How to store your coins in a secured wallet with a private key

Private keys

In the article 'How to store your coins in a secured wallet', we were talking about having access to your private keys. But what does that mean exactly? A private key is a line of code that corresponds with your public key, which are both present in your wallet. The public key is, as the word says, public and is used to generate your unique coin address. On this unique coin address you can receive your cryptocurrency. The private key should be for you and you only. So what can you do with that private key? For example, if you have ‘lost’ your wallet you can always restore the wallet with this private key. If the device or hardware you are running your wallet on breaks down, you can always restore your balance with this private key. Even with a brand new wallet, you can restore your 'old' balance, as long as you have the private key. In most cases, you can also encrypt this private key with a password. But be aware that if you somehow forget this password, you will lose your access to the wallet.

The picture below shows a simple visualization of the public and private key process. The private key stays in your possession and can not be shared with others. For safety reasons, we advise you to save/store your private key offline, for example on a USB flash drive. The public key is linked to your coin address on which you can receive cryptocurrency. A public key can not be used to send coins and transfer them somewhere else. The public key generates receive addresses and they can only be used to receive coins.

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Tom (left) gives his unique coin address to Alice (right) using his public key. Tom's private key stays in his possession.

Responsibility

Although we recommend these wallets, we are not responsible for any issues or problems regarding that specific wallet. Anycoin Direct is not a wallet provider. You can not store coins on our website. If you do have any issues regarding the wallet itself, we advise you to contact their customer support.

The wallets we recommend can change due to the fact that all these technologies are in constant development.

Thank you for using Anycoin Direct! If you still have any questions regarding wallets or any question in general, do not hesitate to contact us through live chat (bottom-right on every page of our site), email (support@anycoindirect.eu), support ticket or by giving us a call (+31 (0) 413 747 174)

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