Some helpful information to keep your funds safe
As the names suggest, the private key is an encrypted key (string of letters and numbers) that grants access to the funds within your crypto wallet. When you first create your wallet, you will be given both the private key and a recovery “seed” phrase. If the private key is ever lost or destroyed, the recovery phrase can regenerate the key, and restore the wallet on ANY device.
It is strongly recommended to create physical copies of your private key and/or recovery phrase, and store them both in a secure location. Without either one, it is virtually impossible to access your funds.
First and foremost, the golden rule of crypto is to NEVER share your private key with anyone. There are many common scams which trick users into revealing or sharing their private key. These schemes can be very elaborate, so it is recommended to abide by this golden rule in all situations.
Here are just a few of the common ways scammers try to take users’ keys in order to steal funds:
That said, there are only a few reasons one would need to expose or export their private key. Once your wallet is created, you will be able to use your wallet without exposing the private key. Most hot wallets will let you enter a password into the app, as the private key is stored on the device itself, and remains hidden.
If you wanted to move your funds to a different wallet application, (i.e. from Metamask to a crypto wallet) you would need the private key to do so. Another common reason to expose your private key is to create a fresh backup of the key, to store in a secure location.
Want to learn more about private keys and how they are different from your public wallet address? Check out this article.