Private Key

What is a Private Key?

A crypto private key is like a password that one uses to access his wallet where he has kept his cryptocurrencies. It is alphanumeric in nature and is encoded in different formats depending on the wallet one uses to store the cryptocurrency.

This private key is the core element that enables a person to make irreversible transactions that are linked to mathematical signatures to guarantee their authenticity.

The key is depicted in various forms and is generally visible as a series of randomly generated numbers and characters which vary in digits. This make it next to impossible to crack this key.

Why should you keep your private key safe?

You can only gain ownership and control of your crypto wallet and the cryptocurrencies stored in it through your private key. It is essential for the security of your cryptocurrency and works just like the username and password you use to protect your systems, money and other information. These private keys are crucial for the role they play in securing your cryptocurrency by creating digital message signatures.

It is advisable to keep your private key under veils of secrecy and keep them closely guarded. If anyone catches hold of this key, then your digital assets become prone to theft. Since private keys are not stored online and only you can access them, you should prepare a secure backup for them in a secure place. Once lost, these keys cannot be recovered under any circumstances. Without the key, you will hold no control over your crypto-assets and your funds will be lost forever.