CryptoURANUS Economics: 08/09/18


Thursday, August 9, 2018


Defined in Cryptocurrency

A Private-Key is a randomly generated secret number that must only be known to the owner of the associated address, and no-one else.

Private-keys are contained in a wallet and are mathematically linked to the corresponding public-keys.

A Private-Key can be used to spend the funds that are associated with a specific address and should always be kept private.

Publicly sharing a Private-Key will result in a loss of funds; -i.e. most likely theft.

Private-Key are generated locally on your Trezor-device and never leave the device.

The Private-Key is defined as a string of letters and numbers known only by the owner that is used to spend cryptocurrency.

NEVER SHARE your Private-Key with anyone unless you want someone else to be able to theft, and-or own all of your money!

Your Private-Key is your most prized possession as your password is to access your cryptocurrency account(s) and must always be in private.

Compare a Private-Key with a Public-Key and address:
Your Public-Key is rarely ever used, but you can use it to receive cryptocurrency in trust.

Your address is a safer version of your Public-Key and is what you should use to receive money.

Private-Key for Trezor devices are generated based on a recovery-seed and (optional) passphrase.

In addition to creating and signing transactions, Private-Key can be used in the Trezor-Wallet to sign messages from a specific address to prove ownership of that address.

See also Account private key

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Mnemonic Phrase: Defined in CryptoCurrency

Mnemonic Phrase: Defined in CryptoCurrency

A mnemonic phrase (also mnemonic seed or seed phrase) is defined as a secret list of words used in sequence to gain access to your cryptocurrencies.


“Mnemonic” just means a memory aid such as rhymes, abbreviations and songs that help you remember something else. A mnemonic phrase is a group words, often 12 or more, created when a new wallet is made to store your cryptocurrency.

If your the computer running your wallet broke, you could use your mnemonic phrase to recover your wallet and crypto. The words must be typed in exactly in the same sequence they were created.

Most people store their phrases on a piece of paper and then keep that in a safe place. Your phrase must be kept secret, anyone who discovers it can steal your crypto.

Mnemonic is pronounced: nuh-mon-ic.