More Examples

“Never share your private key with anyone!”

“In bitcoin, your private key can be a passphrase made up of 24-words.”

“You can never be locked out of your bitcoin as long as you have your private key.”

Definition(s) from the Web

  1. A private key is a secret piece of data that proves your right to spend bitcoins from a specific wallet through a cryptographic signature. Your private key(s) are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Bitcoin wallet. Source
  2. A private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. The private keys are mathematically related to all Bitcoin addresses generated for the wallet. Because the private key is the “ticket” that allows someone to spend bitcoins, it is important that these are kept secret and safe. Private keys can be kept on computer files, but are also often written on paper. Private keys themselves are almost never handled by the user, instead the user will typically be given a seed phrase that encodes the same information as private keys. Some wallets allow private keys to be imported without generating any transactions while other wallets or services require that the private key be swept. When a private key is swept, a transaction is broadcast that sends the balance controlled by the private key to a new address in the wallet. Just as with any other transaction, there is risk of swept transactions to be double-spending. Source
  3. Bitcoin private key is a secret number that allows cryptocurrency to be spent. Every Bitcoin address has a matching private key, which is saved in the wallet file of the person who owns the balance. The private key is mathematically related to the address, and is designed so that the Bitcoin address can be calculated from the private key, but importantly, the same cannot be done in reverse. Because the Bitcoin private key is the “ticket” that allows someone to spend bitcoins, it is important that these are kept secure. Private keys can be kept on computer files, but they are also short enough that they can be printed on paper. Source
  4. Public-key cryptography, or asymmetric cryptography, is a cryptographic system which uses pairs of keys: public keys (which may be known to others), and private keys (which may never be known by any except the owner). The generation of such key pairs depends on cryptographic algorithms which are based on mathematical problems termed one-way functions. Effective security requires keeping the private key private; the public key can be openly distributed without compromising security. Source

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