“No keys, no cheese” continues to be a long-standing rallying cry within the Bitcoin community—especially after the recent collapse of centralized crypto exchange FTX.
The phrase is a nod to the ownership of private keys, which are like a password for noncustodial crypto wallets. When a user owns their individual private keys, they have complete authority over their wallet. But when a user relies on a centralized exchange—like Coinbase or the now-disgraced FTX—to buy, hold, and sell their crypto, they don’t get access to a private key, and, in turn, don’t truly have full control over assets bought on the platform (hence the “no cheese”). Despite this, users have commonly relied on centralized exchanges, and for good reason: They’re much easier to use and navigate, especially when first investing in crypto.
