What is Private Key
First, we need to know crypto wallet is a place to store addresses and private keys, not cryptocurrency! So for example, when you transact crypto with others through a wallet, you just make a digital signature on the transaction by one address and corresponding private key, which proves this transaction is done by you. This pair of address and the private key is unique in blockchain.
To better understand, imagine the address is like a lock in your room, and the private key is your physical key to open the door. Once you enter the room, you have the right to use all stuff inside as you wish. Ideally, no one can do anything on your stuff except they own the private key. This way can ensure the high security that no one including the wallet company can access your assets, but on the other hand, it means you are not able to access your crypto assets if you lose the private key. That is why losing them is a nightmare in the blockchain.
How to ensure the safety of private keys
Write:
Carefully write down your private key, or, preferably, by hand, offline! We do not suggest saving it as pictures or screenshots. Storing it electronically or online risks having your private key exposed. Using ballpoint pen or marker pen to write down on paper is always the safest and simplest way.Confirmed:
After copying on paper, you can send a tiny amount of crypto to the address it generates and then import to the same device using the private keys you wrote down, to ensure you copied correctly.Copy:
Once you’ve confirmed that you copied down your private key correctly, make additional copies of your private key to hide in different places, so events like natural disasters don’t risk you losing all access to your private keys.
Some other tips
- Crypto wallet is very different from other apps. if you lose or forget the private key, unfortunately, we can not help you to recover it. So it is not exaggerating to say the private key is everything in the blockchain world.
- Be careful when storing the screenshot or picture on your device or online. Actually, this is high-risk behavior, because if someone has access authority to your device or online drive, it may cause your assets irreparable loss.
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