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Public keys against private keys: understanding of the difference in cryptocurrency
While the world of cryptocurrencies continues to grow and evolve, understand the basic concepts of how they work may seem discouraging. One of the most fundamental concepts is the difference between public keys and private keys. In this article, we will break down what it represents all kinds and because it is essential to understand when cryptocurrency is used.
What are the public keys?
A public key is a unique identifier assigned to a user or entity in a digital portfolio, such as Bitcoin. It is essentially a couple of figures (a public number) and a corresponding private number (the secret code). This combination allows safe transactions between the parties in the blockchain network. When someone wants to send cryptocurrencies to another user, their public key is used to create a transaction, which is then transmitted to the entire network.
What are the private keys?
A private key, on the other hand, is a unique number that controls access to a specific portfolio or account in a digital currency system. It is essentially a unidirectional encryption, which means that only the owner of the private key can use it to unlock and send funds from your wallet. The private key is used to sign transactions and validate the authenticity of these transactions.
Key differences between public keys and private keys
To illustrate the difference, consider this analogy:
* Public key: imagine a library card
A public key is like the number of the library card. Anyone can access your books (or cryptocurrencies) on condition that you have your public key.
* Private key: imagine your personal identification card
A private key is like your personal identification card. Only you know the combination to unlock it and use it, so they are highly safe and confidential information.
Why is it important to understand public keys for private keys?
In cryptocurrency, both public keys and private keys are essential for safe transactions. Here are some reasons why:
* Security: The use of a public key can be simple how to share your public key with another person, while the use of a private key requires a corresponding public private key.
* Authentication: Public keys ensure that only the owner of the wallet can send funds to the account of another user.
* Confidence: Private keys allow safe storage and the management of fundamental funds.
Best Practice to use cryptocurrencies
To start the cryptocurrency, follow these best practices:
- Use a good reputation of the digital portfolio : choose a well -established platform such as coinbase or metamask to store your cryptocurrencies.
- Keep the safe private key:
Keep your private key safely, using techniques such as hardware wallets or paper wallets.
- Pay attention to Phishing scams: Be careful with and -mail or suspicious messages that ask you to share public or private keys.
Conclusion
In conclusion, understanding the difference between public keys and private keys is crucial in the use of cryptocurrencies. By recognizing the distinction between these two types of keys, it can guarantee safe transactions and protect their unauthorized access funds. Remember to follow the best practices to archive and manage your private password safely and pay attention to the Phishing scams that you can try to steal your confidential information.
