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Home > Questions > What is a private key and what’s its purpose on the blockchain?

What is a private key and what’s its purpose on the blockchain?

5.34K viewsJuly 10, 2018BitcoinEthereumGeneral Questions
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Mike Mulhall201 July 10, 2018 0 Comments
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Mike Mulhall Changed status to publish July 10, 2018

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Mike Mulhall201 Posted July 10, 2018 0 Comments

A private key is a long sequence of numbers and/or characters that allows the holder of that key to access their wallet and send transactions on the blockchain. Every blockchain address has an associated private key.

Think of it as a kind of password to access your crypto coins.

See below for a sample of a Bitcoin private key:

E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262

Because anyone with the private key can access the wallet’s coins, it is very important to keep it secure.

When referring to hardware or paper wallets, this is a popular way of securely storing the private key.

It is important to note that while the private key should always be kept secure, your wallet address is public. Anyone can view the wallet’s balance and its transactions on a the blockchain. But they cannot access the wallet without the private key.

See below for a sample of a Bitcoin wallet address:

1AhTjUMztCihiTyA4K6E3QEpobjWLwKhkR

Mike Mulhall Changed status to publish July 10, 2018
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