Remember.
The phrase โNot your keys, not your coinsโ means:
If you donโt control the private keys to your Bitcoin wallet, you donโt truly own the Bitcoin.
Explanation:
- Private keys are like your password or signature that proves you own and control your Bitcoin.
- When you store Bitcoin on exchanges like Binance or Coinbase, the platform holds the private keys, not you.
- That means if the exchange is hacked, freezes your account, or goes bankrupt โ you could lose all your Bitcoin.
Example:
If you keep your money in your own wallet (like a hardware wallet or a non-custodial wallet app), you control the keys, so you control the coins.
But if you leave it on an exchange, you are trusting them, and technically, they own it โ not you.
Takeaway:
For true ownership and financial freedom, always store your Bitcoin in a wallet where you control the keys.
