Why Non-Custodian Wallets Is Still The Best Even With All the Gas Fee Palava

[Joeboy]

at timmes I sit back and begin to wonder if the stress of using a non-custodial wallet is really worth it, I mean when you look at things like gas fee, slow conversion or transaction speed.... But then after all of this thought, I always settle  with a word, which is CONTROL. A non-custodial wallet Indeed gives you that full control and access over your fundz and this is the kind of security that a centralized exchange can never ever give to a person.

I mean many folks say that centralized exchanges are quite easier and cheaper, but then the truth is that users of centralized exchanges  still indirectly pays for gas fees under the guise of "Withdrawal Fee''.......Due to the so called simplicity and smoothness, centralized exchanges limits it users from actually understanding how the blockchain really operate, am very such most users of centralized exchanges don't even get to know about things like seed phrase, private keys, gas fees and whatnot.......

In all non custodian wallet still represents what crypttocurrency stands for which is decentralization, financial and then control , the process may not be smooth and straightforward at first, but then the control it gives you is worth every bit of the stress and  gas fee palava.

[Nheer]

Honestly most people don't see the need for non-custodial wallets until they've had a bad experience with centralized exchanges. They don't realize the risks involved like hacks, withdrawal scams, and accounts getting frozen over little suspicions. Let's not forget about technical issues that can leave you stranded when you need to make a transaction urgently not to mention the lack of transparency. It's only when they face these issues that they start looking for alternatives and run back to non-custodial wallets.

After the experience I had with using centralized exchange I think I will rather pay high fees than risk using them again. Na only p2p I de use them for now

[Joy- maker]

OP this thread of yours will be an eye opening to those users who still keep their coin in a centralize exchange all because they don't want to stress themselves using a custodial wallet, since custodial wallet will stress them like facing  slow transaction speed, and taking of gas fee. without them knowing that keeping your coin in a centralize exchange simply means it is not your key and not your coin because you not in control nor in charge of your coin. But when you get a custodial wallet and store your coin in the custodial wallet you are in full control of your funds, because it's your key and it's your coin. So IMO I will advise you pass through those stress you feel a custodial wallet will stress you and be in control or incharge of your funds to avoid stories that will touch the heart tomorrow.

[ColdLava40]

​The debate between custodial and non custodial crypto wallets continues. Despite popular opinion, some will always stick with centralized systems for convenience or business. Still the most secure approach in crypto is to have full control of your coins.

Because exchanges have been hacked in the past and will be again, learning to protect your assets yourself is the most important. It's not that difficult to write down your seed and store them safely, but some people are just being lazy till it happens.

[Davidvictorson]

Honestly most people don't see the need for non-custodial wallets until they've had a bad experience with centralized exchanges.

While this is true, there are some people who despite knowing the dangers that are involved in it, will still stay with centralized exchanges because that is their preference. And the thing is that we cannot just assume that all centralized exchanges are bad or that scams and hacks happen out of the blues. Besides, these type of people for whatever their reasons are only stick to reputable centralized exchanges. Well, in the end, it is based on their preference and their willingness to bear the risks that comes with it.

[Futurexxx]

Honestly most people don't see the need for non-custodial wallets until they've had a bad experience with centralized exchanges. They don't realize the risks involved like hacks, withdrawal scams, and accounts getting frozen over little suspicions. Let's not forget about technical issues that can leave you stranded when you need to make a transaction urgently not to mention the lack of transparency. It's only when they face these issues that they start looking for alternatives and run back to non-custodial wallets.

I just think that not all crypto enthusiastic understand the terms not your key, not your coin, because if anyone understand it perfectly well and the danger attached to storing your asset in a centralized or custodian wallet, they would have taken the necessary measures to safeguard their asset in case of any eventualities, that's why seeking more knowledge while in the space is very important.

After the experience I had with using centralized exchange I think I will rather pay high fees than risk using them again. Na only p2p I de use them for now

Who even says that non-custodian wallet charges higher than custodian or centralized exchange?
I have used trust wallet and bybit, and I can confess that their fees is higher than electrum wallet am using now.
And while using electrum, you can reduce the fee to your convenience if you wishes, unlike centralized exchange or custodian wallet.
So I don't even think that using non custodian wallet is more expensive, to me it's cheaper and safer.

[Nheer]

Honestly most people don't see the need for non-custodial wallets until they've had a bad experience with centralized exchanges.

While this is true, there are some people who despite knowing the dangers that are involved in it, will still stay with centralized exchanges because that is their preference. And the thing is that we cannot just assume that all centralized exchanges are bad or that scams and hacks happen out of the blues. Besides, these type of people for whatever their reasons are only stick to reputable centralized exchanges. Well, in the end, it is based on their preference and their willingness to bear the risks that comes with it.

It's true everyone may have their separate reasons for choosing centralized exchanges, could be that they are aware of the risks and are willing to bear the risk. Also not all exchanges are scam and hacks are rare but one still needs to be careful regards you don't have to wait till it happens before taking precautions.

[igebotz]

I mean many folks say that centralized exchanges are quite easier and cheaper, but then the truth is that users of centralized exchanges  still indirectly pays for gas fees under the guise of "Withdrawal Fee''......

We could go and on and on to argue the first two specifications but the third is not true, centralized wallets has never been cheap - exchanges fees are literally very high and fixed (varies with exchanges) and it's been that way for a long time now.

While this is true, there are some people who despite knowing the dangers that are involved in it, will still stay with centralized exchanges because that is their preference. And the thing is that we cannot just assume that all centralized exchanges are bad or that scams and hacks happen out of the blues. Besides, these type of people for whatever their reasons are only stick to reputable centralized exchanges. Well, in the end, it is based on their preference and their willingness to bear the risks that comes with it.

Wasn't most hacked exchanges all reputable until they were all hacked? It doesn't matter, don't just trust your coins with exchanges.

[Proty]

It is only those that have not had or experience the problem with an exchange that won't really understand what the op is saying here. I was actually making use of custodial wallet, kucoin to be receiving coins from campaign manager until I had this experience with kucoin were my withdrawal was disable. It wasn't really a good experience at all , I was really stressed by there complaince team. So apart from the fact that our coin is not secure in an exchange, control is also one thing. Having full control of your coin is very crucial because those exchanges can wake up one morning and decide to withhold your funds just like what happened to me in kucoin . There is a great importance of having full control of your assets which only non custodial wallet offers.