What does 'not your keys, not your coins' mean in the context of cryptocurrency?

3 answers

• OsamMay 09, 2023 · 3 years ago
  In the context of cryptocurrency, the phrase 'not your keys, not your coins' means that if you don't have control over the private keys of your digital assets, you don't truly own them. It emphasizes the importance of self-custody and the risks associated with keeping your funds on centralized exchanges or custodial wallets. By holding your own private keys, you have full control over your coins and are not dependent on any third party. This phrase serves as a reminder to take responsibility for the security of your digital assets.
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• mohsenJan 29, 2024 · 2 years ago
  Ah, 'not your keys, not your coins'! It's a popular saying in the crypto world. Basically, it means that if you don't have control over the private keys of your coins, then you don't really own them. Private keys are like the passwords to your crypto wallet. If you keep your coins on an exchange or a wallet where you don't control the keys, you're essentially trusting someone else to hold your assets. And we all know how risky that can be in the crypto space. So, it's always recommended to store your coins in a wallet where you have full control over the keys.
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• Freedman ValenzuelaMar 23, 2024 · 2 years ago
  Not your keys, not your coins. This phrase is often used to remind people about the importance of owning their private keys in the world of cryptocurrency. When you hold your coins on an exchange, you're essentially trusting the exchange to keep your coins safe. But what if the exchange gets hacked or goes bankrupt? You could lose all your funds. By having control over your private keys, you eliminate this risk. You become the sole owner of your coins and can store them in a secure wallet of your choice. Remember, not your keys, not your coins!
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