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2021-11-16 09:20:09
WHAT ARE PASSPHRASE AND PRIVATE KEY IN CRYPTO?

What are Passphrase and Private Key?

Private Key and Passphrase are very important information that directly affects users' crypto assets. After creating a crypto wallet, you will receive a wallet address, Passphrase, and Private Key, or only Passphrase depending on different blockchain platform wallets.

In case you carelessly lose your Private Key/Passphrase, you will have no way of accessing the coins and tokens in your wallet. Anyone who owns your Private Key or Passphrase will have the ability to access your crypto assets wallet and you will be at risk of being hacked into all of your assets. 

=> Private Key and Passphrase are extremely important, you absolutely do not disclose to anyone. 

Private Key: 

The Private Key is a string formatted for connecting to a crypto wallet that is quite similar to the password of a bank account. For example:

2th22hgkas4kghav87vk9ev1lt7ol904p5gvcd23a

Passphrase: 

A passphrase is a regular sequence of 12-24 characters used to encode information. For example: 

gossip zebra bag rally life honey security payment small global leg settle

How to back up Passphrase and Private Key safely and securely

Normally, after creating a crypto wallet, you often have the habit of taking screenshots and storing your Passphrase/Private Key in the photo folder or “copy and paste” on electronic applications (messenger, telegram,...). But I do not recommend you to do this because some of the following reasons:

  • Firstly, important information saved by photos or sent to other applications is easily tracked, stolen by hackers, malicious code, or accidentally deleted by mistake.
  • Second, it is difficult for you to use when you need to confirm.

Here are some ways you can keep your Passphrase and Private Key safe and secure: 

  • Take notes on paper and keep them in a safe place.
  • Take notes and save them in your mail drive with multiples layers of security.
  • Should be backed up in many different places. There is no limit to where you can keep your private key, you can write and make multiple copies and keep it in different places so that if you lose one, you still have another to back up.
  • Using your own mnemonic to back up your Passphrase and Private Key. For example: Change 1-2 words in Private Key/Passphrase into other words with opposite meanings or some words you can remember.

Conclusion 

“Do not share your passphrase and private key to anyone: Your keys, your coins”.

If there are any questions, please feel free to join our community for further discussions about Crypto/Neko Wallet with our team and other members!