Wallets, addresses, private keys, recovery phrases, custody, and safe signing.
By the end, you should be able to
- Separate a wallet interface from an account and its keys.
- Compare self-custody with third-party custody.
- Use a pre-signing safety routine.
A wallet does not hold coins like a file
The wallet helps authorize changes to network records.
Wallet, account, address, and key
A wallet is software or hardware used to view accounts and request signatures. A public address can be shared to receive assets. A private key authorizes activity and must remain secret. A recovery phrase may recreate many keys and should be protected as carefully as the assets themselves.
Who can authorize movement?
In self-custody, you control the signing keys and recovery process. With a custodian or exchange, the provider controls the operational keys and promises account access. The risks and recovery options are different.
Read before signing
- Verify the site, network, recipient, asset, amount, and fee.
- Treat token approvals and contract interactions as permissions, not simple logins.
- Never share a private key or recovery phrase with support, a website, or a person.
What this does not tell you
- A hardware wallet reduces some online key risks but cannot make a malicious transaction safe.
- A familiar logo or interface does not prove a site is authentic.
- Self-custody removes some counterparty risk while adding personal operational risk.
Build a signing checklist
Practice the checks without connecting a wallet or moving funds.
- Open the Wallet Safety Checklist.
- Choose five checks you will perform before every signature.
- Write down how you would recover access without sharing a recovery phrase.
Check your understanding
1. What should always remain secret?
2. What is a wallet?
3. What changes under self-custody?