2022-08-22 00:00:00:

What is Bitcoin Private Key used for?

The main purpose of a Bitcoin Private Key is to prove ownership of a specific cryptocurrency address. Figuratively speaking, a private key can be represented as a password to an account with your digital funds. As long as only you own this key, the funds are safe.

Why is it profitable to buy BTC Private Key?

By purchasing a BTC Private Key on the Baksmany service, the User will receive a key to a wallet with pure Bitcoins, without transaction history. Coins on this wallet appear through direct mining, which ensures maximum reliability and security, unlike cryptocurrencies received in a standard way through transfer. In most cases, the User does not know and does not think about where the sent BTC were used and with which wallets they were associated. Having received a BTC Private Key on the Baksmany service, you are guaranteed to receive a cryptocurrency that has no traces in the blockchain network, and, accordingly, has no links with compromised wallets and coins.

What does a Bitcoin Private Key look like?

The Private Key in the Bitcoin network can look like a set of letters and symbols, or a QR code. Key formats for the convenience of users are formed in the following formats:

• WIF - 51 base58 characters, starts with "5".
• Compressed WIF - 52 base58 characters, starts with "L" or "K".
• In HEX format.

Upon completion of the BTC Private Key purchase, the Baksmany service issues a key in compressed WIF format.

How to get BTC Private Key?

In order to purchase a BTC Private Key on the Baksmany service, select the exchange direction from which it will be most convenient for you to pay the bill. For example, we will choose the Payeer USD - Bitcoin BTC direction.

Next, change the option to receive Bitcoin to BTC Private Key:

We will be presented with a form to create an application in which you need to fill in the following fields:

• Wallet in the Payeer system
• Your E-mail or Telegram
• Select the amount with which we will buy a BTC wallet
• Кupon (if any).

An important point is the choice of the amount in the third stage:

This is exactly the amount that will be on the account after activating the private key in your wallet.

When everything is filled, we can press the “Start Exchange” button.

Further, you will be introduced to the terms of the necessary security measures for the storage and use of the BTC Private Key, which you must agree to.

At the next stage, we will see the time allocated for payment of the application:

As well as information about the application and a button for payment:

By clicking on the button, you will open a new tab with the Payeer payment system, since we created an application in this direction.

Having paid the application in the Payeer system, we return to the Baskman service window.

The system is waiting for the receipt of funds. Once they arrive, you will receive a BTC Private Key.

If you closed the window without waiting for the result, you can get information about the status of the application in the User's Personal Account.

What to do with the received Bitcoin Private Key?

So, we have received our BTC Private Key. What to do next? Next, we need to import our private key in a wallet that is accessible to you. We will show how to do this using the Blockchain Wallet as an example.

To do this, log in to the site on Blockchain.com and go to the "Wallets & Addresses" menu.

Next, press the "Import Address" button and see the window for entering the Private Key.

Be sure to select the wallet to which the funds will be transferred.

After entering the data, click the "Import Private Key" button. After clicking on it, a window will appear where the wallet you specified will already be filled in the “To” field, and it remains to indicate the amount (it is better to transfer all funds at once) and commission (the duration of the transaction will depend on this).

Don't forget to create a seed phrase to protect your wallet. For more information on creating a phrase, you can check with the developers of the wallet you use.

Pros and cons of using Bitcoin Private Key

As you can see, the procedure for importing a key is quite simple and straightforward, but it also has pros and cons. The advantages of the “Sweeping” operation (importing BTC Private Key, in which the funds are completely transferred to your wallet) include the simplicity and security of the operation. The disadvantages are the time required to complete the transaction (transfer) and pay the standard network commission.

The import procedure may vary and depends on the wallet you are using. Blockchain Wallet, Electrum, Exodus are considered the most convenient.

The Baksmany service provides many directions for exchanging using Bitcoin Private Key. The user must remember about the safety of the private key, securely store passwords in order to safely conduct transactions.