The private key is one of the two components of a cryptocurrency wallet. It must remain confidential since it makes it possible to dispose of digital assets.

The private key is, along with the public key , one of the elements that make up a wallet , that is to say a cryptocurrency storage device. In practice, the private key, whose character is strictly confidential, is a secret code which allows access to the wallet of a cryptocurrency holder. The private key is in the form of a 256-bit random string (which can be represented in several forms, in hexadecimal, for example, it is composed of 64 characters from 0 to 9 and from A to F). It can be represented in the form of a QR code.

Known only to the owner of the wallet, this key makes it possible to sign transactions and to prove to all the peers of a network that one is indeed the owner of such or such cryptocurrency. The private key is used to encrypt a transaction while the associated public key is used to decrypt this same transaction. The private key will thus be used to send a payment to a person who has previously sent us his public key. A private key must not be communicated under any circumstances, at the risk of exposing oneself to theft or piracy of the contents of his wallet.

5/5 - (1 vote)