What is a private key and a seed phrase?
A private key is a very long secret number that proves the coins at a certain address are yours, and that is needed to send them on. Because the number is impossible to remember, most wallets create a seed phrase: 12 or 24 ordinary words in a set order that can restore all the keys. Lose the seed phrase and the money is gone. If someone else gets hold of it, the money is theirs.
One rule above all others
Whoever has the seed phrase has the coins. There is no customer service, no "forgot password" button and no bank that can reverse a transaction. That is the price of nobody else being able to freeze your money.
Example: You hold coins worth 2,000 € in your own wallet. Your phone falls in the water. If you have the 24 words written down, you restore the wallet on a new phone in five minutes. If you do not, the 2,000 € is still on the blockchain — but nobody can ever touch it again.
How people typically protect it
- Written on paper or stamped in metal — not as a photo, not in the cloud, not in an email.
- Somewhere safe from fire and water, where others do not look.
- Some keep a copy in two different places, so one fire does not take everything.
No serious provider will ever ask you to type your seed phrase into a website.
Scams are almost always about the words
Fake apps, fake support agents and messages saying "your wallet must be verified" have one goal: getting you to type the seed phrase. As soon as it is entered in the wrong place, the coins can be moved in seconds — and it cannot be undone.
The typical beginner's mistake
Believing you can "reset" a wallet like online banking. You cannot. The wallet does not know who you are — it only knows the key. Without it, as far as the wallet is concerned, you are a stranger.
How you see it in Kiggo
Kiggo never asks for your private key or seed phrase and has no access to your coins — Kiggo shows prices and explains. Under Market → Crypto you see the 25 largest coins as a colour map with three rings, "10 years at a glance" and the tax card for your country. Crypto is part of Kiggo Plus.
Related terms
Frequently asked questions
What is the difference between the private key and the seed phrase?
The private key is the long number that controls one address. The seed phrase is the 12 or 24 words the wallet uses to work out all your keys. With the seed phrase you can restore the keys.
Can a seed phrase be guessed?
No, not in practice. There are so many possible combinations that even all the computers in the world would not get there. Seed phrases get stolen, not guessed.
Do I have a seed phrase if my coins are on a crypto exchange?
Usually not. Then the exchange holds the keys, and you log in with a password and often an extra confirmation. It is easier — but your coins then depend on the exchange.
Kiggo explains — Kiggo does not advise. We never tell you what to buy or sell, and key figures can only be compared between companies in the same industry. The decision is yours. Last updated 2026-09-23.
Written by Claus Frisch, founder of Kiggo. Not an adviser, not a bank — Kiggo explains, you decide.
