How does public private key encryption work in cryptocurrency transactions?

3 answers

• Nov 26, 2021 · 3 years ago
  Sure! Public private key encryption is a fundamental aspect of cryptocurrency transactions. It involves the use of two keys: a public key and a private key. The public key is used to encrypt the transaction data, while the private key is used to decrypt it. This ensures that only the intended recipient can access the transaction details. The public key is shared with others, allowing them to encrypt messages or transactions that can only be decrypted by the owner of the private key. This encryption method provides a high level of security and is one of the reasons why cryptocurrencies are considered secure and tamper-proof.
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• Nov 26, 2021 · 3 years ago
  Public private key encryption in cryptocurrency transactions is like having a lock and key system. The public key acts as the lock, which is freely available to everyone. The private key, on the other hand, is like the key that can unlock the lock. When someone wants to send a transaction, they use the recipient's public key to encrypt the transaction data. Only the recipient, who possesses the corresponding private key, can decrypt and access the transaction details. This ensures that the transaction remains secure and only the intended recipient can read the information.
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• Nov 26, 2021 · 3 years ago
  BYDFi, as a leading cryptocurrency exchange, implements public private key encryption to ensure the security of transactions. When you create an account on BYDFi, you are provided with a public key and a private key. The public key is used to receive funds, while the private key is kept secret and used to sign transactions. This encryption method ensures that your transactions are secure and cannot be tampered with. BYDFi takes the security of your funds seriously and employs industry-standard encryption techniques to protect your assets.
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