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> No-one can take control over any account by any other means. I see. I suppose if the US government orders, say, Coinbase, to turn over control of someone’s a
by pmiller2 7y ago
> No-one can take control over any account by any other means.
I see. I suppose if the US government orders, say, Coinbase, to turn over control of someone’s account, they won’t do it? You have an example of that happening, right?
- mopsi 7y agoCoinbase has no control over any cryptocurrency accounts besides their own. Each cryptocurrency user generates a private key that becomes a wallet and is used to sign transactions. These signed transactions are then broadcast to the internet for balance keeping nodes to keep track of. They do it in a globally distributed manner (no central entity) and earn rewards for their work (like collecting a tiny fraction of the transaction as a fee). The private key is never disclosed to anyone.