B4Bit

04/19 12:51

What are Public and Private Keys?

When a cryptocurrency holder initiates a transaction, a unique set of public and private keys gets generated. In addition, the network generates a long string of Alphanumerics used to safeguard digital assets.

Public Key:
The public key is a set of alphanumeric letters. The public key’s shortened hash version can be used as an address. This key facilitates the transactions and also is an indication of ownership of the digital asset.

Example: 958ikZuaAbGkzXuFL9sfGHYj9ethop8qMh

Private Key
A private key is a sensitive and the most critical key that the owner must secure. This key is used as a password to sign/authorize the transactions of digital assets securely. In addition, the Private key generates the public key. 

Example: N2nGYRCBbs6ZRs8w5LHam4r85ikxBzhRNgpNJjqk7D5vrpuaVJB

People with access to your private key can write in a public ledger by effectively spending the associated cryptocurrency.

The Private key generates the public key. As mentioned above, the public key, in turn, creates an address called a Public address. This address can act as a Bank account number. The seller can connect to the public addresses to sell his cryptocurrency. 

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