Tesla CEO Elon Musk has posted a tweet on his Twitter with advice to crypto investors. He does not encourage crypto investors to keep cryptocurrencies in online applications that do not provide full custody rights.
Elon Musk has openly criticized the Freewallet exchange medium which has one very important flaw where the system does not provide personal keys to investors or crypto depositors. He noted that any application that does not provide a private key should be avoided.
Any crypto wallet that won’t give you your private keys should be avoided at all costs
- Elon Musk (@elonmusk) February 10, 2021
Freewallet is an online application that allows us to store Bitcoin and other cryptocurrencies but it does not give you custody. The situation faced by Musk is that his cryptocurrency wallet is locked and needs Freewallet intervention to solve the problem. His advice can be applied by any application.
Robinhood and PayPal are two of the most popular applications that allow its users to buy and sell cryptocurrencies. However, these two do not allow you to keep your own crypto. They even have your personal keys and can exchange cryptocurrencies in your savings.
In the world of blockchain, users can fully control their funds through a private key. The private key basically works as a password, which allows you to make exchanges and purchases.
