<blockquote>Not your key, not your coin.</blockquote>This is a common phrase in the crypto world, which means that if you don't own the private key, then all the virtual assets such as currency and tokens will not really belong to you.<h1 style="margin-left:0cm;">What is "My Key"?</h1>Similar to a bank account, cryptocurrency is sent to a recipient address. The technical term for that address is <a href="https://www.ledger.com/academy/blockchain/what-are-public-keys-and-private-keys">public key</a>. When someone sends you some bitcoin, they send it to your public key. It is called public because you can send it to anyone without damaging your cryptocurrency.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_46e0f96cf3/image_46e0f96cf3.png">Source:&nbsp;<a href="https://www.mycryptopedia.com/public-key-private-key-explained/">https://www.mycryptopedia.com/public-key-private-key-explained/</a>However, there is another key associated with your public key, and that is the <a href="https://www.ledger.com/academy/blockchain/what-are-public-keys-and-private-keys">private key</a>. This key is absolutely critical. Anyone with access to the private key can access the funds on the public key to which it is linked. In short, a private key is similar to a password - a way to identify you as the real owner. When it comes to "not your keys, not your money. it refers to your private key.<h1 style="margin-left:0cm;">The difference between accessing and actually owning assets</h1>By viewing your account balance when logging into an exchange, the process is the same as the actual internet banking experience, making it seem like you actually own the assets in your account - after all, you do need to log in to see that information, right?In reality, this is wrong. You appear to be in full control of your assets until you violate the platform rules (e.g., less than $100) and you learn that the real purpose of the exchange is to earn the transaction fees involved, including deposits and withdrawals. Because you don't own the private key to the crypto assets in your account, the actual holder is the exchange, and they can easily control the account as well as the transactions.This phenomenon is not limited to exchanges: it applies to any wallet provider that does not allow you to own the relevant private key yourself. If you do not own the private key, then you are not the true owner of the funds and you are effectively entrusting a third party with your assets. This means they can essentially do whatever they want with the cryptocurrency on your account.<h1 style="margin-left:0cm;">Why is it important to have "my key"?</h1>There are many reasons for the importance of owning your keys rather than handing them over to a third party for safekeeping, provided you can trust them with your funds, which you may never see again if you accidentally trust a malicious third party with your funds. Thankfully, this is unlikely for established companies. Even so, you'll never have full control over your money. As mentioned earlier, they can set certain limits, such as maximum withdrawal limits or fees associated with the use of their services. They can decide what you can do with your hard-earned money.Furthermore, if there are any technical issues with their platform, you are basically locked out of your cryptocurrency. In short: as long as you don't have your own keys, you won't have financial freedom and your money will remain at the mercy of others.Most importantly, you also have no control over the security of the platform system - you are outsourcing the security of your cryptocurrency to them. Unfortunately, over the years, there have been about $2 billion in <a href="https://www.ledger.com/academy/crypto/crypto-hacks">major hacking incidents</a>.If you own your own private key, in the opposite, you can set your own rules. Nobody will tell you what you can or cannot do with your own cryptocurrency. By having your own key, you have full ownership of your own coins and can enjoy financial freedom.However, having your own key does come with an important responsibility: you have to make sure that you will be the only one holding those private keys. If someone else manages to get them, they can access and take your cryptocurrency.<h1 style="margin-left:0cm;">Your Key, Your Coin</h1>KryptoGO was originally designed to provide everyone with access to financial freedom and to provide the best compromise between ease of use and security for everyone's private keys and coins, thus providing security for your cryptocurrency and giving you the highest level of control over your assets.(In plain English, even if KryptoGO goes bankrupt, your assets in the Wallet will still be readily available for withdrawal.)KryptoGO Wallet stores your private keys without exposing them to devices other than your phone (we interact with browser wallets through a custom protocol), and for users who don't want to keep their own seed phrases, we offer additional encryption so you can keep your private keys in an encrypted backup in the cloud.Just like in Web2, we securely store our account passwords through a password manager (e.g. 1Password) to surf the Internet; in Web3 you can use KryptoGO as your keychain to import and securely store your private keys and helpers to surf various blockchain DApp applications.For more information, please refer to our previous article.1 <a href="https://www.kryptogo.com/tw/blog/web3-seed-phrase-mnemonic">The Key to Bringing Down the Wall of Traditional Applications - Web3's Seed Phrase / Mnemonic - KryptoGO Blog</a>2 <a href="https://www.kryptogo.com/tw/blog/things-you-should-know-about-financial-security-in-the-web3-era">Essential Financial Security in the Web 3 Era: Suffixes / Private Keys / Wallets (Accounts) - KryptoGO Blog</a>3 <a href="https://www.kryptogo.com/tw/blog/wallet-security-kryptogo-wallet">Security Check Points for Using Wallet - KryptoGO Wallet as an Example - KryptoGO Blog</a>

Not your key, not your coin.
This is a common phrase in the crypto world, which means that if you don't own the private key, then all the virtual assets such as currency and tokens will not really belong to you.

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