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A decentralized wallet means that the holder of the keys will be accorded access to the crypto wallet. It allows the holder to use the keys to send or receive cryptocurrency anywhere on the planet. Some people regard a decentralized wallet to be anonymous, but it is not. It is Pseudonymous.
Decentralized wallets allow pure peer-to-peer digital transactions: Skipping a regulatory body and transacting peer-to-peer is kind of like the digital equivalent of paying in cash. In other words, the transaction can be truly private. This type of transaction over the internet was impossible before the advent of the first crypto currency.
The ability to transact peer-to-peer is important for several reasons, but security and independence top the list. For one thing, involving a third party inherently increases security risks. After all, breaches and hacks are a fact of modern life.
In addition to this, peer-to-peer transactions help eliminate the threat of corporate or government financial surveillance. Simply put, advocates of decentralized wallets don’t want Big Brother monitoring their every financial move.
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