Crypto and derivatives · updated October 21, 2026
What is a private key and a recovery (seed) phrase
A private key is a secret code you use to sign transactions from your wallet. Anyone who knows it can take all your coins. Most wallets turn it into a recovery phrase of 12 or 24 words that is easy to write down on paper.
How it works
Your public key is calculated from the private key, and from that the address where you receive coins. It does not work the other way: you cannot work out the key from the address. The recovery (seed) phrase rebuilds all the keys of the wallet on any new device. That is why it is the single most important thing to keep safe.
Worth knowing
The simple rule: you can give your address to anyone, like a bank account number. You never give your recovery phrase to anyone, ever, not even to "tech support".
When private key can fool you
No honest party asks for your phrase: not the platform, not the wallet maker, not an "adviser". Whoever asks wants to rob you. No recovery: if you lose it, there is no "forgot password" button. Digital copies: a photo on your phone or a file in your email can be stolen by malware.
Related terms
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Questions about private key
Where should I keep my recovery phrase?
Written on paper or stamped on a metal plate, kept somewhere safe, ideally in two separate places. Not on your phone, not in the cloud, not in photos.
If I have a platform account, do I have a private key?
No, the platform does. You only have your account password. That is why, if the platform freezes your account or goes bust, you cannot move the coins yourself.
These explanations are for information only. They are not a recommendation to buy or sell.
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