After entering the blockchain world, we often hear the terms ‘private key’ and ‘mnemonic phrase’. Especially when it comes to registering an Online casino and How to find it wallet, you will be prompted with ‘private key lost and cannot be recovered’, ‘how important the mnemonic phrase is’…

　　This article will introduce to you what ‘private key’ and ‘mnemonic phrase’ are, and what are the relationships and differences between the two!

　　The private key (Private Key) is the most critical thing in managing and using encrypted currenciesdownload lottery download and The latest method. When registering an Online casino and How to find it wallet, a 64-character string private key will be automatically generated for you.

　　A wallet has only one private key and cannot be modified. By importing the private key into the wallet and setting a password (you do not need to enter the original password), you can enter the wallet and have control over this wallet, and you can transfer all the currency in the wallet.

　　For users of encrypted currencies, the private key determines ownership, and only by owning the private key can one control the corresponding encrypted assets. In short, if the private key is lost, it means that your currency is also lost.

　　The private key is composed of a 64-bit hexadecimal character generated by an encryption algorithm

　　For example, the following string, this is the common form of the private key we often see:

　　5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss

　　(PS: The private key usually starts with 5, K, or L)

　　The private key mainly has the following 3 functions:

　　1. Your receiving address is calculated and generated by the private key

　　2. Your transactions are authorized and sent out by the private key

　　3. Your assets are restored in the wallet with the help of the private key

　　The generation method of the private key is completely random, and the random generation of such strings has 16^64 possibilities, that is: 2^256. A wallet has only one private key and cannot be modified. In normal circumstances, the probability that the private key you generate is exactly the same as that of others is almost zero.

　　However, the form of private key is too complex to store and remember, so mnemonic phrase tools came into being.lottery local and The most exciting gameplay

　　The mnemonic phrase (Recovery Phrase) is another form of private key. It converts the 64-bit private key into several common English words through an algorithm, making it much easier to remember.

　　Mnemonic phrases are generally composed of 12, 15, 18, 21, or 24 words, which are all taken from a fixed word list, and their generation sequence is also based on a certain algorithm.

　　A single mnemonic phrase can generate an infinite number of private keys, so a single mnemonic phrase can manage all wallet addresses under the wallet account.

　　Anyone who gets your mnemonic phrase can easily take away your assets. Therefore, after users back up the mnemonic phrase,

　　Currently, the most common mnemonic phrase used in Online casino and How to find it wallet is a set of 12 words.

　　1. health 2. fine 3. profit 4. below

　　5. crowd 6. wish 7. task 8. gown

　　9. mind 10. surge 11. apple 12. max

　　(PS: The above is all I made up, don’t take it seriously)

　　One must pay attention to three points:

　　1. Back up the mnemonic phrase. It is best to write the mnemonic phrase down with a pen on paper, do not use connected devices (such as WeChat, screenshots, emails, etc.), to prevent them from being stolen by hackers;

　　2. It is very important to confirm multiple times that the backed up mnemonic phrase is correct. Once a few words are copied incorrectly, it will bring great difficulties to finding the correct mnemonic phrase later on;

　　3. After backing up the mnemonic phrase, it must be kept properly, as losing it may result in the coins being irrecoverable.

　　In fact, mnemonic phrases and private keys are consistent in function. ‘Private key’ and ‘mnemonic phrase’ are both channels to open your wallet; even if the private key is lost, you can still enter the wallet using the mnemonic phrase;

　　In simple terms, the public key is similar to the ‘account number ID’ given by the wallet development platform to a customer, the private key is the ‘password’ of the account, and the mnemonic phrase is a ‘tool to remind you to recover the password’. Only when the public key and private key match completely can investors perform various operations on the virtual currency in the wallet.

　　Mnemonic phrases are mainly used to make it easier for you to remember private keysentrance lottery entrance and The latest method. The string of private keys has no pattern, while mnemonic phrases have a certain pattern.

　　Mnemonic phrases do not need to be case-sensitive and are common words, which are much more convenient to use than private keys. Therefore, in recent years, mnemonic phrase wallets have gradually become the mainstream wallets.

　　Mnemonic phrases have the same function as private keys and both need to be kept properly. Losing one of them may cause your coins to be stolen, and if both are lost, your coins will never be recoverable!

　　PS: If you are confused about private keys and mnemonic phrases, it is not recommended to use Online casino and How to find it wallet, as it is easy to lose your encrypted assets. It is best to try small amounts!