Can you explain the concept of public key vs private key in relation to cryptocurrency wallets?

1 answers

• Madhav AgarwalOct 04, 2020 · 5 years ago
  Of course! Public key and private key are the dynamic duo that keeps your cryptocurrency safe and sound. The public key is like the friendly face you show to the world. It's the address you share with others to receive funds. It's like a neon sign that says, 'Send your coins here!' On the other hand, the private key is your secret treasure chest. It's the key that unlocks your wallet and allows you to send funds. It's like the secret code that only you know. When you want to send cryptocurrency, you use your private key to create a digital signature, a unique mark that proves you're the rightful owner. It's like your personal seal of approval. The recipient can then use your public key to verify the signature and ensure the transaction is legitimate. So, keep your private key under lock and key, and your cryptocurrency will be as safe as can be.
  857

  429