I confess that I am no longer able to know how many times I have repeated what I am about to repeat to you in this simple web page. Yet I realize that it is a necessity. I even feel that as a Bitcoiner, it is my duty to constantly repeat the following phrase to everyone who buys Bitcoin:
Not your Keys, Not your Bitcoin.
This is one of the most famous memes in the Bitcoin world, and you should definitely keep it in mind. I often read stories of people who are deprived of their Bitcoin because of the non-enforcement of this golden rule of the Bitcoin Club. So I bought this domain name and created this page to remind everyone who needs this little reminder.
You only own the Bitcoin for which you have the associated private keys
You must understand that when you buy Bitcoin, you are buying nothing more than a portion of the Bitcoin blockchain that you can only use as you wish if you have the associated private keys. Without the private keys associated with your Bitcoin, you are trusting a third party to keep your wealth safe.
So when you buy Bitcoin on an exchange platform like Coinbase, Kraken, or Binance, it is these platforms that hold the private keys to your Bitcoin. So they have the power over what you just bought in Bitcoin.
If you leave your Bitcoin on these exchange platforms, you will face the same risks as with the current banking system.
These exchanges can be hacked. You could lose all your Bitcoin. These platforms may decide to confiscate your Bitcoin for totally arbitrary reasons. Again, you will be deprived of the fruits of your labor without being able to do anything about it.
Taking responsibility for the security of your Bitcoin should be your top priority
You absolutely must take control of your private keys to truly take power over the fruits of your labor. Bitcoin can only give you power over your future if you choose to take responsibility for your own security.
Many newcomers have the impression that it is difficult to transfer their Bitcoin to cold storage. I obviously don’t agree, but as I like to say, you don’t get something for anything in life.
The power that Bitcoin gives you over your life is worth the effort to understand how to take control of your private keys. If you don’t fight for it, you’ll miss out on the Bitcoin revolution entirely.
You may get rich with Bitcoin, but you will still be at risk from third parties as with the current system. The fruits of your labor can be confiscated or stolen at any time. If you really want to take full advantage of the Bitcoin revolution, you should go all the way and transfer your Bitcoin to cold storage so that you have the private keys to your Bitcoin.
Final Thoughts
I hope this reminder will serve as a wake-up call to current and future new entrants to the Bitcoin world to take responsibility for the security of their wealth.
If you'd like to find out more about the Bitcoin revolution, understand its why, and most importantly, follow its progress daily, I'll be happy to meet you at the In Bitcoin We Trust Newsletter.
Stay strong, Stay a Bitcoin HODLer.
PS: If you're not sure which Hardware Wallet to use to protect your work in the Bitcoin network, this article should help you figure it out:
Trezor vs. Ledger – Which Is the Best Hardware Wallet To Use With Bitcoin?
PS2: If you are already leaning towards a Hardware Wallet from Ledger, follow this link:
Ledger Nano S Plus / Ledger Nano X / Ledger Nano Stax
PS3: If you are already leaning towards a Hardware Wallet from Trezor, follow these links: