From the day bitcoin was born, the private key, the public key, and the address are an inseparable part of it, and most users rarely learn about private keys and how they work. However, having a little understanding of the private key can help you avoid the risks. Or maybe help you understand how Bitcoin (BTC) works.
So, what is a private key?
The private key(PK), also known as the PK, is a sophisticated form of encryption that allows users to access their cryptocurrencies. The PV is an indispensable aspect of bitcoin and altcoin, and its security helps protect users from theft and unauthorized access to money.
How does the PK work?
When dealing with cryptocurrencies, users are often provided with a public address and private key to send and receive coins or tokens. Public address is where money is sent and received. The PK can take several different forms, often described as a series of alphanumeric characters, making it difficult for hackers to crack. Most users represent their wallet keys in the wallet input format, which has 51 characters. Think of a public address as a mailbox and a PK is the key of the box. For anyone who really, can insert letters and small packages through opening in the mailbox. However, the only person who can access the contents of the mailbox is the person who has the unique key. Therefore, it is important to keep the security key because if the PK is stolen or received without permission, the mailbox may be compromised.
Private keys can also be stored with hardware wallets using smart cards or USB devices to create and secure offline. An offline software wallet can also be used for storage. This wallet has an offline partition for and an online department that has public keys stored. With the offline software wallet, a new transaction is transferred offline to be digitally signed and then transferred back online to be broadcast on the cryptocurrency network.
Features of PK
-PV is a number represented by 256 bits: in theory, we will have 2256 (~ 1077) PK, but in fact, Bitcoin uses a standard called secp256k1 ECDSA and makes the range a bit smaller but negligible, range is still a large number in that range and makes guessing it impossible.
– Lost PK, the account will be lost forever: “What if I lost my PK?”, I think that means it is almost impossible to find it by deducing from the pubic key, and bitcoin in it will be lost forever. In fact, we also have an investigation that shows that some of the bitcoins that exist today are derelict, maybe someone really forgot, or they didn’t know and delivered completely to the exchange, and Hacked trading platform. In the chart showing the share of bitcoin holding in a survey in October 2013, we can see that 4.1% of bitcoins are considered to be derelict.