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YOUR Private Keys AREN'T Actually Private - Private Key Generation Process ExplainedA private key is like a password � a string of letters and numbers � that allows you to access and manage your crypto funds. When you first buy cryptocurrency. The idea is to keep private keys on two separate devices. For example, one private key is stored on a computer, the other on a mobile device. To send or receive BTC, you will first need a private key, which is generated free of charge for all new wallet owners. It functions like a.