (or “custodial wallet”) operated by an exchange works similar to a bank account. As the coins are held at one central third party, instant internal transfers between hosted wallets are feasible.
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On the other side, professional companies may have superior security expertise. In line with this, there is the risk of account restriction, theft and scams. Thus it is necessary to trust someone else to secure ones wallet: Sovereignty over your funds is given to a third party. With a hosted wallet, the private key, through which the coins can be accessed, is secured by a third party.
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