Altcoins News
By Dan Saada
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Cryptocurrency that one buys from an exchange is in many cases left with the exchange. This leaves the exchange with the power to manipulate the market.
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True ownership of coins or tokens is where one buys them from the exchange for fiat or other crypto, and then they get to safeguard and store the cryptocurrency by themselves.
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Having or owning the coins happens only when one has access to the private keys. Anyone who do not have access to the private keys do not own the coins.
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The buyer of the cryptocurrency who is willing to HODL can buy a hardware wallet and move their funds to their wallet.
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Owning a hardware wallet and keeping your coins in your wallet is like withdrawing money from the bank's wallet and keeping it in your wallet.
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Companies who are trustworthy would provide for such trustworthy transactions. This is a simple process to ensure ownership and trust.
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While it has been Proof of Work and Proof of Stakes, it is about Proof of keys that is important when discussing, buying or holding cryptocurrencies.
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The private keys that provide for the access to Bitcoin or any cryptocurrency that one buys are secret codes or string of letters.
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Several cryptocurrency owners do not own their private keys, and they depend on third-party entities like holdings or custodial services to hold their coins safely.
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An awareness about this concept has already spread wide after the idea of “not your keys – not your Bitcoin spread” virally.
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