Your Private Key
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Your Private Key
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Private keys are a crucial part of how crypto assets work. In this article we explain what they are, give an example, and show you how to find your private keys.
Private keys in the context of blockchain assets prove ownership of assets associated with a particular wallet address and allow you to access and spend the assets in that address.
Every address that you create, or own, has its own private key.
An easy way to think about private keys is by using the analogy of a bank.
If your wallet is like your online banking account, your private key is the login for the account, allowing you to go in and spend your money as you please.
Therefore, in the same way that you want to keep your online banking information safe, you must keep your private keys safe. Otherwise, anyone with the keys can “login” (access) your “account” (wallet) and drain it of your funds!
You must never give your private keys to anyone you don’t want accessing your crypto assets! There are many scams out there that will ask you for your private key. Never give out your private key, no matter how "safe" it seems.
Private keys are different from your public receiving addresses. Unlike public addresses, you should never share your private keys with anyone , even if they are sending you funds. This is an example of what a private key looks like.
The full address and full private key in the screenshot aren’t shown, but you can see that the address has its own corresponding private key. This private key gives whoever can access it, full access to the address (and the funds inside them).
When you first created your Exodus wallet, your private keys were created using your 12-word secret phrase . Your 12-word secret phrase, when run through a standardized algorithm or formula, turns into a seed integer or number that can be thought of as your master private key. When this “master” private key is run through a standardized algorithm, an almost endless amount of private and public keys can be created.
If it weren’t for the secret phrase, you would have to keep track of your private key for each and every address that you own. This of course would be a huge headache and an easy way to lose access to addresses (and the money inside them) if you have multiple assets (maybe some with multiple addresses) and aren’t a superstar recordkeeper.
Exodus makes it easy so that you never have to worry about your private keys and can manage your funds using one secret recovery phrase.
Since your secret 12-word recovery phrase is your “master” private key, it gives access to all your private keys (and their addresses with your funds). This is why it's important to always keep it safe and never share it with anyone, not even Exodus staff. Anyone who knows your secret phrase or any of your private keys will be able to steal your assets from anywhere.
If you'd like to learn how to view your private keys, please reference this page: How can I view my private keys?
Check out these videos to learn more about private keys:
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A private key is like a password — a string of letters and numbers — that allows you to access and manage your crypto funds.
When you first buy cryptocurrency, you are issued two keys: a public key, which works like an email address (meaning you can safely share it with others, allowing you to send or receive funds), and a private key, which is typically a string of letters and numbers (and which is not to be shared with anyone). You can think of the private key as a password that unlocks the virtual vault that holds your money. As long as you — and only you — have access to your private key, your funds are safe and can be managed anywhere in the world with an internet connection.
The system of public and private keys are one of the cryptographic innovations that make digital money possible and secure. Here is how they work.
Cryptocurrencies like Bitcoin and Ethereum are decentralized — meaning there is no bank or any other institution in the middle holding your digital money. Instead, your crypto is distributed across a network of computers via a technology called a blockchain. One feature of crypto blockchains is that they are open: all public key and transaction information is available for anyone to see.
Via some complicated math, your public key is actually generated by your private key, which makes them a matched pair. When you make a transaction using your public key, you verify that it’s really you by using your private key.
Even though everything is out in the open, it’s also anonymous — you don’t need to provide a name or address or any other information to use cryptocurrency.
Take Bitcoin, for example. Even though any curious observer can see when Bitcoin is bought or sold or used, only the holder of a private key can make those transactions.
Like any password, it’s crucial to keep your private keys safe. The two major ways to keep track of them are:
Store them online in a crypto wallet: The best and simplest option for most people is to use a virtual wallet, like the one offered by Coinbase, to manage your private keys. These are known as “hot” wallets, because your private keys are stored on the internet. This makes buying, selling, or using your digital money as convenient and accessible as using a credit card online. Choose a wallet provided by a company with a long track record for security and features like two-factor authentication.
Store them offline somewhere safe: Some investors choose to keep their private keys on a computer that isn’t connected to the internet, written on pieces of paper, or even just memorized. This is referred to as “cold storage,” and while it does protect your private key against digital theft, it makes using your cryptocurrency much less convenient while creating other risks.
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