Den Yellek on Nostr: You can not simply hand someone the keys to bitcoin though. As if I had you cash you ...
You can not simply hand someone the keys to bitcoin though. As if I had you cash you are now the sole owner of that cash. You can spend it but there is no way that I could spend it.
If I give you the keys to bitcoin you can spend it but I can also still spend it.
The only way to prevent someone else from spending it is to send the bitcoin to an address whose keys are only in your control. And in order to do this transaction you are required to ask the permission of a third party as without the miners consent to record your transaction on the ledger you are unable to transfer the bitcoin to a new address.
If I give you the keys to bitcoin you can spend it but I can also still spend it.
The only way to prevent someone else from spending it is to send the bitcoin to an address whose keys are only in your control. And in order to do this transaction you are required to ask the permission of a third party as without the miners consent to record your transaction on the ledger you are unable to transfer the bitcoin to a new address.