Cryptocurrency wallets that do not give users control over private keys should be avoided at all costs, the founder of Tesla and SpaceX said.
He left the message in the comments under the tweet of the custodian wallet operator FreeWallet, who used Elon Musk’s post on Dogecoin (DOGE) for his own advertising.
“Your app sucks,” added the Tesla CEO.
Your app sucks
— Elon Musk (@elonmusk) February 10, 2021
It turned out that Musk uses FreeWallet and his account was automatically blocked by a security algorithm. At his request, the account was unblocked.
Musk’s criticism was supported by the team of hardware wallet maker Ledger, who did not hesitate to advertise their products.
“Elon Musk is right, as long as you do not manage your private keys, you do not actually own your cryptocurrency,” the Ledger noted.
@elonmusk is right, as long as you’re not managing your own private keys, you don’t truly own your #crypto. Our hardware wallets, combined with our app Ledger Live, allow you to own and manage your crypto from one place. (1/2)
— Ledger (@Ledger) February 10, 2021
Bitcoin exchange Binance in the comments recalled its Trust Wallet.
Many bitcoin enthusiasts support the “not your keys, not your coins” policy. The most popular custodian wallets are exchange wallets – control of private keys is on the side of trading floors.
In 2018, Bitcoin Knowledge podcast host Trace Meyer took the initiative to host an annual Proof of Keys event. Within its framework, users simultaneously withdraw bitcoins from exchanges to their wallets in order to remind them of the true owners of the cryptocurrency and make sure that their assets are safe.
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