Pi Wallets Are Non-Custodial: Here’s What it Means For Pi Network Users?

If you lose your passphrase, you will not be able to recover your Pi. The Pi Core Team will not be able to help you recover your passphrase, as they do not have access to it.

What is a Non-Custodial Wallet?

A non-custodial wallet is a cryptocurrency wallet that does not store your private keys on behalf of you. Instead, you store your private keys yourself, which gives you full control over your cryptocurrency.

Non-custodial wallets are often considered to be more secure than custodial wallets, as there is no risk of the wallet provider being hacked or going out of business. However, it is important to note that non-custodial wallets also come with more responsibility, as you are responsible for keeping your private keys safe and secure.

Why Are Pi Wallets Non-Custodial?

The Pi Core Team has stated that they have chosen to make Pi wallets non-custodial because they believe that it is the most secure way to store Pi. They also believe that it is important to give Pioneers full control over their Pi.

How to Keep Your Pi Passphrase Safe

Here are some tips for keeping your Pi passphrase safe:

• Never share your passphrase with anyone, not even the Pi Core Team.
• Write down your passphrase and store it in a safe place.
• Do not store your passphrase on your computer or phone.
• Use a password manager to generate and store a strong passphrase.
• Consider using a hardware wallet to store your passphrase.

Conclusion

Pi wallets are non-custodial, which means that you have full control over your Pi, but it also means that you are responsible for keeping your passphrase safe and secure. If you lose your passphrase, you will not be able to recover your Pi.

It is important to take steps to protect your Pi passphrase, such as writing it down and storing it in a safe place, and using a password manager to generate and store a strong passphrase. Continue Reading