A private key (Private key) is the foundation of the security of any cryptocurrency wallet. Technically it is an alphanumeric string that serves as the owner's secret identifier and is used to cryptographically sign transactions. It is the possession of the private key that confirms the right to dispose of the funds at the corresponding address.
In a wallet the private key is usually stored in encrypted form, but if necessary it can be extracted and saved in another form — for example, as a QR code for printing or written down as a backup. A public address to which funds can be received is mathematically derived from the private key, whereas reverse recovery of the key from the address is impossible.
How to handle a private key
- never give your private key or seed phrase to anyone;
- store backups offline, in a place inaccessible to outsiders;
- do not enter the key on suspicious sites and do not send it in messengers;
- remember: whoever owns the private key owns the funds.
The loss of a private key, as a rule, means the irreversible loss of access to assets, so its storage should be treated with the utmost responsibility.
