Saturday, April 13, 2024
HomecryptocurrencyCryptocurrency: Public and Private Keys

Cryptocurrency: Public and Private Keys

One of the fundamental concepts behind cryptocurrencies is the use of cryptographic keys, specifically public and private keys, which play a crucial role in securing transactions and establishing ownership of digital assets.

Public key:

A public key is a unique alphanumeric string that is generated from a private key. It serves as an address that others can use to send funds or encrypted messages to you. You can think of it as similar to a bank account number. Just like you can share your account number with others to receive money, you can freely share your public key with anyone without compromising the security of your funds.

Private key:

A private key is a randomly generated, secret alphanumeric string that is associated with your public key. It is essentially the key to your digital assets and should be kept confidential. You can think of it as your personal password or signature that grants you access and control over your funds. If someone gains access to your private key, they can potentially steal your digital assets or perform transactions on your behalf.Read More

Ruchi Tomar
Ruchi Tomarhttps://financiallanes.com
A full time blogger from last 1 year. experienced in content writing.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments