What does “Not your keys, not your coins” really mean?
First, a definition: transfers between users on the same platform are generally recorded only on the platform’s ledger and not on the blockchain, so they’re often fast and incur no network fees.
Why is that? Self-custody means you’re responsible for control and security: there’s no platform-level risk, but there’s also no “forgot password” recovery, and mistakes can often be irreversible.
The $BNB in your Binance account is held in custody by the platform. Only after you transfer it to your own wallet do you hold the private keys yourself. Current balance: 682.67.
Only download wallet apps from official sources. Don’t install software sent to you by someone else.
#BNB
Don’t take what I’ve said as investment advice.
First, a definition: transfers between users on the same platform are generally recorded only on the platform’s ledger and not on the blockchain, so they’re often fast and incur no network fees.
Why is that? Self-custody means you’re responsible for control and security: there’s no platform-level risk, but there’s also no “forgot password” recovery, and mistakes can often be irreversible.
The $BNB in your Binance account is held in custody by the platform. Only after you transfer it to your own wallet do you hold the private keys yourself. Current balance: 682.67.
Only download wallet apps from official sources. Don’t install software sent to you by someone else.
#BNB
Don’t take what I’ve said as investment advice.