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Private key

This page contains sample addresses and/or private keys. Do not send bitcoins to or import any sample keys; you will lose your money.

A Private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. Every Bitcoin wallet contains one or more private keys, which Lost private key bitcoin mining saved in the wallet file. The private keys are mathematically related to all Bitcoin addresses generated for the wallet.

Because the private key is the "ticket" that allows someone to spend bitcoins, it is important that these are kept secret and safe. Private keys can be kept on computer files, but are also often written on paper.

Private keys themselves are almost never handled by the user, instead the user will typically be given a seed phrase that encodes the same information as private keys.

Some wallets allow private keys to be imported without generating any transactions while other wallets or services require that the private key be swept. When a private key is swept, a transaction is broadcast that sends the balance controlled by the private key to a new address in the wallet. Just as with any other transaction, there is risk of swept transactions to be double-spending.

In contrast, bitcoind provides a facility to import a private key without creating a sweep transaction. This is considered very dangerous, and not intended to be used even by power users or experts except in very specific cases. Importing keys could lead to the Bitcoins being stolen at any time, from a wallet which has imported an untrusted or otherwise insecure private key - this can Lost private key bitcoin mining private keys generated offline and never seen by someone else[1][2].

An example private key

In Bitcoin, a private key is a 256-bit number, which can be represented one of several ways. Here is a private key in hexadecimal - 256 bits in hexadecimal is 32 bytes, or 64 characters in the range 0-9 or A-F.

E9873D79C6D87DC0FB6A5778633389_SAMPLE_PRIVATE_KEY_DO_NOT_IMPORT_F4453213303DA61F20BD67FC233AA33262

Range of valid ECDSA private keys

Nearly every 256-bit number is a valid ECDSA private key. Specifically, any 256-bit number from 0x1 to 0xFFFF FFFF FFFF FFFF FFFF FFFF FFFF FFFE BAAE DCE6 AF48 A03B BFD2 5E8C D036 4140 is a valid private key.

The range of valid private keys is Lost private key bitcoin mining by the secp256k1 ECDSA standard used by Bitcoin.

Hierarchical Deterministic (HD) Wallet Keys

Main article: Hierarchical deterministic wallet

Wallet software may use a BIP 32 seed to generate many private keys and corresponding public keys from a single secret value. This is called a Hierarchical deterministic wallet, or HD wallet for short. The seed value, or Master extended key, consists of a 256-bit private key and a 256-bit Chain code, for 512 bits in total. The Lost private key bitcoin mining value should not be confused with the private keys used directly to sign Bitcoin transactions.

Users are strongly advised to use HD wallets, for safety reasons: An HD wallet only needs to be backed up once typically using a seed phrase; thereafter in the future, that single backup can always deterministically regenerate the same private keys. Therefore, it can safely recover all addresses, and all funds sent to those addresses. Non-HD wallets generate a new randomly-selected private key for each Lost private key bitcoin mining address; therefore, if the Lost private key bitcoin mining file is Lost private key bitcoin mining or damaged, the user will irretrievably lose all funds received to addresses generated after the most recent backup.

Base58 Wallet Import format

Main article: Wallet import format

When importing or sweeping ECDSA private keys, a shorter format known as wallet import format is often used, which offers a few advantages. The wallet import format is shorter, and includes built-in error checking codes so that typos can be automatically detected and/or corrected (which is impossible in hex format) and type bits indicating how it is intended to be used. Wallet import format is the most common way to represent private keys in Bitcoin. For private keys associated with uncompressed public keys, they are 51 characters and always start with the number 5 on mainnet (9 on testnet). Private keys associated with compressed public keys are 52 characters and start with a capital L or K on mainnet (c on testnet). This is the same private key in (mainnet) wallet import format:

5Kb8kLf9zgWQnogidDA76Mz_SAMPLE_PRIVATE_KEY_DO_NOT_IMPORT_PL6TsZZY36hWXMssSzNydYXYB9KF

When a WIF private key is imported, it always corresponds to exactly one Bitcoin address. Any utility which performs the conversion can display the matching Bitcoin address. The mathematical conversion is somewhat complex and best left to a computer, but it's notable that the WIF guarantees it will always correspond to the same address no matter which program is used to convert it.

The Bitcoin address implemented using the sample above is: 1CC3X2gu58d6wXUW_SAMPLE_ADDRESS_DO_NOT_SEND_MffpuzN9JAfTUWu4Kj

Mini private key format

Main article: Mini private key format

Some applications use the mini private key format. Not every private key or Bitcoin address has a corresponding mini private key - they have to be generated a certain way in order to ensure a mini private key exists for an address. The mini private key is used for applications where space is critical, such as in QR codes and in Lost private key bitcoin mining bitcoins. The above example has a mini key, which is:

SzavMBLoXU6_SAMPLE_PRIVATE_KEY_DO_NOT_IMPORT_kDrqtUVmffv

Summary

Any Lost private key bitcoin mining sent to the address 1CC3X2gu58d6wXUW_SAMPLE_ADDRESS_DO_NOT_SEND_MffpuzN9JAfTUWu4Kj can be spent by anybody who knows the private key implementing it in Any of the three formats, regardless of when the bitcoins were sent, unless the wallet receiving them has since made use of the coins generated. The private key is only needed to spend the bitcoins, not necessarily to see the value of them.

