Bitcoin sits in a wallet. Is that really true?

In everyday speech, Bitcoin is said to sit in a wallet. Technically that is imprecise: Bitcoin holdings are recorded on the blockchain. The wallet manages the keys used to sign transactions, or coordinates their use. The question therefore shifts from “Where is the Bitcoin?” to “Who can move it, and who is entitled to?”

Boris Jurczyk and Jan Horak explore this through three cases relevant to asset managers and professional investors: the lost smartphone, the departing employee with approval rights and the failure of a service provider.

Video (German-language episode): https://youtu.be/hIe0HpqMjig

What the episode covers

• What the wallet, private key and receiving address do, and why the backup must be kept independently of the device
• Self-custody and third-party custody: who holds the keys and what that means for a firm with several people involved
• Why withdrawing internal rights alone is not enough if a former employee still holds sufficient key material

Endlich verstanden

Bitcoin does not sit in a wallet. The wallet manages the keys or coordinates their use. What matters is who can technically trigger a transfer, who is entitled to do so and which access rights exist.

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About the format

“Endlich verstanden: Digitale Assets” is a German-language educational series from 21Nexus. “Endlich verstanden” means “finally understood”. In each episode, Boris Jurczyk and Jan Horak discuss a widely held statement about digital assets and answer one simple question: Is that really true?

The episode is in German. Watch it on YouTube: https://youtu.be/hIe0HpqMjig. It is also available on Spotify and Apple Podcasts.

The content is provided solely for general information and context. It does not constitute investment advice or a recommendation to buy or sell financial instruments and does not replace individual advice.