WIF

Wif, in the context of cryptocurrency, most commonly refers to Wallet Import Format (WIF), a method for encoding a private key for import into wallets. The WIF is a Base58Check-encoded representation of a Bitcoin private key. The encoding starts with a version prefix; for Bitcoin mainnet, the private key bytes are prefixed with 0x80; if the corresponding public key will be compressed, an extra 0x01 byte is added; the bytes are then checksummed with a double SHA-256 and encoded in Base58 to produce the WIF string. On mainnet, uncompressed private keys typically begin with the character 5, whereas compressed keys begin with K or L. Testnet keys use different prefixes, often starting with 9 or c. WIF keys are designed to be human-copyable and easily imported into compatible wallets, but they carry the private key in plain form and must be protected.

In practice, WIF keys function as a convenient import/export format for private keys, allowing users to move keys between wallets without exposing additional data. They are not an encryption method; possession of a WIF string provides access to the corresponding funds if the private key is valid. Because of their sensitivity, best practices emphasize secure handling, verified sources, and, where possible, the use of hardware wallets or seed phrases for long-term storage rather than sole reliance on imported WIF keys.

Other uses of the acronym “WIF” exist in various technical or organizational contexts. In crypto discussions, however, Wallet Import Format is the most common meaning. Meaning in other domains depends on context and the specific organization or standard involved.