What is the importance of public key and private key in cryptocurrency transactions?

3 answers

• Jan 13, 2022 · 3 years ago
  Public key and private key are essential components in cryptocurrency transactions. The public key is used to receive funds, while the private key is used to access and spend those funds. The public key is like your bank account number, which you can freely share with others. However, the private key is like your password, and it should be kept confidential. Without the private key, no one can access your funds. Therefore, the public key ensures that others can send you funds, while the private key ensures that only you can access and spend those funds.
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• Jan 13, 2022 · 3 years ago
  Imagine the public key as a lock and the private key as the corresponding key. When someone wants to send you cryptocurrency, they use your public key to encrypt the transaction. Only you, with the corresponding private key, can decrypt and access the funds. This encryption and decryption process ensures the security and integrity of cryptocurrency transactions. It prevents unauthorized access and ensures that only the intended recipient can use the funds.
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• Jan 13, 2022 · 3 years ago
  BYDFi, as a leading cryptocurrency exchange, understands the importance of public key and private key in securing transactions. The public key allows users to receive funds from other parties, while the private key ensures that only the user can access and spend those funds. It is crucial to keep the private key safe and not share it with anyone. BYDFi provides a secure platform for users to manage their public and private keys, ensuring the safety of their cryptocurrency transactions.
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