The popularity of bitcoin is increasing day by day, and frauds on the bitcoin network are also growing. When something gets popular, many people find a way to earn more because they blindly believe popular things and take advantage. Bitcoin is a decentralized system that means you are the only owner of your account. You are responsible for losing your bitcoins. You will never get back your bitcoin once lost. There are no third parties such as the government, banks, or other financial institutions. They will not help you get your bitcoins back because it is a decentralized system. It is your responsibility to take care of your bitcoin wallet. This article will discuss why you should not share your bitcoin private key with anyone and what will happen if you share your bitcoin private key? So, without wasting time, let’s understand how a bitcoin private key can cause you to lose your bitcoins.
Bitcoin in Brief
Bitcoin is the globally accepted currency that came into existence in 2008, and the founder of bitcoin is Satoshi Nakamoto. It is a decentralized system that means no third parties can control or manage it, such as the government, financial institutions, or banks. You are the actual owner of your wallet, and you can do anything with your bitcoin wallet, and no one can see your transactions or spending. Your identity is anonymous on bitcoin because the blockchain will only show the transaction amount with the transaction id. Still, no one can see your name, address, email, mobile number, etc. For more details, visit the https://profit-maximizer.app/.
What are the Bitcoin Keys?
Bitcoin keys are essential because you’re spending and receiving power depends upon these keys. Bitcoin wallets have a key that every bitcoin user gets while they create a new bitcoin wallet. There are the following two keys of bitcoin wallet that is essential given below: –
- Private key
- Public key
Private key: – Private key is the spending power of your bitcoin wallet. You can spend bitcoin with the help of a private key. And you must not share this key with anyone because if you transfer this key, anyone can withdraw bitcoin from your bitcoin wallet. Here, you will not get an OTP to confirm a bitcoin transaction. Once anyone gets your key, he will merely enter the key and easily withdraw Bitcoin to his account. So, you must not share your private key with anyone if you do not want to lose your bitcoins.
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The private key is the random address of the alphanumeric key that is very difficult to remember. A bitcoin private key is 256 bits long, and the following is the example of bitcoin that includes 64 characters from 0-9, and a-z is given below: –
Private key: -5JS1QGfvQ4nUP4n5ugCjkxypPADPKSba1xkuidwWLQ8X51iSGVJ
Public key: – The name describes, a public key means the public address of bitcoin which is shareable that means you can share it with anyone. The public address is you receiving power that means you can acquire bitcoin through the public discourse. If you want to accept bitcoin to your bitcoin wallet, copy your public key and send it to him.
Why You Should not Share Your Bitcoin Private Key?
The private key is the spending power of bitcoin. Once anyone gets access to your bitcoin private key, anyone can withdraw your bitcoins from your wallet. You cannot sue or contact someone to get your bitcoins back. You cannot get your bitcoin back once you’ve lost because third parties do not control it. You are the owner of your account, so it is your responsibility to take care of your account. There is the following way to withdrawal bitcoins through a bitcoin exchange wallet: –
Suppose you have a bitcoin wallet with five bitcoins, and you shared your bitcoin private key by mistake, or a hacker accessed your private key. Then there are the following steps how he will withdrawal bitcoins from your bitcoin wallet by using an exchange given below:
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- First, he will open his bitcoin exchange.
- Then he will click on the BTC (coin), and there will be two options (deposit and withdrawal).
- He will click on deposit, and then an exchange will ask for the address and paste the private key.
- He will enter the amount of bitcoin, and by clicking on the deposit, the bitcoins will deposit to his exchange wallet.
- Then he can transfer the bitcoin to another separate wallet or withdraw the money into his bank account.
So, it would help if you did not share your bitcoin private key because once you lose your bitcoin, you will never get it back.