What does 'Non-custodial' mean?
There is a lot of talk about Banks vs Bitcoin and becoming 'your own bank'. Let's explore what does 'Non-custodial' mean to you and how it differs from the banking industry principles.
A custodial service means that you do not have full control over your funds. It means that your assets are stored on a form of a 'client wallet' (account) and the company which provides the service, in case of insolvency, may not be able to pay out your holdings.
It can be compared to banks: when you deposit money at any bank (or other financial institution), in practice it means that they take custody of your cash.
We are Non-custodial!
All the cryptocurrency you accept in your business via RemiBit NEVER passes through our hands (or wallets). From start to finish the transaction is peer to peer, which means it comes from your client's wallet directly to yours, no detours or middlemen. We strictly stick to our philosophy: Your keys, your crypto™!
Only you have access to your crypto
Once the coins are in your private Non-custodial RemiBit Wallet, nobody but you, or the people you share the access details with, have access to your assets. No banks, no government and no court can touch it.
Keep your private keys private
With great freedom, comes great responsibility! You have to make sure you keep your wallet keys and access details safe. You wouldn't share your online banking details with anyone now, would you!?
The custodial wallet is very similar in its function to the principles of a bank, meaning you do not fully control your money inside of it. Yes, the money remains yours, but it is in the hands of another company which carries the features of the above-mentioned risk.
Being a Non-custodial service, RemiBit does not, at any point, have access to your money, therefore you are in complete control.