What if you lost all of your Ethereum tomorrow? What would you do? You need to know about Ethereum Private Keys to keep your assets safe.
What is an Ethereum private key?
Your Ethereum Private key is like a password that gives you access to view and transfer Ethereum stored in your Ethereum Wallet. Furthermore, wallet addresses cannot be changed and every Ethereum account has one private key.
If you lose your wallet, or forget or mistype your wallet address, you will not be able to receive Ethereum. This means that any funds sent to the wrong wallet address will be lost forever and you won’t be able to get it back.
An Ethereum private key is randomly generated when a wallet is created. But, if your key is saved on a text file, computer or another device, it is more likely to be hacked and stolen.
What is a public key?
An Ethereum Public key is also a password but it is used to generate Ethereum addresses. It can be shared with anyone to complete transactions without worrying about security issues. This is because private keys cannot be generated from public keys.
How do you keep private keys safe?
Before we start with how to keep them safe, let’s discuss what not to do, as doing the following may lead to theft or loss:
1) Do not write it on a text file and leave it on your computer.
2) Do not email it to yourself.
3) Do not write it down on a piece of paper.
So what is the ONLY way to keep your Ethereum private keys safe?
Split it up, encrypt it and send it to a few people you trust. That way you can never forget or lose your Ethereum private keys again.
The only reliable and automated way to do that is to download Gridlock today!