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RE: Lost Keys - A Comic
OK, but even with a private key, one must know where to use it, right? I cannot just take that private key, plug it into my poloniex/bittrex/whatever wallet and receive the funds, right? Or does it work that way?
It works exactly that way.
Also if you think that's scary, consider that your private key is actually just a number between 0 and 2^256-1 which means anyone that guesses it also has access to your funds.
Fortunately that is still something on the order of a trillion keys for every atom in the known universe. So it's a really, really large space to search...