Private key

A private key is a secret number that lets a wallet produce a digital signature authorising a Bitcoin transaction. It is not an account password and there is no password-reset service.

In a single-key wallet, someone with the private key can spend the Bitcoin. In multisig, the required number of independent keys must sign. BlockByte never holds or has access to client keys.

Related terms

Seed phrase - The 12 or 24 words that can regenerate a Bitcoin wallet's keys.
Hardware wallet - A dedicated device that keeps signing keys separate from an internet-connected computer.
2-of-3 - A multisig wallet where any two of three independent keys must approve spending.

Common questions

Private key: common questions

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