It means you, and you alone, have complete control of your funds. Abra is unable to view, reset, or alter your recovery phrase. We strongly, strongly urge you to write down your recovery phrase and to store it in a secure location so your funds are not at risk of being lost. We can’t recover any user funds, as we don’t have the ability to view recovery phrases.
This also means that it’s secure - just make sure not to share or upload your recovery phrase onto the internet (away from prying eyes).
In the simplest of terms, a non-custodial wallet allows anyone to become their own bank, so you don’t have to trust anyone to manage your money or your assets.
Think of a non-custodial wallet as a digital safe deposit box where you are in control of your own money and assets. Again, Abra cannot borrow or touch your assets.
When you first set up an Abra wallet you will be given a recovery phrase, which is your key to the safe deposit box, so don’t lose it. The beauty of a non-custodial wallet is that as long as you have access to your recovery phrase, you are in control of your assets, which are stored on the Bitcoin blockchain.
This sets us apart from all traditional investment services, and many other crypto services (like exchanges) that hold and can access user assets like a traditional bank. This also means that Abra is not susceptible to hacking to steal your assets, the way exchanges are because we don’t have your assets, you do.
For more information regarding security, click here.