What is the difference between public and private Coinbase keys?

3 answers

• Feb 18, 2022 · 3 years ago
  Public and private Coinbase keys are an essential part of cryptocurrency security. The public key is like your bank account number - it is shared with others to receive funds. On the other hand, the private key is like your PIN - it should be kept secret and is used to access and transfer your digital assets. While the public key can be freely shared, the private key must be protected at all costs to prevent unauthorized access to your funds.
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• Feb 18, 2022 · 3 years ago
  When you want to receive cryptocurrency to your Coinbase account, you provide the sender with your public key. This key is derived from your private key using complex mathematical algorithms. The public key is used to encrypt the transaction data, ensuring that only the intended recipient can access the funds. On the other hand, your private key is used to decrypt the transaction data and authorize the transfer of funds. It is crucial to keep your private key secure and never share it with anyone.
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• Feb 18, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, emphasizes the importance of safeguarding your private key. They recommend storing it in a secure offline wallet, such as a hardware wallet or a paper wallet. This ensures that your private key is not vulnerable to online threats, such as hacking or phishing attacks. Remember, losing your private key means losing access to your digital assets permanently, so it's crucial to take the necessary precautions to protect it.
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