How does public-key encryption ensure the privacy and confidentiality of cryptocurrency transactions?

3 answers

• TejsweetaMay 28, 2022 · 3 years ago
  Public-key encryption plays a crucial role in ensuring the privacy and confidentiality of cryptocurrency transactions. When a user initiates a transaction, they use their private key to create a digital signature. This signature is then verified using the user's public key, which is available to everyone. The public key encryption ensures that only the intended recipient, who possesses the corresponding private key, can decrypt and access the transaction details. This process ensures that the transaction remains private and secure, protecting the user's sensitive information from unauthorized access.
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• Mehboob AlamNov 17, 2024 · a year ago
  Cryptocurrency transactions rely on public-key encryption to maintain privacy and confidentiality. The use of public and private keys allows for secure communication between parties involved in a transaction. The public key is used to encrypt the transaction data, making it unreadable to anyone without the corresponding private key. This encryption ensures that only the intended recipient can decrypt and access the transaction details. By using public-key encryption, cryptocurrency transactions can be conducted securely and privately, protecting the sensitive information of the users involved.
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• kevin pouponFeb 06, 2022 · 4 years ago
  Public-key encryption is a fundamental aspect of cryptocurrency transactions. It ensures privacy and confidentiality by using a pair of keys: a public key and a private key. The public key is used to encrypt the transaction data, while the private key is used to decrypt it. This encryption and decryption process ensures that only the intended recipient can access the transaction details. Public-key encryption is a secure and efficient method of protecting the privacy of cryptocurrency transactions, making it an essential component of the cryptocurrency ecosystem.
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