Import of private keys for Ethereum: Understanding the difference
When you import your private key for an Ethereum wallet, like Metamask or Myetherwallet, in another cryptocurrency portfolio like Bitcoin Core, you may notice that the addresses do not correspond. In this article, we will explain how private import keys of importation work and why addresses differ.
What is a private key?
A private key is a single sequence of characters used to authenticate and authorize transactions on Ethereum blockchain. It is essential to access your Ethereum funds or create new portfolios. When you import a private key to another cryptocurrency portfolio, it creates a new address linked to this private key.
How does the importation of private keys work?
Here is an explanation step by step on the functioning of importing a private key:
- Generation and export of the private key
: You generate your private Ethereum key using a tool like Metamask or a software portfolio.
- Private key export
: The private key is exported to a file, generally in a JSON format (for example,
Private_Key.json).
- Import to Bitcoin Core : You import the private key to Bitcoin Core, which allows you to access your Ethereum funds.
Bitcoin Core stores the private key imported as a new portfolio address that has not yet been linked to other cryptocurrency wallets. This means that importing your private key creates a unique address for each cryptocurrency wallet, including Ethereum.
Why do addresses differ?
The reason for addresses differ when importing a private key into another cryptocurrency portfolio is due to the way Ethereum and Bitcoin interact with each other. When you import your private Ethereum key in Bitcoin Core, it creates a new address linked to this specific Ethereum account.
Here is what is happening under the hood:
* Ethereum chain ID : Each cryptocurrency wallet has its own chain id (for example, 1, 2, etc.). Ethereum’s blockchain uses a chain ID of 0. Bitcoin kernel and other wallets use a different chain ID, which affects their ability to import private keys.
* Generation of address : When importing a private key into the Bitcoin kernel, the portfolio generates a new address linked to the imported private key. This address has its own unique identifier and cannot be used for Ethereum transactions without being reactivated in the Ethereum ecosystem.
Conclusion
Importing your private Ethereum key to another cryptocurrency portfolio creates a new address that is not associated with any other portfolio or account on Ethereum blockchain. Although it may seem confusing at first, this is an essential step to make sure you can access and manage your funds on several cryptocurrencies. To avoid confusion in the future, be sure to follow the appropriate import procedures for Ethereum and Bitcoin.
Tips and best practices
- Always use a secure method to generate and export private keys, such as using a hardware portfolio or renowned software portfolio.
- Make sure to reactivate your Ethereum account after importing the private key into Bitcoin Core to ensure transparent access to your funds.
- Consider using different wallet addresses for each cryptocurrency portfolio to avoid potential confusion and safety risks.
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