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Are you a crypto enthusiast in the Philippines looking to take personal control of your digital assets and enhance their security?
A non-custodial wallet is exactly what you need!
The Philippines has witnessed a surge in interest and adoption of digital assets, making it vital for crypto enthusiasts to choose the right tools for managing their investments. In addition, the Philippines is in seventh place for decentralized (DeFi) value received and retail DeFi value received. This means that the ownership of digital assets by Filipinos is steadily increasing over time. Non-custodial wallets are popular among seasoned crypto users, as they provide complete control over their digital assets. This article will explore five of the best non-custodial wallets available in the Philippines and understand their basic concept to help you keep your crypto investments secure and accessible.
When users purchase cryptocurrencies on a crypto exchange, the exchange assumes custody of the assets on their behalf. However, this arrangement exposes users to risks, as history has shown in cases where exchanges faced bankruptcy or hacking incidents, leading to substantial losses for investors. Notable examples such as Coinbase, Binance, and KuCoin underscore the vulnerabilities associated with this approach. During liquidity crises, exchanges might suspend trading and withdrawals, preventing users from accessing or liquidating their deposited assets. This underscores the critical significance of the adage “Not your keys, not your coins” in the crypto sphere. It means that only those possessing the private keys have absolute control over their cryptocurrency. To attain this level of control, users can turn to non-custodial wallets.
Non-custodial wallets give users complete control and ownership over their digital assets and private keys. Compared to custodial wallets, which rely on third-party services, non-custodial wallets empower individuals to function as their financial institution. Users can securely manage, send, receive, and store cryptocurrencies without intermediaries. This concept of monetary sovereignty harmonizes with the decentralized nature of blockchain networks, allowing users to fully participate in the digital asset ecosystem. With non-custodial wallets, individuals enjoy enhanced control over their funds and remain insulated from the risks associated with centralized custodians.
Setting up a non-custodial wallet entails the generation of private keys, which are cryptographic codes that grant access to stored funds. These private keys are generated and stored locally on the user’s device, such as a computer or mobile phone. By maintaining private keys locally and encrypting them, non-custodial wallets prioritize user privacy and bolster the security of their holdings.
Furthermore, non-custodial wallets typically offer users a seed phrase, a recovery phrase, or a mnemonic phrase to fortify security and streamline wallet recovery. This seed phrase consists of a series of words that can be used to restore private keys in cases of device loss, damage, or theft. Safeguarding the seed phrase is of paramount importance, as it serves as a fail-safe mechanism for regaining wallet access when needed. Users should securely store the seed phrase offline and employ robust measures to prevent unauthorized access.
As previously mentioned, non-custodial crypto wallets do not retain users’ private keys, whereas third parties oversee private keys in the case of custodial wallets.
Another notable distinction between these two types of crypto wallets pertains to transaction visibility. Non-custodial wallets provide real-time transaction information on blockchains, a feature not typically found in custodial wallets.
Furthermore, non-custodial wallets are recognized for their heightened security measures. Custodial wallets often store sensitive user data in hot or cold storage, which can be vulnerable to hacking attempts, diminishing overall security. Conversely, non-custodial wallets ensure that only users have control over their data, significantly reducing the likelihood of data breaches.
Here’s a compilation of the benefits that non-custodial crypto wallets offer, ranging from exclusive ownership to immediate withdrawals:
User Autonomy Over Funds: Non-custodial wallets give users direct control over their cryptocurrency holdings. There’s no reliance on third parties to manage or execute transactions on their behalf.
Enhanced Security in Fund Management: The security of non-custodial wallets hinges on how well users safeguard their private keys. As these wallets generate private keys solely on users’ devices, the risk of unauthorized access is substantially minimized. Even in cases where wallet support ceases, the users retain full control of their crypto assets.
Instant Withdrawals: Non-custodial wallets facilitate instant withdrawals, as they don’t require third-party confirmation for transaction execution. This streamlines the withdrawal process and ensures swift access to your funds.
