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Our crypto is stored on the blockchain (as a distributed ledger), so a wallet is simply a gateway to accessing it and making transactions. If you use a custodial wallet, the private key or mnemonic seed phrase is stored by the wallet administrator. If you use a non-custodial wallet, you will have the private key, giving you full control over your crypto.
Private keys are generally very long and difficult to remember. Therefore, many non-custodial wallets currently use mnemonic seed phrases consisting of 12 or 24 words, although some may even consist of 18 words. Entering the seed phrase into the blockchain (wallet) generates a private key.
The Role and Function of Private Keys
Private keys and mnemonic seed phrases not only prevent hacking but also, when we need to change devices, allow us to import crypto into supported wallets. For example, we can import a private key from a Metamask wallet to a Trust wallet.
Private keys are generally very long and difficult to remember. Therefore, many non-custodial wallets currently use mnemonic seed phrases consisting of 12 or 24 words, although some may even consist of 18 words. Entering the seed phrase into the blockchain (wallet) generates a private key.
The Role and Function of Private Keys
Private keys and mnemonic seed phrases not only prevent hacking but also, when we need to change devices, allow us to import crypto into supported wallets. For example, we can import a private key from a Metamask wallet to a Trust wallet.