Not your keys, not your coins

Owning Bitcoin gives you more control over your money than conventional finance ever could. But with that control comes responsibility: you’re in charge of keeping it safe.

Leaving your Bitcoin on an exchange makes trading quick and easy – but it’s not designed for long-term storage. If the exchange gets hacked or freezes withdrawals, your coins could be at risk. That’s why understanding storage basics is one of the most important steps for every crypto investor.

This beginner’s guide will walk you through the essentials – from public and private keys to mobile wallets, desktop wallets, and cold wallets – so you can start storing your Bitcoin securely.

Public and Private Keys: The Basics

You’ll often hear the phrase: “Not your keys, not your coins.” But what does that mean?

Every crypto wallet has two keys:

Public key (or wallet address): Like your bank account number. You share it to receive Bitcoin. Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq.

Private key (or seed phrase): Like your bank PIN – but much more powerful. Anyone with it can spend your Bitcoin.

Private keys are often given as a seed phrase (12 or 24 words). Example:
apple salad river clock...

If someone gets your seed phrase, they get your Bitcoin. No recovery, no helpline. That’s why it must be stored securely – written on paper, backed up on steel, or another safe method. 

When you keep coins on an exchange or in a custodial wallet, you don’t have the private key – the company does. Which means technically, you don’t fully own those coins.

Types of Wallets

There are two main categories:

Hot Wallets (Online)

• Examples: Mobile apps, Desktop wallets.
• Keys are stored online, making them convenient for sending/receiving quickly.
• Best for small amounts, like a wallet you carry in your pocket.
• Risk: Being connected to the internet makes them vulnerable to hacks, malware, or phishing.

Cold Wallets (Hardware wallets) (Offline)

• Small devices (like a USB stick).
  
• Keys are kept offline, away from hackers.
• Best for long-term storage of larger amounts.

Only buy hardware wallets from the manufacturer or authorised resellers to avoid tampered devices.

Extra Safety Tips

Some investors go further by:

• Splitting their seed phrase into parts and storing them in different places.
• Using metal backups (fire/water resistant).
• Adding a passphrase for extra protection.

The right approach depends on your comfort with risk.

The Final Buzz

Storing Bitcoin securely comes down to one thing: protecting your private key.

Hot wallets are handy for day-to-day use. Cold wallets are the gold standard for long-term safety. With practice, sending Bitcoin between wallets becomes second nature – and you’ll enjoy full control of your money, without relying on third parties.

Key takeaway:

• Don’t store large amounts on exchanges.
• Know your keys (and keep private keys private).
• Use hardware wallets for long-term holdings.

Stay safe. Stay smart. Be Crypto Safe.

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