“Not Your Keys. Not Your Coins” is a phrase that’s popular in the cryptocurrency community. It emphasizes the importance of having and controlling your private keys. Private keys are digital keys that can be used to access and manage cryptocurrency wallets. You do not have the right to access and control your private keys.
Banks are intermediaries between you, your money and the traditional financial system. You are giving the bank authority to manage and hold your money by depositing money in a bank. This means you can trust the bank’s security and reliability to protect your money.
Cryptocurrency, on the other hand, is built on decentralized networks that use encryption to verify ownership and secure transactions. You don’t need to trust a bank to manage and hold your cryptocurrency. You can instead hold and manage your cryptocurrency by creating and storing your private keys.
Private keys are strings of numbers and letters which are used to control and access a cryptocurrency wallet. These keys are generated by wallet software and are unique for each wallet. Your private keys can be accessed by anyone else. They also have access the cryptocurrency in your wallet. It is important that you keep your private keys secure and safe.
Private keys can be stored in a variety of ways, including software wallets and hardware wallets. Software wallets can be stored on your computer, mobile device or other storage medium and can be accessed via a software program. Hardware wallets, which are physical devices that store private key information, can be accessed via a USB drive or other device. Paper wallets are documents that are physically stored offline and contain the private key.
No matter what storage method you use, security best practices are important. You should use strong passwords and enable two-factor authentication. Also, you should keep your private keys offline as much as possible.
The main advantage of having your own private keys and being able to control them is the complete control you have over your cryptocurrency. You don’t have to rely on anyone else to manage your funds and make your transactions. You are responsible for the security and confidentiality of your private keys. You will lose or steal your private keys and you will not have access to your cryptocurrency.
Summary: “Not Your Keys, Not Your Coins,” is a reminder that you can take control and ownership of your cryptocurrency by managing and owning your private keys. While it is important to be aware of the risks and responsibilities associated with holding private keys, it can also help you take control of your financial future. You can feel confident that your cryptocurrency is yours by owning and managing your private keys.