What Is a Private Key/Secret Key?
A private key, a secret key, is an alphanumeric string generated when creating a cryptocurrency wallet address.
It functions as a password or access code for the wallet.
Private Key Explanation | Source: Investopedia
Possession of the private key grants complete control over the associated wallet, including access to the funds within, the ability to transfer or trade assets, and perform other actions on the account.
Securing Your Assets
Due to the irreversible nature of blockchain technology and the cryptographic nature of private keys, it is impossible to change a private key.
If a user suspects that an unauthorized entity or person knows their private key, the only solution is to create a new wallet and transfer the funds to it for enhanced security.
Safeguarding Your Key to Security
Regardless of the method of generation and storage, it is crucial to protect private keys properly.
Users are advised to store them offline rather than on online devices.
Some options include writing them on paper and storing them in safes or deposit boxes.
Hardware wallets are a popular choice as they keep private keys offline.
There are also specialized holders made of fire-resistant materials like titanium available for storing private keys.