What you need to know about BlockBank Private Keys and how to keep them safe
BlockBank comes with a non-custodial wallet that allows you to be your own bank. This implies that you have total control over your funds and their associated activity. You do not need to turn to a third party to manage your funds or perform any related activity.
Since the details of your non-custodial crypto wallet along with its funds are in your control, the risk of a data breach is much lower. Unlike other custodial crypto wallets, the BlockBank wallet does not require a confirmation from a third party to complete each transaction. This streamlines the entire process and facilitates instant withdrawals.
But then, with great power comes great responsibility
BlockBank gives you full access to your private keys. Never share your private keys with anyone — they are meant to be private for a reason! Anyone with access to your private keys can gain access to your funds.
What is a private key?
When you are ready to send/receive tokens or make a purchase, you do so by giving the other party your public key. This points to your BlockBank wallet address and gives them virtual access to your wallet. However for the transaction to go through, it must also be signed digitally by using the private key.
To understand this more simply:
● Your private key is your digital signature.
● You use it to confirm that you, the owner of the coins, approve the transaction or deposit address, or to generate a new public key.
● The private key signs the transaction and allows the recipient to receive the tokens via the public key.
● The network (blockchain) is designed to automatically approve any transaction where the public and private keys match.
How to access your BlockBank private keys
- Log into the app.
2. Go to Settings — the gear button marked in red.
3. Tap on Private Keys.
4. Find all private keys listed.
How to safeguard your BlockBank Private Keys
Revealing your private key to a scammer is like opening the Pandora’s box, it can’t be undone. We take the security of our users very seriously and we expect our users to be vigilant as well. Educate yourself and stay safe by following these tips.
