Cryptocurrencies represent new investment opportunities and have become popular over the last few years with people everywhere.
There is an important decision to make once you have purchased some cryptocurrency, though. Where do you store it?
FortKnoxster Wallet is the world’s most secure wallet for safeguarding your digital assets, whether those are cryptocurrencies or NFTs. You can store all your tokens in a single, secure mobile wallet to give you total control over your assets.
By leveraging FortKnoxster’s existing encryption algorithms, you can exchange your cryptocurrencies on a secure channel using military-grade encryption. This level of trust ensures that your cryptocurrency transactions to and from your contacts will happen in a safe and secure environment.
What makes FortKnoxster Wallet unique?
There are two types of cryptocurrency wallets: Custodial wallets and non-custodial wallets.
FortKnoxster Wallet is a non-custodial wallet. That means your private keys are never exposed to third parties – not even FortKnoxster – and your assets are completely secure.
The combination of the wallet and verified contacts inside FortKnoxster’s messenger eliminates the risk that exists when users exchange wallet addresses via unsecured channels. FortKnoxster Wallet is the safest way to send and receive cryptocurrencies.
Ease of use
Cryptocurrency transfers are initiated securely over the encrypted chat with a user’s verified contacts. This matters because it helps users avoid tampering attacks and other hacks that come with the manual sharing of wallet addresses. Transfers made this way take advantage of FortKnoxster’s security and privacy features. Not even FortKnoxster can see what is happening inside the wallet, which makes it the ultimate safe place to store and exchange cryptocurrencies and NFTs.
What exactly is a Non-Custodial Wallet?
A non-custodial wallet is a type of cryptocurrency wallet that gives the user control of their funds. The cryptocurrency owner has full authority because they are the only ones who hold the private keys proving ownership of the money. Non-custodial wallets enable the users to essentially become their own “banks.”
In non-custodial wallets, both the private keys and public keys are stored inside the wallet and are managed and controlled by the owner of the wallet. Users are not relying on third parties to manage their funds.
Because of the full control offered to users, non-custodial wallets are considered the safest cryptocurrency wallets. FortKnoxster’s non-custodial wallet provides extra security by integrating with the existing FortKnoxster privacy features, such as encrypted chats, calls and file storage.
Non-custodial wallets offer two types of private keys:
- Raw private keys
- Mnemonic seed phrase
Raw Private Key
Raw private keys are the original form of private keys. They are a string of characters that are stored wherever the user chooses (usually on their computer or offline on a piece of paper or USB drive).
The mnemonic seed phrase is used to securely generate multiple private keys to access and control multiple cryptocurrencies from a single wallet and therefore is the preferred choice for most multi-cryptocurrency wallets like FortKnoxster Wallet.
The phrase is a 12–24 word phrase that is incorporated with the real private key and is controlled by the owner of the cryptocurrency. The owner needs to use the seed phrase to gain access to their cryptocurrency.
IMPORTANT: If you secure your cryptocurrency with private keys or a mnemonic seed and you lose them, there is nowhere to turn to recover your cryptocurrency. There is no “password reset” button.
Main Advantages Of Non-Custodial Wallets
No Third-Party Involvement
One of the biggest advantages of non-custodial wallets is that you are the sole custodian of your assets. No one has access to your credentials nor can anyone perform transactions without your unique keys.
Low Risk of Data Breaches
There is a smaller probability of a data breach with non-custodial wallets. Hacking attempts are also rare compared to the number of hacking attempts with custodial wallets.
You can withdraw your money whenever you want to. There are no “daily limits” like you find with many custodial wallets. You have full control of when and how much you withdraw.
No need for an Internet Connection
Non-custodial wallets can be accessed without any internet connection. Transactions require connection to the internet, but the cryptocurrency can be stored offline.
Disadvantages of Non-Custodial Wallets
Other than losing your keys and not having internet access, there are no major disadvantages with non-custodial wallets. Non-custodial wallets are considered the best cryptocurrency wallets in the world because of their control and safety features. The tradeoff is that users have to take care of their keys and exert some responsibility for their cryptocurrency.
Non-Custodial Wallets are the Clear Choice for Safety and Security
The latest crypto industry trends and increasing cases of cybercrimes and data breaches tell us that non-custodial wallets will gain more popularity in the future. Any future hacks of custodial wallets will demonstrate to users that they need to have control of their private keys in order to keep their cryptocurrency safe.
People who are concerned about their privacy and safety say those reasons are why they choose non-custodial wallets over custodial wallets. Moreover, many people do not want to share their personal information or sensitive data with anyone, like a third-party exchange. Opting for a non-custodial wallet gives them the freedom and control they need with their cryptocurrencies.
Why is FortKnoxster Wallet the Safest in Crypto?
FortKnoxster’s wallet goes the extra mile by providing a secure non-custodial wallet to its users to secure their funds.
FortKnoxster’s wallet is a multi-cryptocurrency wallet allowing for multiple accounts for many coins, protected by a single recovery phrase only known to the user and nobody else (not even FortKnoxster).
This type of wallet is known as an HD Wallet (Hierarchically Derived). HD is a standard for deriving multiple account addresses for multiple cryptocurrencies from a single wallet generated with a secret phrase (also known as the recovery phrase). FortKnoxster uses BIP39 for recovery phrases and BIP32/BIP44/BIP84 for account derivation.