Custodial lightning wallet

1. What is a custodial Lightning wallet?
2. What is the difference between custodial and non-custodial Lightning wallet?
3. Which wallets support Lightning?
4. How does a Lightning wallet work?

What is a custodial Lightning wallet?

Custodial Lightning Wallet

A custodial wallet means that someone else holds the private keys to your funds. While less safe than a non-custodial wallet (see below), they're good for beginners or those that are less confident in their ability to control their funds and keep their wallet safe themselves.

What is the difference between custodial and non-custodial Lightning wallet?

A custodial wallet service (like Coinbase or Kraken) holds on to the private key, so it is responsible for safeguarding a user's funds. A non-custodial wallet, on the other hand, gives users full control over their private key, and with it sole responsibility for protecting their holdings.

Which wallets support Lightning?

Eclair wallet

Eclair Lightning Wallet is a mobile app that enables users to send, receive and store their bitcoins securely using the lightning network. The wallet can be used on both Android and iOS devices, making it one of the most accessible wallets on the market.

How does a Lightning wallet work?

How does the Lightning Network work? The Lightning Network uses smart contracts to establish off-blockchain payment channels between pairs of users. Once these payment channels are established, funds can be transferred between them almost instantly.