The Big Gunt on Nostr: When you own Bitcoin, you have a "private key" and a "public key." 1. **Public Key**: ...

When you own Bitcoin, you have a "private key" and a "public key."

1. **Public Key**: Think of this like your bank account number. It's what you share with others so they can send you Bitcoin. It's safe to share your public key.

2. **Private Key**: This is like the PIN to your bank account or the key to your safe. It's a long string of letters and numbers that allows you to access and control your Bitcoin. **This must be kept secret**.

If you don’t hold your private keys yourself, it means you're trusting someone else to keep them safe. Here are the main reasons why this is important:

1. **Control and Ownership**: If someone else holds your private keys, they effectively control your Bitcoin. You’re relying on their security measures and honesty. If they lose the keys or get hacked, you could lose your Bitcoin.

2. **Security Risks**: If the third party holding your keys gets hacked, you risk losing your Bitcoin. There have been several high-profile cases of exchanges being hacked and users losing their funds.

3. **Independence**: Holding your private keys means you don't have to rely on any third-party service. You're in full control of your funds and can access them whenever you want without needing anyone else's permission.

In short, "Not your keys, not your coins" is a common saying in the Bitcoin community. It means if you don't hold the private keys, you don't truly own the Bitcoin. For full control and security of your Bitcoin, it's recommended to hold your private keys yourself, usually in a secure wallet.