Private Key
A private key is a secret number that proves ownership of a blockchain address and is used to sign transactions from it. Anyone who obtains the private key can move the funds, and there is usually no way to reverse a theft or recover a lost key. Wallets derive addresses from private keys and typically back them up with a seed phrase. Private keys should never be shared, typed into websites or stored in plain text.
Related terms
- Seed Phrase The backup words that can restore a wallet’s keys. Wallets & Custody
- Wallet Software or hardware that holds the keys controlling crypto assets. Wallets & Custody
- Self-Custody Holding your own keys instead of relying on a company. Wallets & Custody
- Hardware Wallet A physical device that keeps private keys offline. Wallets & Custody
- Multisig A wallet that needs several keys to approve a transaction. Wallets & Custody