Hosted wallets are digital cryptocurrency wallets provided by trusted third parties that keep users’ private keys and funds safe. These third parties are usually cryptocurrency exchanges. Coinbase and Binance are two well-known examples.
Hosted wallets share similarities with centralized banking applications because they leverage two-factor authentication and password recovery. They are also custodial, meaning that users don’t retain control of their private keys.
Q: What is a Hosted Wallet?
A: is a digital wallet in which your private keys are stored. In exchange, the wallet takes care of the backup and security of your funds.
Knowledge provider：0xeddb693aaba0076ee0de3c822ae56d5c760e89b3
KNOW TO EARN is committed to building the world’s largest blockchain knowledge base and blockchain training academy. Through the interesting form of answering questions, more people can participate in the knowledge learning of the blockchain. You can see this knowledge now because there are a lot of people involved and contributing to the creation of blockchain knowledge. You can also be one of them and share up to 20% in bonuses. You dont need to spend any money, just use part of your spare time to participate in the creation of knowledge. Join our Telegram group to learn more.
link: https://t.me/knowtoearn
The content of Know to earn knowledge base is provided by users. If there is any infringement, please contact us to delete it as soon as possible.
Original link：https://freewallet.org/blog/hosted-wallet-explained/
Comments