Privacy: Users of non-custodial crypto wallets are not compelled to divulge their personal data for sending, receiving, and managing their funds. This allows users to uphold their privacy rights.
Customized Transaction Fees: Non-custodial wallet users can set transaction fees for public blockchain validators and miners. Typically, higher-priority transactions incur more significant costs, while lower-priority transactions have lower charges. This flexibility enables users to choose fees based on their urgency and preferences.
Direct Interaction with Public Blockchains: Non-custodial crypto wallets grant immediate access to public blockchains, enabling users to engage with smart contracts and access decentralized finance (DeFi) products. This interaction can facilitate the generation of passive income.
Access to Advanced Features: Users can explore many advanced features, including cryptocurrency swapping, staking, DeFi participation, and more, through these versatile crypto wallets.
Multiple Wallets and Portfolios: Non-custodial wallet users can employ their recovery phrases across different wallets or set up various portfolios within the same wallet. This versatility allows for organized and diversified management of digital assets.
To streamline and simplify the entry of new users into the Metaverse economy, the Saakuru App Wallet removes the requirement for users to memorize or securely store their private keys and seed phrases. Additionally, it offers user-friendly features such as fiat on-ramps from industry giants Coinbase Pay and Simplex and an integrated decentralized application (dApp) marketplace.
The primary focus of the Saakuru App Wallet is to enhance the user experience, making it accessible for everyone to embark on their Web3 and crypto journey. Carefully designed to cater to novices and seasoned users, Saakuru App simplifies acquiring, monitoring, and managing a wide array of digital assets and NFTs. Furthermore, the integration of Simplex and Coinbase Pay ensures that users can securely purchase their initial digital assets through well-tested fiat-based payment methods.
The Ronin wallet is designed for Axie Infinity players and operates on the Ronin blockchain. Like MetaMask and other wallets, it functions as a browser extension wallet, requiring integration with a web browser for optimal performance. Beyond its primary role in facilitating gameplay within the Axie Infinity ecosystem, this wallet offers additional utility as it boasts minimal transaction fees. Consequently, traders can leverage the Ronin wallet for various transactions. Furthermore, it extends its compatibility to other blockchain games developed on the Ronin blockchain, providing players with a versatile and multifunctional tool for gaming and financial activities.
Trust Wallet provides a versatile range of options for purchasing cryptocurrencies, accepting various payment methods, and supporting a diverse selection of digital assets. You can stake your crypto assets to earn interest and execute swift exchanges while ensuring the highest levels of privacy and security. Moreover, you can conveniently monitor cryptocurrency prices and view charts directly within the app.
In addition, Trust Wallet offers a unified space for you to manage your NFTs, art, and collectibles conveniently. It grants access to your favorite DApps and introduces you to new opportunities within the Trust Wallet ecosystem.
The application features fingerprint and PIN code scanning for enhanced security, adding an extra layer of protection. Notably, Trust Wallet refrains from storing user data on its servers; instead, it empowers users to store their data on their own devices, granting them complete control over their private keys.
Coinbase Wallet, developed by the prominent U.S.-based centralized exchange (CEX) Coinbase, is a robust wallet solution. Much like MetaMask, it extends its support to Ethereum and all EVM-compatible blockchains. Notably, it distinguishes itself from MetaMask by accommodating cryptocurrencies on the Solana network, including SOL tokens.
A defining characteristic of Coinbase Wallet is its self-custody nature. This means that users have complete control over their private keys and are not obligated to possess a Coinbase account for wallet installation. Nevertheless, users retain the flexibility to connect their Coinbase Wallet with their Coinbase account seamlessly. This integration streamlines asset transfers between the two platforms, facilitating trading activities on the Coinbase centralized exchange.
An essential highlight of Coinbase Wallet is its unwavering commitment to security. It boasts advanced security features, such as biometric authentication, leveraging the Secure Enclave chip available on Android, iOS, iPad, and Mac devices. Additionally, private keys are securely stored on the user’s device, ensuring the utmost protection of their assets.
