It is a 256-bit long number that is picked randomly as soon as you make a wallet. What are Bitcoin private keys used for?Ī private key is a secret, alphanumeric password/number used to spend/send your bitcoins to another Bitcoin address.In the next section, I will tell some basic technical aspects of these keys. I feel that understanding the underlying technical aspect of keys is important so that you remain better informed and educated enough to take care of them.
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And to unlock (spend/send) those bitcoins, you would require your private address (or key), for which you need to take full responsibility, just like the keys of the mailbox. Similarly, like your house/flat number, anyone in the Bitcoin world can know your public address (Bitcoin address) to send you bitcoins. You always keep track of your key and don’t jeopardize the contents inside of your mailbox. In real life, do you give your keys to someone unknown? If someone has to deliver you a letter, he/she must know your house/flat number to deliver it.Īnd as the receiver, you have a p rivate address (or key)to unlock the mailbox and collect your belongings. It has a unique and specific number (an address). Let us look at an example to understand private and public keys.Ĭonsider a mailbox where you receive your physical mail. In my earlier guide on Bitcoin wallets, I extensively used two terms: Private Address (or key) and Public Address (or key). These keys are what make Bitcoin the safest and most widely used cryptocurrency. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies The private key must also be backed up and protected from accidental loss, because if it’s lost it cannot be recovered and the funds secured by it are forever lost, too.”
“The private key must remain secret at all times because revealing it to third parties is equivalent to giving them control over the bitcoins secured by that key. “If you don’t own your private key, you don’t own your bitcoins.”Įven the most knowledgeable man on Bitcoin says: What if you lost all of your bitcoins tomorrow? What would you do?
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