Read THIS if you think Private Keys = Seed Phrase (2024)

Not your keys, not your coins.” I’m sure you’ve heard this well-known saying, especially during this uncertain time in the crypto space, with big exchanges going bankrupt one after another. It’s exciting to see the awareness of self-custody has been rising significantly lately. Check my previous article on why you should consider getting a cold wallet.

Read THIS if you think Private Keys = Seed Phrase (3)

However, I noticed something interesting. While I see the above saying everywhere, it seems a lot of people mistook ‘keys/ private keys’ for ‘seed phrases/ recovery phrases.’ If you are one of them, don’t worry! Let’s demystify this common misconception right now!

First thing first, do you know there are 2 types of keys in our crypto wallet?

Public keys (Wallet Address):
It serves the same purpose as your bank account number, essentially, it’s the receiving address of your wallet. Anyone can send crypto by using this public key to your wallet (hence it’s called public) without putting the security of your wallet at risk.

Public keys usually look something like this:

1BQFYQmcH16A1bJYnL6fWtgoyoNnz2ZnZp

Private keys:
It is the password to access your bank account. If anyone holds the private key of a crypto wallet, it means he/she has total control of that crypto wallet. Private keys serve the purpose of identifying the ownership of your wallet, so if you lose the private key, you lose access to your wallet. And if your private key is compromised or got stolen, then someone has control over the assets in your wallet; he/she can transfer them to another wallet as they please.

The private keys have a form of hexadecimal (hex) number, combined with long strings of numbers and characters, which is essentially a specific way of presenting very large numbers. These hex numbers can be recognized by computers easily while still manageable by humans.

Private keys usually look something like this:

L5JkWUqEyWEwUE6t4kF2EcPuNbEKW7RhSwfkARUqGBdD3LuoSvRk

Read THIS if you think Private Keys = Seed Phrase (2024)

FAQs

How do I find the seed phrase in a private key? ›

How to show your Seed Phrase/ Private Key
  1. Step 1: Click the Manage Wallet icon at the top left corner of the home screen;
  2. Step 2: Click the setting icon at the top right corner;
  3. Step 3: Click on the setting icon next to the wallet you want;
  4. Step 4: Click Show Key Info.
  5. Step 5: Copy or export the Seed Phrase/Private Key.
Jun 21, 2024

What is a 24 seed phrase to a private key? ›

A single 24 word seed phrase with a password/passphrase, along a particular path (called an HD path) will produce a particular private key. That private key will then produce a public key. That public key will then produce the public address.

Can you randomly guess a seed phrase? ›

Using large, random numbers to create wallets enables users to “open up a bitcoin account” without having to contact, trust or rely on anyone else. The large amount of theoretical wallets make it practically impossible for anyone to guess your seed phrase, not to mention “re-creating” your wallet by sheer accident.

How do you find the seed phrase? ›

To access the seed phrase or private key of your wallet in the browser extension, follow these steps:
  1. Click on the pencil icon located at the top of your wallet. This will open the settings menu.
  2. In the settings menu, you will find an option to view your seed phrase and private keys.
May 7, 2024

What happens if someone finds your seed phrase? ›

So, now you know that your seed phrase is a backup to all of your crypto wallet. This also means that if anyone else can get their hands on your set of 24 words, they can access your cryptocurrencies. As such, it's extremely important to keep your seed phrase secure.

Where do I find my private key? ›

Where's my private key?
  1. Open the Microsoft Management Console (MMC).
  2. In the Console Root, expand Certificates (Local Computer). Your certificate will be located in the Personal or Web Server folder.
  3. Locate and right click the certificate, click Export and follow the guided wizard.

Can I choose my own seed phrase? ›

It is extremely important that your seed phrase be randomly generated, so that it cannot be guessed or reverse-engineered. Seed phrases with more words have more entropy / randomness than those with fewer words. You could let your digital wallet generate a seed phrase for you.

How safe is a 24-word seed phrase? ›

However, seed phrases are considered very secure by modern standards. With a 12- or 24-word seed phrase out of 2048 possible words, determining the right words in the right sequence is almost impossible.

Have private key but not seed phrase? ›

Do I need a seed phrase if I have the private key? Though you do not need a seed phrase if you have a private key, seed phrases help for both organizational and security reasons. If you need to move your crypto assets to a different device, for example, having to write down a 256-bit number can be a tedious process.

Can a 12 word seed phrase be hacked? ›

Adequate Protection: With 2^128 possible combinations, the 12-word seed is a fortress against brute-force attacks.

What are the odds of guessing a bitcoin private key? ›

The probability of guessing a valid Bitcoin private key is 1 in 2²⁵⁶. Said like that, it might seem like a relatively simple task. But you might be very surprised to learn how futile such an attempt would be.

What is the most common seed phrase? ›

One of the most widely-used standards for seed phrases is BIP39 (Bitcoin Improvement Proposal 39). And while it was initially proposed for bitcoin wallets, it became a popular standard across the board. It outlines how crypto wallets generate the phrase and reinterprets each word for wallet recovery.

How to find Phantom wallet private key? ›

Navigate to your account settings. Find the customization or 'edit' section by clicking or tapping the pencil icon. Select “Show Private Key” to reveal your key.

How to see secret phrases on trust wallet app? ›

Step 1: Find your Recovery Phrase in your Trust Wallet
  1. Open the Trust Wallet app, then select “Settings”.
  2. Select “Wallets”.
  3. Select the wallet you want to view the recovery phrase for.
  4. Select the “i” symbol to open that wallet's settings.
  5. Select “Show Secret Phrase”.
Feb 22, 2024

What is a 12 word phrase in a blockchain? ›

A 12-word seed phrase acts as a key to unlock access to a crypto wallet and is also the ultimate recovery tool for wallets on the blockchain.

Are seed phrases private keys? ›

In short, seed phrases represent private keys in a different, easier-to-manage format.

How do I know if my private key has passphrase? ›

The easiest way in this case is to run some operation on them using ssh-keygen . If it will ask for a passphrase, it has one (or it is not a ssh key), if not it does not have a passphrase: $ ssh-keygen -yf rsa_enc Enter passphrase: $ ssh-keygen -yf rsa ssh-rsa AAAAB3NzaC1y...

Where is my seed phrase stored? ›

Storing seed phrases for the long term. Most people write down phrases on paper but they can be stored in many other ways such as memorizing, engraving or stamping on metal, writing in the margins of a book, chiselling into a stone tablet or any other creative and inventive way.

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