OK so owning crypto means possessing the private key, Easy peasy, right?
Well actually, not really.
Are you using a crypto exchange right now? Maybe that’s how you bought your first coins. If you hold funds on your favorite crypto exchange , it might seem like you actually own the assets on your account. After all, you do need to log in to gain access to them, right?
But in fact, the exchange owns those coins for as long as they stay in the exchange wallet. The exchange itself controls the private keys, leaving you with just a password for the interface itself (but nothing for the blockchain), and good faith that your coins will still be there next time you log in.
Bottom line?
The exchange is in control. And you’re relying on them to give you access to your funds when you demand it. Would you trust an entity with your house or safe keys?
