I know many post has been written about the importance of your privates keys,but I think I still need to talk about it because every day we are always welcoming newcomers into the hive platform,so this will actually help to inform new users of why their private keys really matters
Decentralization is a core aspect in cryptocurrencys and as we continue our journey so many development has actually came for us to safeguard our cryptos from being stolen,trusting someone or letting someone have access to your account is a very big risk,one beauty about crypto and decentralization is that it helps to eliminate third party which means that nobody can interfere in your finances not even the government.
But as things continue to unfold in the cryptocurrencys system,there are people who feels or claims that we can trust them,this are the centralized exchanges.but despite their claim it's still very hard to trust them.
The protection of you wallet is very important because this is more like you are holding a cash in the digital form,so decentralized wallets give you absolute control over your wallet, whatever you do is between you and your assets.so this is where the use of private keys has to be employed,we have seen been instructed on several decentralized platforms like hive to always keep our private keys safe.most of the private are hard to access or even memories due to the fact that it's a mixture of long alphabets and numbers.sometimes private keys comes as a seed phrase which usually need to be arranged the way you are given whenever the need arises.
ACCESS TO YOUR ACCOUNT
Your wallet is just like your bank account where you will always need your account number whenever you need access to your account or your ATM pin.so whenever you need to Access your wallet,your private keys give you access to your account,it helps to keep or restrict people from accessing your account with your permission it just like the key to your home that when you misplace it,you find it hard accessing you house.this is exactly how the private keys works,if you lose it,that means. You lose everything in your wallet.
STORING YOUR WALLET KEYS
Storing private keys is important,so you need to device a way to store your keys so that you can use them when needed.there are ways by which you can store your keys, you can have it copied and saved on your note but make sure your note is protected so that no one have access to it,some people prefer having it on their email due to the fact they could easily access their email or remember their email password compared to trying to memorize the private keys.all that is necessary is you should look or device a safe means to store your keys.
IF YOU LOSE YOUR KEYS YOU LOSE YOUR COINS
It's as simple as that ,if you lose your keys,you are definitely going to lose you coin,there is no two was about it,the only way you can get it recovered is if you are using a centralizes exchange wallet so you can easily request for password and after few minutes a rest will happen and you are good to go but the reverse is the case with decentralized wallets because they don't have access to your keys and no third party is involved and no reset or forgotten password button,so losing your keys means losing your coins forever,just be very careful with your private keys.