Are there any limitations or restrictions when using a non-custodial wallet like Coinbase Wallet?

3 answers

• Nov 26, 2021 · 3 years ago
  When using a non-custodial wallet like Coinbase Wallet, one limitation to be aware of is the lack of customer support. Unlike custodial wallets provided by exchanges, non-custodial wallets do not have a dedicated customer support team to assist users in case of issues or problems. Users are responsible for managing their own wallets and resolving any technical difficulties on their own or through online communities and forums. It's important to have a good understanding of how to use and secure your non-custodial wallet before relying on it for storing your digital assets.
  579290
• Nov 26, 2021 · 3 years ago
  Another limitation of non-custodial wallets is the potential risk of losing access to your funds if you forget or lose your private keys. Non-custodial wallets require users to manage their own private keys, which are used to access and control the funds stored in the wallet. If you lose your private keys or forget the password to your wallet, there is no way to recover your funds. It's crucial to keep backups of your private keys and store them securely to avoid the risk of permanent loss of your digital assets.
  518173
• Nov 26, 2021 · 3 years ago
  As for BYDFi, a non-custodial wallet like Coinbase Wallet, it offers a wide range of features and benefits. Users have full control over their funds and can easily manage and access their digital assets. BYDFi also provides a user-friendly interface and supports various cryptocurrencies, making it a convenient choice for many users. However, it's important to note that BYDFi, like any non-custodial wallet, has the limitations mentioned earlier, such as the lack of customer support and the risk of losing access to funds if private keys are lost or forgotten.
  563141