Oddbean new post about login | logout I have the keys to my house. Does that mean the bank doesn't actually own it?
Your keys open the door. The state secures your house and land and can be taken from you at any moment. Happens all the time, imminent domain. You also only own it insofar as you pay your property taxes. Your Bitcoin is secured by hash power and cryptography and cannot be taken from you unless you hand over or lose the keys.