You may have heard the phrase "not your keys, not your coins." In the crypto world, this emphasizes the importance of self-custody—holding your private keys to maintain full control over your assets.
This guide explains private and public keys, their roles, and how tools like OKX Wallet help you manage them securely.
TL;DR
- Sign Transactions: Private keys authorize transactions, ensuring only you can execute them.
- Seed Phrases: Human-readable 12–24 word backups for private keys.
- Receive Crypto: Public keys generate receiving addresses for secure transactions.
- Wallet Portability: Import wallets across devices using seed phrases or private keys.
How Cryptographic Keys Work
Every cryptocurrency wallet has paired addresses:
- Public Addresses: For receiving funds (like a mailbox).
- Private Keys: For accessing/spending funds (like a mailbox key).
👉 Learn how to secure your keys
Private Keys Explained
Private keys are complex, randomly generated passwords granting access to your crypto. Exposure = loss of funds. Example:
xprv9s21ZrQH143K49eAc63EJwi4... Seed Phrases (Backup Solution)
Seed phrases convert private keys into memorable 12–24 word sequences. Example:
"ginger fiber talk margin fresh hundred oxygen aim..."
Security Tip: Store offline—never digitally.
Passphrases (Extra Security)
Optional passphrases add a 25th custom word to seed phrases, thwarting unauthorized access even if the phrase is compromised.
Public Keys & Their Role
Public keys:
- Verify transactions signed by private keys.
- Generate multiple receiving addresses via hashing for privacy.
Key Insight: Public keys are safe to share; reverse-engineering private keys from them is near-impossible.
Storing & Transferring Keys
- Storage: Wallets like OKX handle encryption; users safeguard seed phrases offline.
- Transfer: Import wallets to new devices using seed phrases or exported private keys.
👉 Explore wallet migration steps
FAQs
1. Can I recover lost private keys?
Only with a pre-saved seed phrase or backup.
2. Are public keys visible on the blockchain?
Yes, but they reveal no actionable info about private keys.
3. Why use new receiving addresses per transaction?
Enhances privacy by obfuscating transaction links.
4. Is passphrase recovery possible if forgotten?
No—store it securely (e.g., engraved metal).
Disclaimer: This content is informational only. Digital assets involve risk; assess your financial capacity before trading. Consult professionals for tailored advice.
### SEO Keywords:
1. Private keys
2. Public keys
3. Seed phrases
4. Crypto security
5. OKX Wallet
6. Blockchain addresses
7. Passphrase encryption