Private Keys
A Private Key is a long string of letters and numbers that is used to access and manage a self-custody wallet. It is typically a 64-character hexadecimal code that is generated along with the wallet's address. The private key is used to sign transactions on the blockchain, so it is important to keep it safe and secure.
The private key is an integral part of the cryptography that underpins blockchain technology. It is a piece of secret information that only the owner of the wallet knows, and it is used to prove ownership of the wallet and the funds it contains.
When a user wants to make a transaction on the blockchain, they use their private key to sign the transaction. This is a mathematical process that proves that the transaction is coming from the wallet's owner and has not been tampered with. The signed transaction is then broadcast to the network, where it is validated and added to the blockchain.
Because the private key is such an important piece of information, it should be kept secret. If someone were to gain access to your private key, they would be able to access and potentially steal your funds. The de-facto recommendation is to use a secure wallet and keep your private key offline if possible.
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