What is a Non-Custodial Wallet in Pixelverse for PIXFI Claims and NFTs
2024-07-21
Bittime - This article discusses crypto wallets, which are an essential component in the world of crypto assets. These wallets function to make transactions, trade on crypto exchanges, and connect to blockchain applications. In addition, non-custodial wallets can also be used to withdraw PIXFI tokens and NFTs. This article will explain how crypto wallets work and differentiate between custodial and non-custodial wallets.
How Crypto Wallets Work
Crypto wallets allow users to interact with the blockchain network. Users can send, receive, and manage crypto assets or connect to decentralized applications (DApps). Contrary to popular belief, crypto wallets do not store the digital assets themselves. Instead, they generate important information, such as private and public keys, to access and use crypto assets.
The wallet's public key is used to generate addresses for receiving crypto and can be shared openly. In contrast, the private key is essential for signing transactions and accessing funds, so it requires tight security to prevent loss or theft. Crypto wallets come in many forms, such as paper wallets, desktop wallets, hardware wallets, and can even support NFTs (non-fungible tokens).
Custodial Crypto Wallet
Custodial wallets involve a third party holding and managing private keys on behalf of the user. This means that the user does not have full control over their funds or their ability to transact. In the early days, all Bitcoin users managed their own wallets, but this “be your own bank” approach can be risky, especially for beginners.
Losing private keys means permanently losing access to crypto assets. Reports suggest that over 3 million BTC may have been lost forever due to such an incident.
Custodial services reduce risk by providing support and recovery options. However, users must trust a third party with their private keys. Choosing a trusted service provider is essential. Factors to consider include regulatory status, type of service, key storage method, and insurance coverage.
For example, Ceffu offers a regulated and compliant service with insurance options and a multi-signature wallet, which requires multiple approvals for transactions.
Non-Custodial Crypto Wallet
Non-custodial wallets give users full control over their private keys, allowing direct crypto transactions without intermediaries. This option is suitable for experienced users who can manage and protect their private keys.
A non-custodial wallet is required to interact with decentralized exchanges (DEXs) such as Uniswap and SushiSwap.
Examples of non-custodial wallets include Trust Wallet and MetaMask. While they offer full control and lower transaction fees, users are solely responsible for security.
Proper management of seed phrases and private keys is critical to avoid losing access to funds.
Comparison of Custodial and Non-Custodial Wallets
Pros and Cons of Custodial Wallets
Custodial wallets offer convenience and security by managing private keys and providing customer support. However, users must trust the third party and comply with identity verification (KYC) requirements.
Choosing a regulated and insured custodian, such as Ceffu, ensures greater security and compliance.
Pros and Cons of Non-Custodial Wallets
Non-custodial wallets provide full control over assets, faster transactions, and no custodial fees. However, users must manage their own security, which can be challenging for beginners.
Using strong passwords, enabling two-factor authentication (2FA), and always being vigilant for fraud are important security measures.
Choosing the Right Crypto Wallet
Both types of wallets serve different purposes. Custodial wallets are ideal for those looking for managed storage, while non-custodial wallets are suitable for users who want full control.
Make sure the wallet supports the type of crypto you want to store, as different blockchains use different token standards.
What Is Pixelverse (PIXFI)?
Pixelverse (PIXFI) is a gaming token that can be earned by playing Pixelverse games. This token can be used to purchase in-game items, exchange for other crypto assets, or withdraw to your wallet.
How to Cash Out Pixelverse (PIXFI) to Wallet
Wait for Transaction Confirmation
Once you confirm the withdrawal, the Pixelverse platform will process your transaction. This may take a few minutes, depending on network conditions.
Monitor Your Transaction Status
You can track the status of your transaction on the “Withdrawals” page on the Pixelverse platform.
Pixfi Will Be Deposited To Your Wallet After Transaction Is Confirmed
You can check your PIXFI balance in your wallet.
How to Withdraw Pixelverse (PIXFI)
1. Preparation
Make sure you have a Pixelverse account and are logged in.
Make sure you have a secure and trusted crypto wallet to receive PIXFI.
Note down your destination wallet address correctly.
Make sure you have sufficient PIXFI balance to withdraw.
Understand the transaction fees that will be charged.
2. Akses Menu Withdraw PIXFI
Open your web browser and log in to your Pixelverse account.
Look for the "Wallet" menu in your Pixelverse account. Usually, this menu is located in the dashboard or settings section.
In the wallet menu, select PIXFI as the token you want to withdraw.
3. Enter Transaction Details
Enter the amount of PIXFI you wish to withdraw.
Select the destination wallet address that you noted down earlier.
Make sure the destination wallet address entered is correct and matches the PIXFI blockchain.
Review the transaction details, including the PIXFI amount, destination wallet address, and transaction fee.
4. Confirmation and Verification of Transactions
If all information is correct, confirm the transaction.
You may need to enter a verification code sent to your email or two-factor authentication (2FA).
Save the transaction information, including the TXID number, for future reference.
5. Monitor Transactions
Wait a few moments for the withdrawal process to complete. Transaction duration may vary depending on network congestion.
You can monitor the transaction status in the "Transaction History" menu in your Pixelverse account.
If you're having trouble, contact the Pixelverse support team for assistance.
Conclusion
Make sure you always use a secure and trusted crypto wallet. Then double-check the destination wallet address carefully before confirming the transaction. Remember to save the transaction information, including the TXID number, for future reference. If you have any difficulties, do not hesitate to contact the Pixelverse support team.
How to Buy Crypto with Bittime
You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed your identity verification. Also, make sure you have sufficient balance by depositing some funds into your wallet. Just so you know, the minimum asset purchase on Bittime is IDR 10,000. After that, you can make crypto asset purchases in the application.
Monitor the price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
