Why is it worth having a non-custody wallet? In addition to having complete control over the security of your cryptocurrency, you can also access more advanced cryptocurrency operations such as growing crops, placing bets, lending and borrowing, and more. But if you just want to buy, sell, send and receive cryptocurrency, a hosted wallet is the simplest solution.
How to set up a non-storage wallet:
Download zcash wallet the wallet app. Popular options are Coinbase Wallet and MetaMask.
Create an account. Unlike a hosted wallet, you don't need to share any personal information to create a non-storage wallet. You don't even need to enter your email address.
Remember to write down your private key. This is a 12-word random phrase. Store it in a safe place. If you lose or forget this 12-word phrase, you will not be able to access your cryptocurrencies.
Upload cryptocurrency to your wallet. It is not always possible to buy cryptocurrency with a traditional currency (such as USD or EUR) using a non-custodial wallet, so you will need to transfer the cryptocurrency to that wallet from another location.
If you are a Coinbase customer, you have the choice between a hosted wallet or a stand-alone wallet. The Coinbase app where you buy and sell cryptocurrency is a hosted wallet. You can also download the standalone Coinbase Wallet app to take advantage of a non-custody wallet. Some of our clients have both of these apps, making it easy to buy cryptocurrency with traditional currency as well as engage in advanced cryptocurrency transactions. Both wallets are free.
A hardware wallet is a physical device the size of a flash drive that stores private keys for your cryptocurrency offline. Most people don't use hardware wallets because of their complexity and cost, but they have some advantages - they allow you to safely store cryptocurrency even if your computer is compromised. However, advanced security features make them cumbersome to use compared to a software wallet.