How do public keys and private keys work in the context of digital currencies?

1 answers

• Grigoriy FrolovJun 28, 2021 · 5 years ago
  Public keys and private keys play a crucial role in the security and functionality of digital currencies. When you create a digital wallet, you generate a pair of keys: a public key and a private key. The public key is derived from the private key using complex mathematical algorithms. The public key is used to generate your wallet address, which you can share with others to receive funds. On the other hand, the private key is kept secret and is used to sign transactions and access your funds. It's like the key to your digital safe. When you want to send funds, you use your private key to sign the transaction, which is then verified by the network using your public key. This ensures that only the owner of the private key can authorize transactions and ensures the security of your funds.
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