Chapter · Master Bitcoin
Keys, wallets, and seed phrases
A Bitcoin wallet does not really store coins. It stores keys. Your public key creates addresses that others send funds to, while your private key is the secret that lets you spend them. Most wallets back up that secret as a seed phrase, a list of 12 or 24 simple words. Anyone who has your seed phrase can take your coins, so it must be kept private and never typed into a random website.
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What you get asked
What does a Bitcoin wallet actually hold?
Wallets store keys, not coins. The coins live on the shared ledger, and your keys prove you have the right to move them.
Your ___ key is the secret that lets you spend your bitcoin, so you must never share it.
The private key is the secret that authorizes spending. Whoever holds it controls the coins, so it must stay secret.
Match each wallet term to its role
You share addresses to get paid, keep the private key secret to spend, and store the seed phrase safely as your master backup.
Someone online asks for your seed phrase to 'verify' your wallet. What is happening?
No legitimate service ever needs your seed phrase. Anyone asking for it is trying to steal your coins.
How does Bitcoin track balances under the hood?
Bitcoin uses the UTXO model. Your balance is really the sum of unspent chunks from past transactions, like a wallet full of separate coins and notes.
The rest of this chapter
Learn what Bitcoin is, how it works, and how ordinary people buy, hold, and secure it safely.