Bitcoin Q & A #1

A Facebook commenter asked 2 great questions (note: I’m only answering for Bitcoin, not *crypto*. As the saying goes: Bitcoin, not crypto):

Question: Can we still use crypto when the private key is lost?

Answer: Private Keys are like you owning your own bank and owning the keys to the front door, back door, and vault of your own bank. If you lose the keys to your bank you lose your access to your bank and your funds. Owning and managing and securing your Private Keys is your responsibility. I have done this for myself by means of a physical Hardware Wallet (which is not connected to the Internet). A Hardware Wallet is a little larger than a USB stick.

Question: Can a judge award ownership to the rightful owner?

Answer: A judge cannot *award ownership* of your Private Keys to your bank to someone else. They’re your Private Keys. A judge could, of course, put you in jail for refusing to comply. Whomever has control of the keys to your bank’s front door, back door, and vault controls access to your bank. A judge, court of law, FBI, Interpol cannot force you to give up your own keys to your own bank – except by torture and/or imprisonment. And even then, you should be willing to die for your Private Keys.

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