What is a private key? To be able to send and receive cryptocurrency payments, these are controlled by security keys. This is also called a private key and is required to send money. You also have the public key to receive money. There are several questions that arise on this subject. It is of course also important to know what people are allowed to know and what not. Below is explained more about what is a private key. The security of all cryptocurrency transactions are based on cryptography. If you want to send a payment, you need your own address. This address usually consists of a series of randomly generated numbers and letters. Each address has its own key, also known as a “private key” and is unique.
private and public key
A private key generally consists of a 256-bit code and 64 characters. With your private key you put a digital signature and with that you can prove that you are the owner of your crypto currency. The so-called wallet (digital wallet) manages your private key and shows your assets in crypto coins. An overview of all transactions is also kept in your wallet. This is very useful if you want to see which transfers have taken place recently. It is very important that you keep your private key secret. This is because otherwise everyone can access your crypto coins and your assets are at risk. If you have forgotten your private key, it is unfortunately no longer possible to access your cryptocurrency. Actually, a private key is a kind of pin code for your bank account that no one else knows. So it is very important to keep and remember it safe and well.
What is a public key
A public key is generated from a private key and can be made known to anyone. This key is used to receive crypto coins. You can see it as a kind of bank account (your own IBAN number). However, a public key is usually called differently, namely: “crypto address”. To provide extra security, this address is a hash and this is from the public key. A hash is: “A process that is based on mathematics and which takes a decay number of data as input. From this a short outcome is produced which is taken of a fixed length. ”
You can easily generate public keys from the private key. However, it is not possible to generate a private key from a public key. In addition, it is also impossible that someone with your public key can also retrieve your private key. This is because the key is generated by means of an algorithm and only works in one direction. Of course there is a lot more information to look up about the private key. However, this is all the essential information you need to know the right basics about this topic. With this article you can at least get started with a good basis.