January 25, 2024

What are Private Keys?

In the world of cryptocurrencies, safety is essential. One significant component of this safety is the concept of a private key. This cryptographic component is critical to accessing and regulating your digital assets. In this article, we will discuss the definition of private keys in the field of crypto and digital wallets, their function and importance for the protection of crypto assets.


Introduction to Private Keys

A private key is a 256-bit number that gives you access to your digital wallet and your assets.


Private keys are not to be confused with passwords used to log into cryptocurrency accounts. They play a more significant role. Private keys demonstrate that you are the true owner of the blockchain addresses that hold your assets. They authorize transactions that allow you to spend or move your cryptocurrency.


Protecting your private keys is one of the most significant roles that comes with entering the crypto world. Since your private key is stored in your cryptocurrency wallet, it's important to ensure that it is safe and secure.


The Importance of Private Keys

Private keys are essential to maintaining security and ownership in the digital wallet community. They're employed to perform transactions and authenticate the ownership of resources. Without private keys, anyone would have access to your cryptocurrency, and you would lose them permanently.


The bond between private keys and public keys is also important. The public and private keys consist of the cryptographic components of the public key. These keys are responsible for performing encryption and decryption. One private key cannot have more than one public key, and vice versa. To put it more simply: both come in pairs - a private/public key can only be used with the public/private key associated with it.


Security Practices for Private Keys

Preserving your personal keys is crucial to the safety of your cryptocurrency. Here are some of the best methods of keeping your personal keys safe:


1. Use a hardware wallet.

A hardware wallet is a physical device that stores private keys offline. Hardware wallets come in all shapes and sizes, but they all work the same way. They generate private keys and store them on your device so you can easily access your funds when you need them.

Hardware wallet examples: Ledger Nano S, Trezor, KeepKey.


2. Use a complex password.

Employ a complex password that is resistant to guesswork. Don't utilize common vocabulary or phrases.


3. Keep your personal key offline.

Don't keep your personal key on your computer or cell phone. Alternatively, write it down on a separate sheet of paper and store it in a secure location. 


Moreover, you can use a paper wallet. The private key is printed on a physical piece of paper and stored in a secure location. Websites like bitaddress.org help users create paper wallets. However, make sure the paper and ink are of high quality to prevent deterioration over time.


4. Allow two-factor authentication (2FA).

Two-factor authentication increases the security of your crypto assets by adding an extra layer of verification.


5. Back-up your private key

Keep a backup copy of your private key in case the original key is lost or compromised. However, be sure to store private key backups securely, such as in a secure off-site location. Think of your backup as the original key.


* Common Mistakes to Avoid Losing Access to Crypto Assets

Having access to your private key is vital to keeping your crypto assets. Here are some of the most common errors to avoid:


1. Losing your safe (seed/recovery) phrase.

Your safe phrase is a phrase that can be used to access your cryptocurrency wallet and is crucial to regaining your private key if you lose it. Ensure that you safeguard it in a safe place.


2. Disclosing your personal key.

Never share your personal key with anyone. It should remain confidential at every opportunity.


3. Using a weak password.

Using a weak password can make it easier to decrypt your private key.


What Happens if You Lose Your Private Key?

In cryptocurrency, a private key is a code similar to a password used to authorize cryptographic transactions. These keys are the only way to access your cryptocurrency. Therefore, it is important to protect them using the latest and most reliable storage technologies, because losing your private key can lead to an eternity of lack of access to your cryptocurrency.


As of 2023, the best way to protect your keys is to use a non-custodial wallet, that can also be connected to a hardware wallet for enhanced security. That’s where Nonbank comes in.


How Private Keys Work in Nonbank

Nonbank is a digital wallet that employs private keys to safeguard your cryptocurrency. The platform brings together the best of custodial and non-custodial worlds to provide a revolutionary way how you can interact with your finances and safeguard your keys. Nonbank’s non-custodial features ensure that only you have access to your private keys, and the platform does not keep them on its servers. 


But that’s not all. Another option that can help you secure your private keys is to connect a hardware wallet to your Nonbank wallet. It is important, as a hardware wallet is a physical device that securely stores your private keys offline. It surely provides extra protection by keeping your keys away from potential online threats. By combining a Nonbank wallet with a hardware wallet, you can better protect your assets and private keys.


Such functions offer you an extra layer of protection, but always keep in mind that even with these features, you also need to take care of your wallet’s security and make sure that all the possible threats are eliminated. How? Just stick to the methods of keeping your personal keys safe, mentioned above.



Ultimately, understanding and safely handling private keys is essential to the safety of your cryptocurrency.


Nonbank is a dependable and user-friendly platform for managing cryptocurrency. By following the most effective methods for safeguarding your personal keys and avoiding common errors, you can be sure that you possess full control over your assets at all times.

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