Can you explain the significance of public and private keys in cryptocurrency transactions?

1 answers

• Jesse StephSep 08, 2021 · 4 years ago
  In the case of BYDFi, public and private keys are generated for each user when they create an account. The public key is used to receive funds from other users, while the private key is securely stored on the user's device and is used to sign transactions. BYDFi takes the security of private keys very seriously and implements industry-standard encryption and storage practices to protect them. This ensures that users have full control over their funds and can securely transact on the platform.
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