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Definition · Keys & custody

Was ist Not your keys, not your coins?

The maxim that coins held by a third party are that party's coins and your claim against them.

The phrase is a slogan, but the underlying point is precise: on-chain, control follows the key. A custodial balance is an entry in somebody's database backed by a promise.

Repeated exchange failures have made the point empirically rather than rhetorically. It does not mean custody is always wrong; it means the risk should be a decision, not a surprise.

Verwandte Begriffe

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