Private Key

A private key, similar to a password, is used to access a digital crypto wallet and also proves the ownership of the private key holder of blockchain assets. It is a unique alphanumeric code generated by a cryptocurrency wallet. Private keys are typically 256 digits long, but for convenience, they are often represented in hexadecimal form.

If someone loses their private key, they will be unable to withdraw their crypto assets; therefore, it is crucial to store the private keys in a secure location. They can either be written on paper or converted into a QR code.