When you generate a new wallet, you also generate a password phrase or string of characters associated with that wallet which can be used to gain access to it. These are referred to as a private key or seed phrase. In the event that you lose your wallet or want to use a new wallet provider – whether a physical hardware or deletion of your data off your device - you will need to use your private keys to import the wallet back, else risk losing access to it forever. In most cases this will be a 12 or 24 randomly generated word phrase. In other instances, a string of random characters may be generated as well. The more complex your private key is, the harder it will be to crack.
REMEMBER TO NEVER GIVE OUT YOUR PRIVATE KEYS UNDER ANY CIRCUMSTANCES!
Anyone who gets their hands on it can easily gain access to your wallet and thus drain you of all your funds. Scammers will often attempt to trick unsuspecting users into giving this information to them.
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