This article explains the essential role of your private keys and passkey in securing your Web3 wallet, and how to manage them safely. Your Web3 wallet uses two different types of security: one for daily access and one for the ultimate ownership of your funds.
Understanding the difference between a private key and a passkey is the first step in protecting your crypto assets.
What is the difference between a private key and a passkey?
A private key is the "master key" to your wallet on the blockchain. It proves ownership of your assets and is required to recover your wallet on other platforms. A passkey is a local security tool which is used on top of your private key to ensure you are really the person requesting an action to be performed.
What are private keys?
A private key is a unique, secret key linked to your wallet address. It is used to create digital signatures that prove you are the owner of the crypto assets on the blockchain. You use this key to approve and send transactions. Anyone who possesses your private key has full control over the contents of your wallet. Therefore, it is important to never share your private keys with anyone.
Each unique address has its own associated private key. Currently, we generate both an EVM and a SOL address.
Why are private keys important?
Your private key is the only way to access and control your wallet outside of the Bitvavo app. Because this is a non-custodial wallet, you are responsible for keeping your wallet access secure. Keeping your private key safe ensures you remain in control of your wallet and your assets.
How do I export my private keys?
If you want to connect your Bitvavo Web3 wallet to other applications or store your backup in a different location, you can export your private keys. Follow these steps to do so safely:
- Click on the "Web3 settings" icon in the upper-left corner of your dashboard.
- Go to the "Security" section and select "Wallet and backup".
- Click on "Export private key".
- Read the security information carefully. You must acknowledge the risks before you can continue.
- Select the specific wallet type you wish to export and use your passkey to verify this action.
- Your private key will now be displayed. Ensure you store it in a secure location.
- Review and agree to the terms and conditions of using the Web3 wallet.
How do I store my private keys securely?
Your private key gives full access to your wallet and must be stored securely. Best practices for storage include:
- Writing it down physically and storing it offline. Avoid storing your private keys digitally. Avoid screenshots, cloud storage, email, or note-taking apps.
- Choosing a secure location. Keeping your backup in a safe or another secure location, preferably fireproof.
- Never share your private key. Never share your private key with anyone, including Bitvavo. Bitvavo will never ask to share it with us.
What is a passkey and when do I need it?
A passkey is a secure login method that uses your device's biometrics, such as Face ID or your fingerprint, to let you access your Web3 wallet and sign transactions without manually entering your private keys each time. After creating your Web3 wallet, you have to set up a passkey to securely link your device to your wallet for future access and transaction approvals.
Frequently asked questions
Do I need my private key to make a transfer?
No. When using the Bitvavo app, you approve transactions with your passkey. Your private key is used in the background to sign the transaction, but you do not need to enter or use it manually.
Is a passkey mandatory?
Yes, a passkey is required. You need a passkey to approve and sign transactions, including sending and receiving funds. Without a passkey, you can only explore the wallet and cannot send or interact with your funds.
What happens when I lose my passkey?
If you lose access to your passkey, please contact support@bitvavo.com. To help us verify your identity, include a selfie in which you are holding your identity document and a handwritten note with today's date. Once your identity has been verified, we can restore access to your wallet.
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