Private Key
Formal
The private key is paired with a public key to set off algorithms for transaction encryption and decryption. It is created as part of public-key cryptography during asymmetric-key encryption and used to decrypt and transform a message into a readable format.
Practical
A private key is a sophisticated form of cryptography that allows a user to access their cryptocurrency. A private key is an integral aspect of bitcoin and altcoins, and its security make-up helps to protect a user from unauthorized access to funds (unless they have access to the private key).
