What does 'not your keys, not your crypto' mean in the context of digital currencies?

5 answers

• Dec 26, 2021 · 3 years ago
  The phrase 'not your keys, not your crypto' means that if you don't have control over the private keys of your digital currency, you don't truly own it. In the world of digital currencies, private keys are like the passwords that give you access to your funds. If you don't have control over these keys, you are relying on a third party to hold and manage your assets, which introduces a level of risk. It's important to have control over your private keys to ensure the security and ownership of your digital assets.
  517259
• Dec 26, 2021 · 3 years ago
  Imagine your digital currency is like a car. If you don't have the keys to the car, you can't drive it or claim it as your own. The same principle applies to digital currencies. If you don't have control over the private keys, you can't truly claim ownership of your crypto. This phrase emphasizes the importance of self-custody and highlights the risks associated with leaving your assets in the hands of others.
  413138
• Dec 26, 2021 · 3 years ago
  Not your keys, not your crypto. This phrase is often used in the digital currency community to remind people of the importance of self-custody. When you store your crypto on an exchange or a custodial wallet, you are essentially trusting someone else to hold your keys. While some exchanges have robust security measures in place, there have been instances of hacks and thefts in the past. By having control over your private keys, you eliminate the risk of losing your assets due to external factors. At BYDFi, we prioritize self-custody and empower users to have full control over their crypto assets.
  603151
• Dec 26, 2021 · 3 years ago
  Having control over your private keys is crucial in the world of digital currencies. When you own the keys, you have the power to transact and secure your assets. Without the keys, you are at the mercy of others. This phrase serves as a reminder to take responsibility for your own security and not rely on third parties. It's a fundamental principle in the cryptocurrency space and one that should be followed to ensure the safety of your digital assets.
  45591
• Dec 26, 2021 · 3 years ago
  Not your keys, not your crypto. This simple phrase encapsulates the essence of self-custody in the digital currency world. It highlights the importance of holding your own private keys and not entrusting them to others. While some may argue that leaving your assets on an exchange provides convenience, it also introduces a level of risk. By controlling your own keys, you have full ownership and control over your crypto, ensuring its security and protection from potential hacks or loss.
  48982