BlockchainWhat is the public key and the private key:...

What is the public key and the private key: Bitcoin (BTC)

In the world of cryptocurrencies, when we talk about keys, we refer to both the public key and the private key which together form the components of a wallet that allows you to store your digital assets.

These two keys are necessary to be able to securely store cryptocurrency on a storage wallet or to have access to it to carry out transactions.

What is a public key?

The public key is, as the name suggests, accessible to everyone. It can be considered as an element that serves as an address to access a blockchain.

The public key is necessary when we want to send digital assets to an individual or when a person wishes to transfer cryptocurrency to us. It can be considered as the equivalent of the IBAN code of traditional banks in the world of crypto assets.

A public key is made up of many so-called hexadecimal characters, that is to say made up of numbers and letters ranging from A to F. In most cases, this public key is accompanied by a QR code which facilitates its transmission. to a third party.

What is a private key?

As the name suggests, the private key is not accessible to everyone. It is important to keep it secret, otherwise, it is possible for an individual in their possession to access our storage wallet, giving them the possibility of doing what they want with our digital assets.

The private key can be seen as a key that opens a door. In our case, it can therefore allow access to a storage portfolio for which we know the public key. Without the latter, it is impossible to access cryptocurrencies stored in a wallet.

The private key is also useful for carrying out transactions from its storage wallet to another individual or an exchange. Without owning it, it is not possible to sign the transaction, which prevents any operation from being carried out.

Is it mandatory to have these two keys?

If you want to transfer cryptocurrency to an individual, it is not necessary to have that person’s private key, only their public key is necessary. However, if we want to access the digital assets we have in our storage wallet, then it is necessary to have our private key.

These two keys are essential to have full access to your wallet and to be able to perform all the operations of your choice. In case of loss of the public key, it is possible to find it easily. However, if we lose our private key, it is impossible because there is not some kind of locksmith who is able to make us a copy or change the cylinder of the door. It is therefore important to keep a copy somewhere, if possible outside your computer to avoid piracy.

Also Read:

However, there are many storage wallets that can take care of managing our private and public keys for us. In the event of loss of access to these wallets, it is possible to use a 12 or 24-word recovery sentence which allows access to be restored and our digital assets to be returned to us.

Conclusion on the key

The private key and the public key are the two components that provide access to a storage wallet. The one that is said to be public can be compared to the address of his home, while the one that is said to be private symbolizes the key that allows entry inside.

However, many solutions are available nowadays in order not to bother with this key system which is not always easy to manage. Indeed, we can connect to storage portfolios with a username and password. They then take care of managing access to our various keys without having to do anything in particular.

Samantha Schnurr
Samantha Schnurrhttps://www.newsalarms.com/
Samantha started her editorial career chasing celebrities as a magazine editor. Along the way, she also started chasing passport stamps, writing for Travel + Leisure, Condé Nast Traveler, Airbnb Magazine, Lonely Planet and Washington Post. She now covers travel and pop culture while wandering the world — often reluctantly running races.

Latest news

International Top Tech Conference EMERGE to debut in the UAE this May 28-29

EMERGE conference will take place in Dubai bringing a new perspective of the tech industry to the GCC –...

GPT Guru Launches IDO on SuiPad: Empowering AI-Language Models on a Global Scale

Ohio City, Ohio, May 24, 2023, ZEX PR WIRE, SuiPad, the leading launchpad for tier 1 projects on the...

Opside Incentivized Pre-alpha Testnet is Now Live

Hong Kong, May 24, 2023, ZEX PR WIRE, Opside launched its Incentivized Pre-alpha Testnet on May 24th at 0:00 UTC,...

Seeders Club: Uniting Investors for Stronger Diversified Opportunities

Dubai, UAE, May 23, 2023, ZEXPRWIRE, Seeders Club is breaking the mold of traditional investment structures with its unique platform that brings...

iGet Oz: Your Trusted Disposable Vape Supplier in Australia

Melbourne, Australia, May 23, 2023, ZEXPRWIRE, As the popularity of vaping continues to rise, finding a reliable and trustworthy supplier...

OmniaVerse Launches Their $BLOCK Utility Token on the Core Network, Unleashing Immersive Web3 Gaming Experience

OmniaVerse Games on the Core Network Ontario, Canada, May 23, 2023, ZEX PR WIRE, The Core network is an EVM...

Must read

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

The 10 rules to prepare for the crypto bear market by the savvy investor

While the Bitcoin and cryptocurrency market reached a record capitalization in...

Latin America’s E-commerce Giant Opens Up To Buying Bitcoin

Bitcoin (BTC) and cryptocurrencies are increasingly accepted every day for...

Binance Welcomes Arbitrum – Ethereum’s Second Layer!

For many months, the Ethereum (ETH) network has faced...

You might also like
Recommended to you