What does the phrase "not your keys, not your coins" imply?

The phrase "not your keys, not your coins" emphasizes the fundamental importance of controlling your private keys in the world of cryptocurrency. In essence, this saying highlights that if you do not possess the private keys associated with your cryptocurrency wallet, you do not have true ownership of the coins within that wallet.

Private keys are cryptographic keys that allow you to access and manage your cryptocurrency holdings. If a third party, such as an exchange or a custodial wallet service, holds the keys on your behalf, you are relying on their security and their policies. This can lead to potential risks, such as loss of funds due to hacks, mismanagement, or even fraud.

By maintaining control over your private keys, you ensure that you alone can access your coins, safeguarding your assets and enhancing your financial sovereignty in the cryptocurrency space. This principle is central to the ethos of decentralized finance and highlights the need for individuals to take responsibility for their own digital assets.