Explaining the Term “Not Your Keys, and Not Your Crypto”

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



If you had stayed abreast with the recent crash of the crypto exchange – FTX, you might have heard the term above. However, one may like to inquire what this term means.

To assist in dissecting this term, we looked at the benefits of self-custody by making use of the Personal Key Wallet via a podcast on Blockchain.com. And, perhaps you missed this, but here are four notable insights from that discussion.

Explaining the Term "Not your keys, and not your crypto"

 

You Have Total Control of Your Wallet When It Is a Non-custodial Type

The main two types of cryptocurrency wallets are Non-custodial wallets and custodial wallets. The Non-custodial wallet type gives its holder total governance of his or her own money.

Most nowadays service providers only provide custodial services. Consequently, this type of service does not allow people’s crypto to exit their platform, by implication, they are the one who keeps users’ money.

Be the Custodian of Your Private Key, Not Someone Else

When a wallet is created a unique private key is generated too. Furthermore, this key serves as the password that gives people access to send cryptocurrency from that created wallet to other destinations.

Explaining the Term "Not your keys, and not your crypto"

Never Disclose Your Private Key to a Third-Party

The earlier mentioned term “Not your private key, not your crypto” simply implies that if one doesn’t possess the private key to his or her wallet or a self-hosted wallet, then another person entirely has control over the money in such a wallet. It could even be a third-party service provider. Disclosing this private key can be likened to when someone gives a third party the key to his or her safe deposit box or apartment. Therefore, the wallet’s private key must not be shared.

The Reason Why Everyone Won’t Offer a Non-custodial Wallet, We Do That

Most cryptocurrency companies don’t provide a Non-custodial wallet like  Blockchain.com. Blockchain.com’s private wallet was the first wallet that we ever built, therefore is the representation of the “trustless” fundamental value of crypto.

If you are interested in creating a private wallet with us at Blockchain.com, visit Blockchain.com to create yours today.

Do you want to take your trading to the next level? Join the best platform for that here.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.