The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay clear of the Freewallet app, stating pointedly that “your apps sucks.” He later justified his statement by saying the app doesn’t allow their customers the chance to hold their private keys.
Any crypto wallet that won’t give you your private keys should be avoided at all costs
— Elon Musk (@elonmusk) February 10, 2021
The description on the Freewallet apps stated that it is a hosted wallet, as such, it does not provide the private keys to the individual wallet.
Elon Musk’s involvement in the Bitcoin and crypto industry would feel like a surprise to those who have seen his criticizing the long-term value of crypto in the past.
He is one of the converted critics who formerly doubted the potential role of crypto assets in the global financial scene.
However, he only recently started embracing the industry and has demonstrated his commitment through Tesla’s purchase of $1.5 billion worth of Bitcoin.
Musk’s massive influence in the crypto industry
Tesla is not the only mainstream company to indicate interest in Bitcoin and cryptocurrency. A few months ago, PayPal started accepted Bitcoin-related payments on its platform. The company has partnered with several companies in the crypto industry to make this happen.
However, Must is not only supporting Bitcoin but some other cryptocurrencies as well. A few days ago, his series of tweets about Dogecoin (DOGE) led to a massive price surge of the cryptocurrency. Apart from saying he is the former executive officer of Dogecoin, Musk attracted the interest of his millions of followers by saying Dogecoin is the future of money on this planet.
This attracted the attention of other influential people both within and outside the industry. Musk’s impact also led to the rise in the market cap of Dogecoin, placing it within the top 10 cryptocurrencies in the world.
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