What is the role of public/private key in cryptocurrency transactions?

3 answers

• BertiiOct 17, 2020 · 5 years ago
  Public and private keys play a crucial role in cryptocurrency transactions. When you want to send or receive cryptocurrency, you use your public key to generate a unique address. This address is shared with others, allowing them to send funds to you. However, the private key is kept secret and is used to access and control the funds associated with your public key. It's like having a lock and key system, where the public key is the lock and the private key is the key. Without the private key, no one can access your funds, ensuring the security of your transactions.
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• Community-buildAug 10, 2020 · 5 years ago
  Alright, let's break it down. Public and private keys are like the dynamic duo of cryptocurrency transactions. The public key is like your superhero identity, it's out there for everyone to see. It's used to generate your unique wallet address, which you can share with others to receive funds. On the other hand, the private key is your secret identity, known only to you. It's used to access and control the funds associated with your public key. So, while the public key is like the front door of your house, the private key is the key that unlocks it. Without the private key, no one can get in and mess with your funds. It's a neat way to keep your transactions secure and your superhero alter ego intact!
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• Robert StancuJun 22, 2020 · 5 years ago
  Public and private keys are an essential part of cryptocurrency transactions. They ensure the security and integrity of the transactions by using a cryptographic algorithm. When you create a wallet, a pair of keys is generated - the public key and the private key. The public key is used to create a unique address for receiving funds, while the private key is kept secret and is used to sign transactions and prove ownership of the funds. This way, even if someone knows your public key, they cannot access your funds without the corresponding private key. It's like having a lock and key, where the public key is the lock and the private key is the key. So, make sure to keep your private key safe and secure!
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