A private key is a cryptographic numberA cryptographic number is a mathematical value used in the process of encryption and decryption. Read More that allows individuals to sign transactions and create new receiving addresses for their wallet serviceA wallet service is a platform that allows users to store, send, and receive cryptocurrencies. It also provides a way... Read More. This number is unique per user, and the value of the key must remain secret from others for security purposes. A private key is essential to the security of a cryptocurrency systemA cryptocurrency system is a decentralized peer-to-peer network that secures and validates transactions. It uses cryptography to convert legible information... Read More. Generating a private key involves a mathematical algorithm to create a random number. This same number is used to generate one or more public keys to share with others. In public-key cryptographyPublic-key cryptography is an encryption method employing two types of keys: a public key and a private key. Anyone with... Read More, users create their own private key, usually a long, complex string of letters and numbers.
