What are private and public keys?

Private Key

A private key is a randomly generated sequence of alphanumeric characters, constituting the essential element for accessing and controlling the funds in a cryptocurrency wallet. It must remain secret and confidential. The private key is used to sign transactions, unlock funds and prove ownership of a wallet address.

The seedphrase

A seedphrase, or recovery phrase, is a series of random words used as a backup to access your cryptocurrency wallet. This phrase is generally made up of 12 to 24 words in a specific order and is generated when a new wallet is created. The seedphrase is essential as it can be used to restore access to your wallet in the event of your device being lost or crashing. It is crucial to keep this phrase safe and never share it with anyone.

Public Key

A public key is derived from the private key using cryptographic algorithms. Unlike the private key, the public key is shared with other users. It serves as an address for receiving funds. Funds can be transferred to this address, but to spend them, the corresponding private key must be used to sign the transaction.