INSUBCONTINENT EXCLUSIVE:
Musk doubled down on the suggestion, with only one word "exactly".Tech billionaire Elon Musk has often made it a point to prove he is a
cryptocurrency supporter, tweeting his support to virtual coins
So when he speaks about the crypto industry the world pays attention to him
In his latest tweet, the SpaceX and Tesla CEO has offered caution and advice to all cryptocurrency investors wrapped in a single word.Bill
Lee, the founding partner at West Coast Holdings, who is an investor in some of Musk's ventures, responded to a tweet that talked about
reducing dependence on crypto trading platforms, saying an investor cannot claim assets in their digital wallet until they own the keys to
One of these cryptographic keys is private while the other is public
These keys help track ownership, receive or spend cryptocurrencies
A public key allows other crypto users to make payments to a particular wallet from which the key is derived
And a private key enables the wallet owner to spend the cryptocurrency.If a user loses their private key, they can no longer access the
wallet to make transactions like spending, withdrawing, or transferring coins
It is, therefore, wise to keep the private key in a secure location and not lose it.Also, not owning the private keys could mean the wallet
owner has entrusted a third party to keep their assets safe
