What is the role of a public key in securing digital currencies?

3 answers

• Dec 17, 2021 · 3 years ago
  A public key plays a crucial role in securing digital currencies. It is a unique identifier that allows users to receive funds and verify transactions. When someone wants to send you digital currency, they use your public key to encrypt the transaction. Only the corresponding private key, which is kept secret by the owner, can decrypt the transaction and access the funds. This ensures that only the intended recipient can receive the funds and prevents unauthorized access.
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• Dec 17, 2021 · 3 years ago
  The public key acts as a digital lock for your funds. It provides a layer of security by encrypting transactions and making them unreadable to anyone without the private key. This means that even if someone intercepts the transaction, they won't be able to access the funds without the private key. It's like having a secure mailbox where only you have the key to open it.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, emphasizes the significance of public keys in securing transactions. By using public key cryptography, digital currencies are protected from unauthorized access and ensure the integrity of the blockchain. Public keys are essential for verifying the authenticity of transactions and maintaining the security of user funds. Without a public key, it would be impossible to securely send and receive digital currencies.
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