What is the role of public keys in cryptocurrency transactions?

3 answers

• Joshua QuillyJan 11, 2024 · 2 years ago
  Public keys play a crucial role in cryptocurrency transactions. They are used to generate unique addresses for users to receive funds. When someone wants to send cryptocurrency to another person, they need to know the recipient's public key. The public key is used to encrypt the transaction information, ensuring that only the intended recipient can decrypt and access the funds. This encryption process provides security and privacy for the transaction.
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• isnthzyJun 16, 2023 · 2 years ago
  Public keys are like the digital equivalent of a lock. They are used to secure cryptocurrency transactions by encrypting the transaction information. Only the corresponding private key can unlock and access the funds. This ensures that only the intended recipient can receive the funds and prevents unauthorized access. Public keys also enable users to verify the authenticity of transactions by confirming that the transaction was signed with the correct private key.
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• CatsCanCodeJan 09, 2024 · 2 years ago
  Public keys are an essential component of cryptocurrency transactions. They are used to generate unique addresses for users to receive funds. When a transaction is initiated, the sender uses the recipient's public key to encrypt the transaction details. This ensures that only the recipient, who possesses the corresponding private key, can decrypt and access the funds. Public keys provide a secure and private way to transfer cryptocurrency between parties, protecting against unauthorized access and ensuring the integrity of the transaction.
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