Private Key
A secret code that proves you own your crypto and lets you send it. Like a password, but if someone gets it, they can take everything.
Example
A long string of numbers and letters that your wallet uses to sign transactions. Your seed phrase generates all your private keys.
Related Terms
Core Concepts
🔍Common Misconceptions
✗My exchange has my private keys secured
✓Exchanges hold your keys for you - 'not your keys, not your crypto.' They can freeze your account or get hacked.
✗I can change my private key if compromised
✓Private keys can't be changed. If compromised, you must create a new wallet and transfer funds immediately.
✗A long password is the same as a private key
✓Private keys are cryptographically generated and much longer/more secure than any password you'd create.
⚠️Risks & Warnings
- •Anyone with your private key controls your funds - no recovery possible
- •Malware and keyloggers can steal keys from your computer
- •Phishing sites trick you into revealing your key
- •Screenshots and cloud backups can be compromised
- •There's no 'forgot password' - lose it and funds are gone forever
🚀Getting Started
- 1Never share your private key with anyone, ever
- 2Use a hardware wallet for significant holdings
- 3Store backups offline in multiple secure locations
- 4Be extremely cautious of any site or app asking for your key
- 5Consider using a multisig setup for large amounts