Definition of Private keys
A private key is a sequence of numbers used in cryptography. It functions the same way as a password, to gain access to private property. Its second function in cryptocurrency is for signing transactions and proving ownership of a blockchain address.
Private Keys used in a sentence
‘’I lost my private key for this wallet address, now I will never have access to my funds again!’’
‘’I have stored my private keys somewhere safe! No-one will ever find them.’’
‘’Not your keys, not your crypto!’’
Understanding private keys
Cryptocurrencies are controlled through a set of digital keys and addresses, representing ownership and control of virtual tokens. Anyone can deposit crypto or any other token in any public wallet address. But even though an individual has tokens deposited into their wallet, they won’t be able to withdraw or transfer them without the unique private key.
Private keys can take a few different forms. In ordinary, base-ten notation, a private key would be hundreds of digits long. So long that it would take years to crack a private key by brute force. For simplicity, private keys are usually expressed as a string of alphanumeric characters.