What are the differences between public and private keys in cryptocurrency?

3 answers

• Nov 26, 2021 · 3 years ago
  Public and private keys are essential components of cryptocurrency security. The public key is used to receive funds and is shared with others, while the private key is kept secret and is used to access and spend the funds. Think of the public key as your bank account number, which you can freely share with others to receive money. The private key, on the other hand, is like your PIN or password, which you should never reveal to anyone. It is used to sign transactions and prove ownership of the funds. If someone gains access to your private key, they can steal your funds, so it's crucial to keep it secure.
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• Nov 26, 2021 · 3 years ago
  In cryptocurrency, the public key is derived from the private key using complex mathematical algorithms. This ensures that the public key can be shared without revealing the private key. The public key is used to generate a unique address where others can send funds. When someone sends funds to your address, they are essentially locking the funds with your public key. To spend the funds, you need to use your private key to create a digital signature that proves you are the rightful owner. This signature is then verified by the network to ensure the transaction is valid.
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• Nov 26, 2021 · 3 years ago
  As a representative of BYDFi, I can tell you that public and private keys play a crucial role in securing your cryptocurrency assets. The public key allows others to send funds to your wallet, while the private key ensures that only you can access and spend those funds. It's important to keep your private key safe and never share it with anyone. Additionally, it's recommended to use hardware wallets or secure storage solutions to protect your private key from potential hacks or theft.
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