Definition
A private key is secret cryptographic information used to perform operations such as creating digital signatures. In a typical cryptocurrency wallet, control of the relevant private key allows its holder to authorize spending when the remaining output or contract conditions are satisfied. The associated public key can be shared for verification without revealing the private key under the cryptographic system's security assumptions. A private key is not the same as a receiving address, transaction identifier, account password, or recovery phrase, although a recovery phrase may recreate many private keys. Losing the necessary keys without a usable backup can make funds inaccessible. Exposing them can let someone else authorize transactions without obtaining a separate account login. Security therefore involves generation quality, protected storage, reliable backups, and careful signing procedures. No legitimate payment recipient needs a sender's private key simply to receive cryptocurrency.
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