What's a private key/seed phrase?
Diving into the Web3 world, users have control over their assets. Although this realm offers infinite freedom and prosperity, there are also infinite dangers that come with it. When you create a wallet account and verify your identity, you'll see there are 2 key terms: private key and seed phrase. Both of these terms help to ensure the security of your wallet.
Private key
The private key is a string composed of letters and numbers. It typically has a length of 64 bits, though the length may vary depending on the chain. The private key is used to create signatures in a blockchain transaction, which serves to prove ownership of the funds being paid for.
It's the secret half of your address and is a string of 64 hexadecimal characters. If you write down your private key differently today than yesterday, you'll be accessing a different wallet. Never write your private key by hand.
A private key typically looks like this: afdfd9c3d2095ef696594f6cedcae59e72dcd697e2a7521b1578140422a4f890
Without your private key, you can't access your funds. It keeps your funds secure and easier to retrieve. Take note that you can save the private key using a keystore (file or string) or seed phrase.
The wallet address is akin to a bank card number, which can be made public without much risk as long as the password remains hidden. The private key acts as an authentication for the wallet address, similar to a bank card number and its associated password. Thus, it's essential to maintain the secrecy of the private key in order to maintain control over the funds in your wallet.
Through the private key, it can deduce the wallet address. Therefore, you'll also need to be wary of strangers who offer to share their private key with you, it isn't advisable to use others' private key without taking proper precautions.
You can view your private key by backing up the wallet. However, if the wallet is deleted, and the private key is forgotten or lost, it can't be recovered, meaning any assets associated with the private key can't be retrieved. Therefore, it's essential to keep the private key safe.
Seed phrase
Seed phrase provides an alternative way to represent private keys, which are typically 64 characters long and composed of numbers and letters. This makes remembering the key easier, as seed phrases are more memorable than a string of random characters.
The seed phase of a wallet typically consists of 12 or 24 English words. If you remember the order of these words, you can easily restore the wallet and use it.
It's essential to safeguard the seed phrase, as owning a seed phrase is the same as owning a private key and having power over the wallet assets. Never trust someone who offers you a seed phrase and always be cautious if a stranger shares a seed phrase with you.
When using a seed phrase, you need to pay attention to the following points:
After creating a wallet in the app, please back up the seed phrase immediately.
When backing up a seed phrase, you should use physical media, such as copying on paper. To keep your assets safe, don't screenshot.
To ensure that the backup seed phrase is correct, proofread the seed phrase multiple times and you can import the seed phrase to the Ether wallet to verify.
Be sure to take care of your seed phrase that you've backed up.
You can view and backup your seed phrase in your wallet. However, if the wallet is deleted and the seed phrase is forgotten or lost, it can't be retrieved and the assets related to it can't be recovered.
How do I use a private key and seed phrase in OKX wallet?
Create a new OKX wallet
You'll need to note down your seed phrase and keep it safe without telling anyone.
On the web: back up your seed phrase when creating a new OKX wallet
On the app: note down your seed phrase when creating a new OKX wallet
Note: make sure to keep your private key, seed phrase and password safe and never share with others to avoid any losses.
Export an existing wallet
Head to Wallet management and choose Back up wallet
Select Wallet management to view the option of Back up wallet
From there, you’ll have the option to either write down your seed phrase or view your private keys for each cryptocurrency, as shown below:
Import an existing wallet
You can enter your seed phrase or private key to import an existing wallet.
Example on the web: import via seed phrase
Example on the app: import via private key
If you'd would like to know more about how to manage your OKX wallet, you're welcome to visit here.