Bitcoin Forum

Hey, guys, I found this article on Steemit, very interesting!
I just wanted your opinion, since i am new in the field!
https://steemit.com/verto/@volentix/not-your-keys-not-your-crypto

The cryptocurrency community is growing and keeps getting bigger and bigger despite the great crypto depression currently depressing the entire spectrum including the legacy economy. People who are not only traders or investors, nor experts in the area of blockchain continue to enter this new, exciting and elite like society!

With this engagement and adoption, it now becomes vital - more than ever - to preach {and understand} the mantra “not your keys, not your crypto.”

For Blockchain to achieve mass adoption and enhance our lives, by freeing us from corruption, unsustainable tariffs, and middlemen, we need to ensure that new users and new entrants are safe. Because a bad experience of having coins stolen can be a devastating factor - and it has been and continues to be for the many lately.
While we recognize that it is a big personal responsibility to know about cryptocurrencies and its risks before joining, the already existing community could - with a feeling spirit of comradery, help the newbies understand and manage the risks involved.

On January 2nd, 2019, “The Proof of Keys” event was held.

It was an effort to educate people on monetary autonomy. Trace Mayers, the host of the event, wanted this event to be a turning point for everyone to take their keys off of 3rd party exchanges and raise awareness for new the people that enter the space.

Presenting the different levels of responsibility and autonomy helps people understand that just buying crypto doesn’t guarantee financial freedom or financial success. That said, holding your own private keys offline is the first and most important thing that can guarantee the safe storage of your investment long term.
Again, in Crypto, the saying goes ”Your Keys, Your Crypto. Not Your Keys, Not Your Crypto’’.

Example:

A private key is like the pin code of your VISA or AmEx card or online banking password. If someone has this information, they can pretty much do anything they want with your money. Use your money without your knowledge, and without your permission.

The same goes for private keys. It's this secret key that gives you access to your assets and allows you to complete any transaction and of course, it is the only way you can prove that you actually own the account. So, if you are not trusting anyone with your debit or credit card pin or password, then why would you do so with your private key?
At this point, we should also mention what a Public Address is. It is the paired address/number for your private keys, just by using cryptographic math functions. It is impossible to reverse engineer and reach the private key for which it was generated. This is the address used to publicly receive digital assets. This address is the one that is seen when receiving crypto - think of it as something like the IBAN for your bank accounts.

So, how do we keep private keys safe?

There are many types of wallets out there that do many different things.
Some allow the private keys to be stored and guarded by the user but they also keep a copy
Some “keep the key safe” instead of the users doing so themselves.

Most of the web and mobile wallet software services in the crypto market store user’s private key on their behalf on their servers. The keys get stored in an encrypted form which only the user can see after they decrypt it again.

You understand that the motto: "Not Your Keys Not Your Crypto" is apparent here. Talking about single point failure.

So, if we were you, we would only use VERTO! The wallet of wallets that wants to give you and easy interface to help keep your public and private keys safe in your possession.

Why? Because we believe in giving our community the power of their own assets. We believe that people should have control of their own money and use their private assets as they see fit without asking any middleman for permission.

We believe in freedom. Do you?
If you believe in yourself and your own ability to manage your value, download your own VERTO wallet here and say no to middlemen.

Yes I totally agree with the article!
And Volentix is an amazing project!

Lol
Keep believing this and keep complaining about losses in crypto currency

Best word for you

Be smart and knowledgeable; always think
Always think and focus on researching

I have been against the idea of leaving a platform to control your keys for you when you can control it yourself, though a lot of persons don't have a choice because 90% of the exchange we have in existence operates a central wallet and that way controls the entire of everyone in the platform without them having access to their private key, though we have decentralized exchanges coming into existence that is solving this problem and I believe that in few years to come, 50% of the exchanges in existence would be decentralized thereby allowing everyone control their private key.

Be careful what you wish for, a lot of people have been confused regarding wallet and storage issues and then used new wallets only to lose funds

Don’t get fudded, and always do your own research

Most of the today's decentralized exchanges are not exactly decentralized. You may use private key, but there is no big difference in other issues. I believe it will be used when there will be a useful decentralized exchange.

"Not your key not your crypto" sounds revealing. Surely, what you don't have access to, you can't control it. I personally to enjoy not having access to my keys and it will be better investing in established coins with their wallets or a token with personal web wallet.

I think these centralized exchanges have pedigree and won't want to mess that up by tampering with digital currency people are holding in their  wallet on their exchange. This is no different from the way bank operate, your bank know all your information and password , they wouldn't because of that take your money , the same way exchanges won't steal your tokens/coins because they have the private keys

If you also have the wallet whose private key you have lost, then you will not be able to access it again. "Not your key, not your crypto", which means it is no more your wallet.
If you must have control over your wallet or portfolio, they you must be in total possession of the key.
The statement is inspirational, because you can coin a lot of things out of it.