If you’re new to Bitcoin and crypto, you’ve probably heard the phrase: “Not your keys, not your coins.” At first, it might sound like some cryptic saying insiders use to gatekeep newcomers. But in reality, this short sentence carries one of the most important lessons in the entire crypto space.
Crypto was built to give people freedom from middlemen—freedom from banks, governments, and institutions telling you how you can use your money. But if you don’t control your private keys, you don’t really control your coins.
In this article, we’ll break down:
- What crypto wallets are and how they work.
- The difference between keeping coins on an exchange vs. in your own wallet.
- The risks of not holding your keys (with real-world examples).
- Different wallet types and their pros/cons.
- Best practices for securing your crypto.
- Resources you can use to learn more.
By the end, you’ll understand exactly why wallets matter, and how to protect yourself from being just another cautionary tale in crypto history.
