For digital currency users, the private key is the most critical tool in managing and using cryptocurrency. The private key determines ownership and a private key governs the asset. In other words, if the private key is lost, your currency is lost and cannot be retrieved.
The private key is composed of a 64-bit hexadecimal character generated by the encryption algorithm, for example: 5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss
The generation of the private key is completely random. A wallet has only one private key and cannot be modified. The probability that the private key is exactly the same as others is almost zero.