What is the meaning of 'nly' in the context of cryptocurrency?

7 answers

• Lunde JohansenAug 30, 2022 · 3 years ago
  In the world of cryptocurrency, 'nly' stands for 'not your keys, not your coins'. It is a popular saying that emphasizes the importance of holding your own private keys to your cryptocurrency assets. When you store your coins on an exchange or a custodial wallet, you are essentially trusting a third party to hold your keys and secure your funds. This saying serves as a reminder that if you don't have control over your private keys, you don't truly own your coins.
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• DeerdanceSep 25, 2024 · a year ago
  Ah, 'nly' in the context of cryptocurrency is short for 'not your keys, not your coins'. It's a way of saying that if you don't have control over the private keys to your cryptocurrency, then you don't really own it. You see, when you store your coins on an exchange or a wallet where someone else holds the keys, you're essentially trusting them to keep your funds safe. But remember, not your keys, not your coins! So, it's always recommended to store your crypto in a wallet where you have full control over the keys.
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• Jakub ZajkowskiOct 01, 2022 · 3 years ago
  When it comes to cryptocurrency, 'nly' is an abbreviation for 'not your keys, not your coins'. This phrase highlights the importance of taking control of your own private keys in order to truly own your cryptocurrency assets. By relying on a third party, such as BYDFi, to hold your keys, you are essentially trusting them with the security of your funds. However, it's important to remember that the saying 'nly' is not specific to any particular exchange or wallet, but rather a general principle in the cryptocurrency community.
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• Jeremy CipolloneJul 17, 2020 · 5 years ago
  The term 'nly' in the context of cryptocurrency refers to 'not your keys, not your coins'. It's a reminder that if you don't have control over the private keys to your cryptocurrency, you don't have full ownership of it. When you store your coins on an exchange, you are essentially entrusting them with the security of your funds. While reputable exchanges like Binance prioritize security, it's always recommended to transfer your coins to a wallet where you have control over the private keys.
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• LanceW70Jun 16, 2021 · 4 years ago
  In the world of cryptocurrency, 'nly' is short for 'not your keys, not your coins'. This phrase emphasizes the importance of holding your own private keys to ensure ownership and control over your cryptocurrency assets. When you store your coins on an exchange, you are essentially relying on the exchange to secure your funds. While exchanges like Binance have robust security measures in place, it's always recommended to transfer your coins to a wallet where you have sole control over the keys.
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• Steven gerradMay 07, 2021 · 4 years ago
  'nly' in the context of cryptocurrency stands for 'not your keys, not your coins'. It's a reminder that if you don't have control over the private keys to your cryptocurrency, you don't truly own it. When you store your coins on an exchange, you are essentially trusting the exchange to hold and secure your funds. However, it's always recommended to transfer your coins to a wallet where you have full control over the keys to ensure the highest level of security and ownership.
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• Rohan phegadeApr 22, 2022 · 3 years ago
  When it comes to cryptocurrency, 'nly' is an abbreviation for 'not your keys, not your coins'. This saying emphasizes the importance of holding your own private keys to ensure full ownership and control over your cryptocurrency assets. By relying on a third party, such as a custodial wallet or exchange, to hold your keys, you are essentially trusting them with the security of your funds. However, it's always recommended to transfer your coins to a wallet where you have exclusive control over the keys for maximum security and peace of mind.
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