Your Crypto Safety Deposit Box
There are a few things that I share with my close family and friends that i thought I would share with you, too.
There is an old saying in crypto that goes something like: “you don’t own your crypto, unless you hold your private keys.”
What does that mean? And why is it important?
Your private key is your secret and personal access to your crypto funds stored within a digital wallet. If you control your private keys, you control your finances.
Think of it like a safety deposit box. When you put something in a safety deposit box at your bank, do you make copies of your key and give it to other people? Or do leave your key in a public Starbucks? Hopefully not. It is wise to keep that key safely secured, hidden and private to protect yourself and the contents of your deposit box.
Same goes for crypto! When you generate a crypto wallet to securely store your crypto funds, you are given a one and only private key, enabling you to securely safeguard your assets.
In other words, if you let someone else hold your private keys, they can access your coin! Effectively giving away the biggest societal improvement that blockchain technology can provide.
So what? What’s the status quo? Coinbase.
When you buy digital currencies on a popular platform like Coinbase, they are holding your keys and your coin. You are trusting Coinbase to safely take care and manage your funds, identical to the current banking status quo. We are looking to evolve.
So, how do I create these digital wallets, access my private keys and take control of my finances?
Enter the Ethos Universal Wallet.
The universal wallet makes it super easy for you to generate a safe and secure wallet for any cryptocurrency, all on your own phone!
If you are letting someone else hold your crypto, or you were hesitant about getting into the space because of the dark mysticism that surrounds crypto currently, never fear.
Soon you can easily:
- Download the Ethos app on Android or iOS.
- Walk thru the quick and easy steps to securely generate a private key, that only you hold.
- Transfer your coin to your own, secure wallet.
Do these steps and you will free yourself from the ball & chain “trust” of Coinbase. In the eyes of the crypto community, by holding your private keys you will now truly own your coin.
Congratulations! Welcome to the new and trustless economy!