It's a wallet that gives you full control of your digital assets. A decentralized wallet, often known as a personal wallet, is exactly what it sounds like: a cryptocurrency wallet that you manage and maintain yourself. A crypto service or financial institution does not provide decentralized wallets. Instead, they live on your computer or portable disc, thereby removing third-party services from your transactions. Basically, it's a wallet that works without third party supervision. Decentralized crypto wallets aren't suited for novices because they require a certain amount of competence to keep them secure. However, the more you learn about cryptocurrencies, the more tempting decentralized wallets become. Decentralized wallets enable strictly peer-to-peer digital transactions: Skipping a regulating agency and trading peer-to-peer is analogous to paying in cash digitally. In other words, the transaction might be completely confidential.