What is a Private Key?
A Private Key is a tiny bit of code that is paired with a public key to set off algorithms for text encryption and decryption. Private and public keys are both derived from your recovery phrases. These private keys gives you full control over the public address, meaning you can send crypto or sign transactions with it. If you have the private key then you basically have ownership of the specific address.
Private Key from MyEtherWallet
Here is an example of a Private Key from Metamask Wallet. Also shown is the ETH address of the wallet.
Importing an Ethereum Wallet
We will now proceed to the process of importing a wallet via the Private Key. In this scenario we will choose to Import an Ethereum wallet.
How to Access Wallet Import Screen
- Open Trust Wallet and then tap on Settings.
- In the Settings screen, you will find here Wallets.
- Tap on the “+” sign on the upper right to access the Import Screen. Tap on Ethereum.
There are other individual assets that can be imported on Trust Wallet as seen on the image above.
Import via Private Key
Type the Private Key on the Private Key tab of the Import Ethereum screen. Alternatively, you can scan the QR code(if you have one). Once you are done typing, just tap on Import.
If your Private Key has been exposed, your wallet is completely vulnerable. Recovery Phrases are more robust and adds another layer of protection. However, it is not advisable to continue using your wallet if any of the above mentioned backups have been compromised.