Definition
A secret cryptographic code that proves ownership of Bitcoin and allows you to send it. Must be kept secure and never shared with anyone.
Related Terms
Non-Custodial Wallet
A wallet where you control your own private keys. Gives you full sovereignty over your Bitcoin but requires you to manage your own security.
Proof of Work
The consensus mechanism Bitcoin uses to validate transactions. Miners must expend computational energy to solve puzzles, making it costly to attack the network.
Node
A computer running Bitcoin software that participates in the network by relaying transactions and blocks. Full nodes validate the entire blockchain independently.
Public Key
A cryptographic code derived from your private key that can be shared publicly. Used to generate Bitcoin addresses for receiving payments.
Multisig (Multi-Signature)
A security setup that requires multiple private keys to authorize a transaction. For example, a 2-of-3 multisig needs any 2 of 3 keys to spend Bitcoin.