Public key to private keys: understanding of the difference between cryptocurrencies
Since the world of cryptocurrencies continues to grow and develops, it may seem scary to understand the basics of their work. One of the most basic concepts is the difference between public and private keys. In this article we will share what every type represents and why it is important to understand when using cryptocurrency.
What are public keys?
The public key is a clear identification that is assigned to the user or company in a digital wallet like Bitcoin. This is essentially a few digits (land number) and a suitable private number (secret code). With this combination you can carry out safe transactions between the stacks in the blockchain network. If someone wants to send a cryptocurrency to another user, their public key is used to create a transaction that is then transferred to the entire network.
What are private keys?
On the other hand, a private key is a clear number that controls access to a certain wallet or a certain account in the digital currency system. Basically, it is a one -time cipher, which means that only the private key owner can use them to unlock and send money from his wallet. The private key is used to sign transactions and confirm the authenticity of these transactions.
Main differences between public keys and private keys
Consider this analogy to illustrate the difference:
* Public key: Imagine a library card
The public key is like your library card number. Everyone can access their books (or cryptocurrency) as long as they have their public key.
* Private key: Imagine your personal ID card
A private key is like your personal identification card. Only you know the combination to unlock and use them to make them very safe and sensitive.
Why is it important to understand public keys for private keys?
In the case of cryptocurrency, both public and private keys are important for safe transactions. Here are some reasons why:
* Safety:
The use of a public key can be as easy as your public keys share with someone else, while using a private key requires a suitable couple of public and private keys.
* Authentication: Public keys ensure that only the goods owner can send funds to another user account.
* Privacy: Private keys allow you to save and manage money safely and manage without disclosing confidential information.
Protect the practice for cryptocurrency
First follow this best practice with cryptocurrency:
1 ** Use a serious digital money exchange.
- Save your private key safely: Save your private key with the help of techniques such as hardware money exchanges or paper exchanges.
3
Be careful with Phishing fraud: Pay attention to suspicious E -PASTS or messages according to which you have to share your public or private keys.
Diploma
In summary, understanding of the difference between public and private keys is of crucial importance for the use of cryptocurrencies. By recognizing the difference between these two keys, you can provide safe transactions and protect your funds from unauthorized access. Remember to follow the best practices to safely save and manage a private key and to deal with phishing frauds that may try to steal their secret information.