What is a private key? The secret that controls your crypto
By SendPay Business · · 2 min read
A private key is a secret number that proves you control the crypto at a wallet address. Anyone who has it can move the funds, so it's the one thing you must never share.
Private key, public key and address
A private key creates a matching public key, and the wallet address is made from that. You can share your address to get paid; the private key stays secret and is used to sign transactions.
How it relates to a seed phrase
Most wallets back up private keys with a seed phrase of 12 or 24 words. Whoever has the seed phrase can recreate the keys, so it needs the same protection.
Keeping it safe
- Never type it into a website or share it with support staff.
- Keep backups offline, somewhere only you can reach.
- Consider a hardware wallet for larger amounts.
Where SendPay fits
On SendPay crypto exchange platforms, your customers buy, sell and hold crypto under your own brand, with assets held with regulated partners rather than in wallets customers manage themselves.
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Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
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What if a key is lost or stolen?
Compare single-key and multisig wallets.
Multisig wallet calculator →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.