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IntermediateCrypto1 min

A private key is a secret digital key with which an owner signs transactions and proves the right to dispose of an address on the blockchain.

In plain words

A public address can be shown: funds are sent to it. A private key must be shown to nobody: whoever knows it controls the funds, and blockchain transactions are irreversible. Most often the key is kept inside a wallet and can be restored from the seed phrase. If “support” asks you to send a key or a phrase, they are fraudsters.

Example. A wallet asks you to confirm a transfer: it signs the transaction with your private key on your device, without passing the key itself to any server.

Related terms

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Word of the dayCold walletIntermediate

A cold wallet is a way of keeping cryptocurrency keys offline, without a permanent internet connection: a hardware device or a seed phrase written on paper or metal.

Example. You buy a hardware wallet, write the seed phrase on paper and keep it in a safe, while the money for everyday spending stays in a mobile wallet.

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