Why is so much #bitcoin kept on exchanges rather than self custody? Cost of a hardware wallet too much for small amounts of Bitcoin or do people not understand self custody? #asknostr
The term "wallet" confuses people.
It's not a wallet, there are no wallets.
Its a cryptographic signature.
Like signing a form at the bank to withdraw or deposit money.
Except nobody owns the bank, it's a decentralised network of nodes.
And instead of a person verifying your signature by comparing it your previous times you signed for something, the miners use mathematics to verify your digital cryptographic signature.
It's not a wallet, there are no wallets.
Its a cryptographic signature.
Like signing a form at the bank to withdraw or deposit money.
Except nobody owns the bank, it's a decentralised network of nodes.
And instead of a person verifying your signature by comparing it your previous times you signed for something, the miners use mathematics to verify your digital cryptographic signature.
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