If you lose your wallet’s private keys, your crypto is locked forever. There is also a risk of getting hacked if your keys fall into the wrong hands.
How do private keys work?
Private Keys act as passwords to blockchain addresses where your cryptocurrencies are kept. These keys are the only way to access a blockchain address, whether directly or via a wallet.
Private Keys work with Public Keys to create a pair. With public keys, you can receive cryptocurrencies from anyone, and with private keys, you can spend the crypto.
These keys are often alphanumeric strings of variable length (up to 256 characters) derived from the seed phrases of a wallet. A subsequent hash of the private key obtains the public key.
Can I recover private keys if I lose them?
Yes, you can recover private keys if you have kept the seed phrases safe, which you get while creating a new wallet.
If you have lost both private keys and seed phrases, it is impossible to recover them.
However, this problem will soon be solved when account abstraction arrives. This will provide a socially recoverable private key, with an email address or social media login used to recover it.
How do I keep my private keys safe?
Keeping your private keys safe is easy if you follow proper password hygiene.
- Always keep your private keys in a safe physical location, such as on paper or in a mnemonic case, and access them sparingly.
- Keep your frequently used wallets and investment wallets separate.
- Never write your private keys in online or digital documents, such as spreadsheets, docs, or PDFs.
- Never trust anyone with your private keys, whatsoever.
- Only enter private keys in your device when in a camera-free zone and a private zone.
Frequently Asked Questions
How much do private keys cost?
Private keys can be generated multiple times with your wallet. Even if you pay, it is for the mnemonic cases that can help you store them safely.
How to generate a new private key?
Simply create a new wallet, and it will generate a private key for you via a new seed phrase.
Can I create my own private key?
Yes, you can use OpenSSL for creating a new private key, but it is recommended for programmers and seasoned users.
Can I copy a private key?
A private key should never be copied anywhere. It should be written on a paper and stored safely.
