In the world of crypto, post-Mount-Gox, the familiar catch cry is “not your keys, not your coins”.
That won’t make sense to most people and hence why crypto is largely for either for geeks or the very committed. Like all movements, you have wearly adopters and eventually the movement “crosses the chasm”. The diagram below was made famous by Geoffrey Moore in his book of the same name.
Briefly:
1) when we store our cash in a bank account, the bank is the custodian – they hold the keys.
2) in the crypto world:
- you can choose to have an exchange (CEX) or some other entity (paypal, square, soon Robinhood) hold your keys but you need to make a leap of faith to trust them like a bank.
- you take responsibility for your own coin and tokens via “wallets” (paper, cold and hot).
If you are confused, no problem, this is because we are still on the RED left hand-side of the curve below.
Argent want to help change that.