Private Key is a secret key. Private Key is a very small code, known only to the Private Key holder. Private Keys are paired with Public Keys. Public Keys are small codes known to public. Private Key is a Cryptographic Key obtainable by any person. Private Key is used to encrypt messages meant for a particular recipient of the message. This encrypted message can be deciphered by the recipient using another key. This key is also a private key known only to the recipient.
One Private Key is paired with the second private key or Public key to set off algorithms for encryptions or decryption of texts. This process is otherwise known as Public Key Cryptography. This pairing of one private key to second one or public key is made for security reasons.
A private key is the property of the owner or initiator of encryptions of texts. No one else can share it due to security reasons. He also has a public key. Similarly the message recipient also has a private key for decryption of message. He also has a public key. Both these private keys at both the ends must be paired with each other’s public keys of both ends. This only sets of the algorithms for encryption or decryption of texts.