Lesson 8: What not your keys means — Baskin Logic Crypto Academy

Not your keys, not your coins is a classroom sentence. It means: if you do not hold the keys, you do not control the record.

An account on a shop is a promise. A key in your wallet is control. The sentence is the object. Not a slogan to sell you a product.

The school does not tell you which to choose. The school does not tell you what to buy.

Key terms

Not your keys, not your coins: "Not your keys, not your coins" is a crypto saying.
Custodial vs. non-custodial wallet: A custodial wallet is one where a company holds the keys for you, like an account on an exchange.
Cold wallet: A cold wallet keeps your crypto keys offline, away from the internet.
Hot wallet vs. cold wallet: A hot wallet is connected to the internet, like a phone app or browser add-on.

Five questions from this lesson. Your score stays on this device.

Show the answers

If you don't hold the keys, you don't control the record. Without the keys, you don't control the record.
A promise. An account on a shop is a promise from that shop.
Control, and the responsibility that comes with it. Holding your own keys gives control, and you're also fully responsible for them.
You could lose access. When a company holds the keys, its problems can become yours.
It doesn't tell you which to choose. The school explains the trade-off. The choice is yours.