What is the role of a public key in cryptocurrency transactions?

3 answers

• Dec 27, 2021 · 3 years ago
  A public key plays a crucial role in cryptocurrency transactions. It is a unique identifier that allows 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 generate a digital signature, which is a mathematical proof that the transaction is legitimate. Without a public key, it would be impossible to verify the authenticity of a transaction. In summary, the public key ensures the security and integrity of cryptocurrency transactions.
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• Dec 27, 2021 · 3 years ago
  The public key in cryptocurrency transactions is like a lock that can be opened by anyone who has the corresponding private key. It is used to receive funds and verify the authenticity of transactions. When someone wants to send cryptocurrency to you, they need to know your public key. The public key is then used to generate a digital signature, which is a unique code that proves the transaction is valid. This signature is verified by the network to ensure the transaction is legitimate. So, the public key acts as a secure identifier and allows you to receive funds in a cryptocurrency transaction.
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• Dec 27, 2021 · 3 years ago
  In cryptocurrency transactions, a public key is used to generate a unique address where funds can be sent. It is a long string of alphanumeric characters that serves as an identifier for a specific user. When someone wants to send cryptocurrency to you, they need to know your public key or address. The public key is used to create a digital signature, which is a mathematical proof that the transaction is genuine. This signature is then verified by the network to ensure the transaction is valid. So, the public key is essential for receiving funds and ensuring the security of cryptocurrency transactions.
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