Elon Musk, the latest billionaire to jump on the BTC bandwagon for his company, Tesla, has openly criticized a cryptocurrency wallet called Freewallet app. The executive lashed out on Twitter and urged digital asset investors to steer clear from wallets that don’t provide them with the private keys.Elon Musk’s Security Tip For Crypto InvestorsArguably the most well-known and used phrase in the cryptocurrency space is “not your keys, not your coins.” It refers to the unique way in which digital assets are stored. If they are held at exchanges or third-party custodians, the investors’ ownership is not guaranteed.As such, choosing the best possible hot or cold wallet is the first step users need to take to ensure their holdings’ safety. And, as Elon Musk would also advise – investors need to
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Elon Musk, the latest billionaire to jump on the BTC bandwagon for his company, Tesla, has openly criticized a cryptocurrency wallet called Freewallet app. The executive lashed out on Twitter and urged digital asset investors to steer clear from wallets that don’t provide them with the private keys.
Elon Musk’s Security Tip For Crypto Investors
Arguably the most well-known and used phrase in the cryptocurrency space is “not your keys, not your coins.” It refers to the unique way in which digital assets are stored. If they are held at exchanges or third-party custodians, the investors’ ownership is not guaranteed.
As such, choosing the best possible hot or cold wallet is the first step users need to take to ensure their holdings’ safety. And, as Elon Musk would also advise – investors need to be in possession of their own private keys.
The team behind the Freewallet app engaged with Tesla’s CEO recently on a Dogecoin-related post. However, while they might be honored that the world’s richest man answered, they wouldn’t be too happy about the type of advertisement the wallet received.
Musk emphatically commented that “your app sucks,” and later justified his rather harsh words with Freewallet’s inability to provide customers with their own private keys.
Any crypto wallet that won’t give you your private keys should be avoided at all costs
— Elon Musk (@elonmusk) February 10, 2021
According to Freewallet’s description, it doesn’t provide the private keys to the individual wallet addresses because it’s a hosted wallet.
Private keys are an essential part of the industry. Each digital address has such a unique key required to access the funds that operate with a seed phrase of 12 or 24 words.
Musk, Dogecoin, and Bitcoin
The CEO of SpaceX and Tesla has quite a compelling history with the cryptocurrency space. Before his electric vehicle giant allocated $1.5 billion in the primary cryptocurrency, he was among the doubters of its value and potential role in the global financial scene.
However, Musk has showcased a more optimistic approach towards another token – Dogecoin. The meme coin inspired by Shiba Inu became the latest frenzy in the industry after the executive’s frequent social media endorsements.
Musk went from putting “Former Dogecoin CEO” in his Twitter profile to calling it the future of money on this planet. Naturally, this recognition from one of the world’s most influential individuals brought massive attention from mass media and other famous names.
Ultimately, Dogecoin surged in value and even found a place in the top 10 cryptocurrencies by market cap until recently.