Custody
Practical control over the keys or other mechanisms that authorize movement of assets.
In more detail
Custody answers a useful question: who can actually approve a transfer? On an exchange, the operator commonly controls the relevant keys. With self-custody, control rests with you or your chosen account arrangement. The name on an account and the party holding technical control can differ.
How you might use it
"My exchange account says I have BTC. The exchange, rather than my wallet, controls the keys for withdrawals."
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