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Private Key

    A private key is a cryptographic number that allows individuals to sign transactions and create new receiving addresses for their wallet service. 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 system. 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 cryptography, users create their own private key, usually a long, complex string of letters and numbers.