Every digital wallet has a “public” and a “private” key. Both keys are integral to performing successful transactions. The public key is used for depositing and receiving funds, whereas, the private key is used to send and withdraw cryptocurrencies.
The private key is made up of 51 alphanumeric characters. The public key is created through a complicated mathematical algorithm that transforms the private key into a public key. Thus, making it extremely hard to hack.
The private key is very important. If a user looses the private key, they will not be able to access their cryptocurrencies. The private key is stored within the digital wallet of a user.