Alan Shaw
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  • Alan's Blog

  • Jun 9th 2022 at 9:58 AM
    What is a Private Key Wallet?

    A private key wallet–also known as a non-custodial wallet–is like having a locked mailbox that only you can access.

    But unlike a regular mailbox with a physical key, the “key” in a private key wallet is a string of random words called a “seed phrase.”

    Why is a private key wallet important?
    With a private key wallet, you have a “mailbox” (address) on a blockchain ––that isn’t publicly linked to your name or residence––where you can send and receive crypto.

    Again, only you have the key to this “mailbox,” but you can give the public address to anyone you want to send you crypto.

    Who has the keys to your crypto?
    While having a private key wallet gives you the most control over your funds, it comes with the responsibility of keeping your keys safe. This is the origin of the popular crypto phrase “not your keys, not your crypto.”

    With a real private mailbox, if someone has the public address and the key, they can steal your mail and it’s the same with a private key wallet.

    If someone knows the public address of your wallet and has your private key, they can steal your funds.

    What are the benefits of a private key wallet?
    The main benefit is security.

    While the post office can open up mailboxes, there's one major difference between that and your private key wallet: cannot open your mailbox under any circumstances––only you can.

    Simply put, with a private key wallet, no one else has access to or control of your funds unless they have your seed phrase.

    What can I do with my private key wallet?
    You can use your Private Key Wallet to:

    Send to and receive from any external address
    Swap to and from popular cryptos
    Send to, and receive from, your Trading Account

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