What is the difference between a private key and a public key in the context of cryptocurrency?

3 answers

• James McCoyJul 28, 2023 · 2 years ago
  A private key is a randomly generated string of characters that is used to sign transactions and provide access to a user's cryptocurrency holdings. It should be kept secret and never shared with anyone. On the other hand, a public key is derived from the private key and is used to receive funds. It can be freely shared with others to receive payments. The private key and public key are mathematically related, but it is computationally infeasible to derive the private key from the public key. This ensures the security of the cryptocurrency system.
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• Lionvision TechnologySep 29, 2024 · a year ago
  Think of the private key as your password and the public key as your username. The private key is like a secret code that allows you to access your cryptocurrency wallet and make transactions. It should be kept safe and secure, just like you would protect your password. The public key, on the other hand, is like your username. It is used to identify your wallet and receive funds. You can freely share your public key with others, just like you would share your username, but you should never share your private key.
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• Rohit MandalMay 14, 2022 · 3 years ago
  As an expert in the field, I can tell you that the private key is a crucial component of cryptocurrency security. It is a unique and secret code that is used to sign transactions and prove ownership of the cryptocurrency. Without the private key, it is impossible to access or transfer the funds. On the other hand, the public key is derived from the private key and is used to receive funds. It is like a public address that others can use to send you cryptocurrency. The private key and public key are mathematically related, but it is practically impossible to reverse-engineer the private key from the public key, ensuring the security of the system.
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