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Are they really different if we speak about Bitcoin? Wallet of Satoshis is Bitcoin bank for example and it leverages instant settlement for its business. It would be too expensive for it to operate onchain.
If you are referring to technical layers vs financial layers then yes there is a very important difference, even though custodial wallets have custody of your sats, they pay out in sats, and not their own token.
A Bitcoin bank like Hal Finney imagined would be issuing its own second layer tokens.
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