Elon Musk gives advice to all criptocurrency investors

Elon Musk gives advice to all criptocurrency investors

Elon Musk, a tech billionaire, has always made it a point to prove he is a supporter of virtual currency, and he is a fan of it. When he speaks about the industry, the world pays attention to him. In his latest tweet, the SpaceX and Tesla CEO has offered caution and advice for all criptocurrencies investors wrapped in a single word.

Bill Lee, the founding partner at West Coast Holdings, said that an investor in some of Musk's ventures can't claim assets in their digital wallet until they own the keys to the wallet. The suggestion came after MyDogeWallet, a crypto gateway, tweeted about its plan to break the dependence on CEXs like Binance and Robinhood and let Shibes take over their own coins. The word Shibes refers to the followers of the Shiba Inu mascot that has become synonymous with Dogecoin.

Bill said, Not your keys, not your criptocurrency, Exactly all digital wallets use a pair of digital signatures, called keys, for every transaction. One of these keys is private and the other is public. These keys help track ownership, receive or spend cryptocurrencies. A public key allows other users to make payments to a particular wallet from which the key is derived. When a user loses their private key, they can no longer access the wallet to make transactions like spending, withdrawing, or transferring coins. It is wise to keep the private key in a secure location and not lose it.

The wallet owner has been entrusted with a third party to keep their assets safe by not owning the private keys. The expression not your keys, not your criptocurrency, was likely used by Bill and supported by Musk.