11 Private Keys

11 Private Keys

You are your own bank

In the Bitcoin network, funds can be stored, send and received by using the ‘Private Key/Public Key’ system. Bitcoins are secured in your private key, which basically means ‘That special number that only you know’. Some number within the range of 1-10^72. Where did that number come from? As its a computer, computers think in binary numbers. So this system is 256 bits, ie 1 or 0, 256 times. So 10^72 is approximately 2^256. When you open a new wallet, you are given a ‘seed phrase’ which is just a collection of 24 words. These 24 words are converted to this number and that’s where your bitcoins will be able to be sent and received from. But just like what we described before, its like burying your treasure in some atom in the known universe.


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