Keys and recovery phrases
A public key helps others send assets to a wallet. A private key authorizes transactions and must be kept secret. Some wallets also provide a recovery or seed phrase. Anyone who gets that phrase may be able to control the assets, so it should not be shared.
A wallet may be connected to the internet (“hot”) or kept offline (“cold”). Each choice has trade-offs involving convenience, security, cost, and the possibility of losing a device or credentials.
Who controls the keys?
With self-custody, you manage the keys and their security. With third-party custody, a service such as an exchange manages access. That reduces some tasks for the user but introduces provider risks. The SEC recommends researching a provider, its fees, protections, and what could happen if it fails.
PSM helps beginners learn these terms before they choose a platform or wallet. Its free community is a place to ask educational questions, not to share keys, recovery phrases, or account credentials.