If a private key controlling unspent bitcoins is compromised or stolen, the value can only be protected if it is immediately spent to a different output which is secure. Because bitcoins can only be spent once, when they are spent using a private key, the private key becomes worthless. It is often possible, but inadvisable and insecure, to use the address implemented by the private key again, in which case the same private key would be reused.

See Also

References

Post Digital Network

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Securing your wallet

Be careful with online services

You should be wary of any service designed to store your money online. Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and bitcion to be used to store money like a bank. Accordingly, you might want to use other types of Bitcoin wallets. Otherwise, you should choose such services very carefully. Additionally, using two-factor authentication is recommended.

Small amounts for everyday uses

A Bitcoin wallet is like a wallet with cash. If you wouldn't keep a thousand dollars in your pocket, you might want to have the same consideration for your Bitcoin wallet. In general, it is a good practice to keep only small amounts of bitcoins on your computer, mobile, or server for everyday uses and to keep the remaining part privae your funds in a safer environment.

Backup your ky Lost private key bitcoin mining a safe place, a backup of your wallet can protect you against computer Lost private key bitcoin mining and many human mistakes. It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted.

Backup your entire wallet

Some wallets use many hidden private loost internally. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup.

Encrypt online backups

Any backup that is stored online is highly vulnerable to theft. Even a computer that is connected to the Internet is vulnerable to malicious software. As such, encrypting any backup that is exposed to the network is a good security practice.

Use many secure Lost private key bitcoin mining points of failure are bad for security. If your backup is not dependent of a single location, it is less likely that bticoin bad event will prevent you to recover your wallet. You might also want to consider using different medias like Lost private key bitcoin mining keys, papers and CDs.

Make regular backups

You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup. However, all applications will be soon using wallets that only need to be backed up once.

Encrypt your wallet

Encrypting your wallet or your smartphone allows you to set a password for anyone trying to withdraw any funds. This helps protect against thieves, though it cannot protect against keylogging hardware or software.

Never forget Lost private key bitcoin mining password

You should make sure you never forget the password or your funds will be permanently lost. Unlike your bank, there are very limited password recovery options with Bitcoin. In fact, you should be able to remember your password even after many years without using it. In doubt, you might want to keep a paper copy of your password in a safe place like a vault.

Use a strong password

Any password Lost private key bitcoin mining contains only letters or recognizable words can be considered very weak and easy to break. A strong password must contain letters, numbers, punctuation marks and must be at least priate characters long. The most secure passwords are those generated by programs designed specifically for that purpose. Strong passwords are usually harder to remember, so you should take care in memorizing it.

Offline wallet for savings

An offline wallet, also known as cold storage, provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities. Using an offline wallet in conjunction with backups and encryption is also a good practice. Here is an overview of some approaches.

Offline transaction signing

This approach involves having two computers sharing some parts of the same wallet. The first one must be disconnected from any network. It is the only one that holds the entire wallet and is able to sign transactions. The second computer is connected to the network and only has a watching wallet that can only create unsigned transactions. This way, you can securely issue new transactions with the following steps.

Create a new transaction on the online computer and save it on an USB key. Sign the transaction with the offline computer. Send the signed transaction with the online computer.

Because the computer that is connected to the network cannot sign transactions, it cannot be used to withdraw Lost private key bitcoin mining funds Lost private key bitcoin mining it is compromised. Armory can be used to do offline transaction signature.

Hardware wallets

Hardware wallets are the best balance between very high security and ease of use. These are little devices that are designed from the root to be a wallet and nothing else. No software can be installed on them, making them very secure against computer vulnerabilities and online thieves. Because they can allow backup, you can recover your funds if you lose the device.

Keep your software up to date

Using the latest version of your Lost private key bitcoin mining software allows you to receive important stability and security fixes. Updates can prevent problems of various severity, include new useful features and help keep your wallet safe. Installing Lost private key bitcoin mining for all other software on your computer or mobile is also important to keep your wallet environment safer.

Multi-signature to protect against theft

Bitcoin includes a multi-signature feature that allows a transaction to require multiple independent approvals to be spent. This can be used by an organization to give mininh members access to its treasury while only allowing a withdrawal if 3 of 5 members sign bticoin transaction. Some web wallets also provide multi-signature wallets, allowing the user to keep control privwte their money while preventing a thief from stealing funds by compromising a single device or server.

Think about your testament

Your Lost private key bitcoin mining can be lost forever if you don't have a backup plan for your peers and family. If the location of your wallets or your passwords are not known by anyone when you are gone, there is no hope that Lost private key bitcoin mining funds will ever privqte recovered. Taking a bit of time on these matters can make a huge difference.