The Paytaca wallet brings the revolutionary world of cryptocurrency to everyone, everywhere. Our versatile app is accessible on browsers, mobile devices, and desktops, designed with features that cater to both beginners and advanced users alike.
With Paytaca wallet, the power of BCH is placed firmly in the hands of every user. Your private keys remain securely under your control, granting you complete autonomy over your financial assets. What sets Paytaca apart is its broad support. It accommodates BCH and embraces the Simple Ledger Protocol (SLP) tokens built on the BCH blockchain. This enables the creation of fungible and non-fungible tokens for various real-world applications, from reward systems to stablecoins, digital collectibles, game items, and more.
In its latest iteration, the Paytaca wallet now seamlessly integrates with SmartBCH. The app facilitates easy transitions between the BCH main chain and the SmartBCH side chain, allowing for the sending and receiving of sBCH SEP20 and SEP721 tokens.
While non-custodial wallets offer higher security than custodial ones, they still require diligent security measures to protect your digital assets.
Safeguard Your Seed Phrase
When setting up your Dock Wallet, you will receive a list of 12 random words called a seed phrase. This seed phrase acts as a secret code composed of ordinary, everyday words instead of random numbers and letters. For example, it might resemble “apple, banana, cat, dog, elephant, frog…” and so forth.
This seed phrase serves as a master key, granting you access to all your digital assets in case you lose your wallet due to a stolen or damaged phone. Never sharing this phrase with anyone is crucial, as it can unlock your digital safe. If it falls into the wrong hands, your assets could be at risk, and if you misplace it and get locked out of your wallet, there may be no way to regain access.
Backup Your Dock Wallet
You can create a backup of your wallet by setting up a password. This will provide you with a document that enables you to import your wallet onto a new device. Adhering to these security best practices can significantly reduce the risk of unauthorized access or losing your digital assets.
Saakuru App Wallet stands out as a top choice for crypto enthusiasts in the realm of non-custodial wallets available in the Philippines. Its innovative approach to simplifying the onboarding process for new users into the Metaverse economy is a game-changer. Eliminating the need to memorize or securely store private keys and seed phrases makes it user-friendly. Furthermore, Saakuru App Wallet caters to both novices and seasoned users, ensuring everyone can efficiently acquire, monitor, and manage their digital assets and NFTs. This all-encompassing approach to user experience sets it apart from the competition, making it a compelling choice for those entering the world of non-custodial wallets.
You can open an account by downloading the Saakuru App wallet app through Google Play and the App Store.
Non-custodial wallets offer a secure and autonomous way for crypto enthusiasts in the Philippines to manage their digital assets. With the growing interest in digital assets and the increasing crypto adoption in the country, individuals need to take control of their investments. Non-custodial wallets provide several advantages, including user autonomy over funds, enhanced security, instant withdrawals, privacy, customized transaction fees, and direct interaction with public blockchains, enabling participation in the Crypto ecosystem.
The article highlights five of the best non-custodial wallets available in the Philippines, each with unique features and capabilities. Among them, Saakuru App Wallet stands out for its innovative approach to simplifying the onboarding process for new users, making it exceptionally user-friendly and suitable for both novices and experienced users.
A custodial wallet is one where a third party, like an exchange, holds and manages your cryptocurrencies on your behalf. In contrast, a non-custodial wallet, also known as a self-hosted wallet, gives you complete control over your private keys and, thus, your digital assets.
Yes, all the wallets mentioned in this article are free to download and use. However, some wallets may charge transaction fees when sending or receiving cryptocurrencies. Always check the specific wallet’s fee structure.
Yes, these wallets are designed to store multiple cryptocurrencies. However, checking if the wallet supports the specific cryptocurrencies you want to keep is essential.
If you lose access to your non-custodial wallet, you can often regain control using the recovery seed (mnemonic phrase.)
This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment, or other professional for advice on matters that affect you and/or your business.
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