How does the public and private key system work in cryptocurrency?

3 answers

• Heath BankDec 14, 2021 · 4 years ago
  The public and private key system is a fundamental aspect of cryptocurrency security. In simple terms, a public key is used to receive funds, while a private key is used to access and spend those funds. When someone wants to send you cryptocurrency, they use your public key to encrypt the transaction. Only you, with your private key, can decrypt and access the funds. This ensures that only the intended recipient can access the funds and provides a secure way to verify transactions.
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• sushilkumarMar 15, 2023 · 2 years ago
  The public and private key system in cryptocurrency is like having a lock and key. The public key is like a lock that anyone can use to send you cryptocurrency. It's safe to share your public key with others because it only allows them to send funds to you. On the other hand, the private key is like the key that unlocks the lock. It should be kept secret and never shared with anyone. With the private key, you can access and spend the funds sent to your public key. This system ensures the security and integrity of cryptocurrency transactions.
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• Peacock KelleyJun 16, 2023 · 2 years ago
  In the world of cryptocurrency, the public and private key system is like having a super secure password. The public key is like your username that you can freely share with others. It's used to identify your account and receive funds. The private key, on the other hand, is like your password. It should be kept secret and never shared. With the private key, you can access and control your funds. It's important to keep your private key safe and secure to prevent unauthorized access to your cryptocurrency.
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