What is Private Key?
- Wallet is where your coins are stored in the blockchain network. Every wallet has a unique address, and there is a Private Key that corresponds one-to-one to this address. Private Key acts like a password here.
- You can access specific wallet with matched Private Key. So you need to make sure to keep your Private Key safe! In this context it can be understood as somewhat similar to password, however you cannot change/recover Private Key unlike password.
- You can never get back your lost Private Key. There is only one Private Key that corresponds to one wallet. Coin information / Private Key are encrypted and stored in blockchain network spread all over the world.
- “Wallet” is a tool used for easy access to blockchain ledger, to monitor ledger, receive, and withdraw assets. It is different from a bank! Even though CoinManager has CMWallet service in application, your money and all coin information is stored in a blockchain network(not in CMWallet!) and CMWallet is just a tool that helps you manage your assets easily.