‘It Is Not Your Crypto if You Don’t Have Your Access Code'

The preceding statement is supported by the recent turbulence that rages across the crypto industry, affecting major exchange platforms. A very good example of a platform affected by the crisis is FTX. But what exactly is meant by the statement? The answer to this question, as well as the advantages of keeping a private key wallet, can be found in the recent podcast on Blochain.com.

Below are some key points from the discussions.

‘A Non-custodial Access Code Gives You Absolute Control of Your Crypto’
An investor can either keep a custodial wallet or keep a non-custodial wallet. A non-custodial wallet gives you a private access code (key) that affords you the privilege of having full control over your funds. Most of the crypto platforms offer investors the service of keeping their funds; however, customers do not really have full control of their money.

• ‘The Implication of a Non-custodial Key Is That You Are in Full Control of Your Funds, Not Someone Else’
  With this method, when you sign up for a wallet, you are given two types of keys. You will be given a particular unique public key and a private key. The private key should be kept secret. The private key is like the password to an Email, it is not meant to be shared with other persons.

• ‘Do Not Share Your Private Access Code With Anybody’
  It is the person who has the key to the wallet that owns the funds in the wallet. When you share your access code with other people, it is like you are putting yourself at risk of having your treasury looted.

• ‘Why Isn’t Most People Using a Non-custodial Wallet’
  Some crypto exchange companies do not offer or support this service. But, Blockchain.com offers and supports this service. If you are interested in enjoying this service, go to Blockchain.com and sign up for it.

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