What do wallets and keys do?

What can you share?

A receiving address lets someone send bitcoin to you. It is not a password and does not give permission to spend.

A private key is secret information used to approve spending. The wallet makes a digital signature so other computers can check that approval without seeing the key. A public key helps with that check; it is related to an address but is not the same thing.

What are recovery words?

Many wallets give you a seed phrase, also called a recovery phrase: an ordered list of words used to restore the keys. It is often 12 or 24 words.

Anyone who gets those words may be able to spend your bitcoin. Keep them offline and private. Avoid screenshots, email and shared documents. Follow the wallet's exact backup instructions, including any extra recovery settings.

Who holds the keys?

If you hold and manage the keys, that is self-custody. You are responsible for the backup and its safety. If a service holds them, you rely on that service for access. An account password is different from a spending key.

“Not your keys, not your coins” is a common saying about this difference in control. Managing your own keys also brings responsibility: losing the keys and backup can be permanent.

A hot wallet has keys accessible on an internet-connected device. Cold storage keeps spending keys offline. Both need careful backups.

What should you check first?

• Keep private keys and recovery words private, including from anyone claiming to offer support.
• Follow the wallet's official backup instructions and protect the backup from damage and other people's access.
• Use official software sources and keep devices updated.
• Before approving a payment, check the receiving address, amount and fee.
• Pause if someone rushes you or asks you to enter recovery words into an unexpected link.