The public key is a type of encryption code that makes it possible to transfer cryptocurrencies to the user’s account. Public key (public key) and private key (private key) are keys that allow accessing and transacting cryptocurrency wallets.
It is possible to open an information encrypted with a public key with a private key. The public key is unique and personal. The public key is known only to the user and is a kind of digital identity of the user.
When Bitcoin and altcoin transactions are initiated, a public key (public key) and private key (private key) pair is created.
How to Generate a Public Key?
To withdraw cryptocurrency from a wallet, that wallet’s private key information is required. For this reason, it is an important detail that private key information is not shared with others and protected. A public key, on the other hand, contains information that can be shared with others for its purpose.
A public key is a cryptographic code used to facilitate transactions between parties and allows users to receive cryptocurrencies in their accounts.
A hash version of the public key is the public address. The public key is compressed and shortened to form the public address. Because the public key consists of a very long string of numbers. In fact, the private key creates the public key, which creates the public address. Two users reach an agreement for a cryptocurrency transfer. They then send their public addresses to each other.
If a user loses the private key, any Bitcoin or altcoin found in their public address will be inaccessible forever. On the other hand, a user who lost the public key can regenerate it with the private key.
What is the Difference Between Public Key and Private Key?
Private Key (private key) is a private private key, while Public Key (public key) is a public key. Public key, bank account information; The private key, on the other hand, can be compared to the passwords that provide access to this account or the information of the credit card connected to the account. However, only you should have access to your credit card information and password to protect your money and prevent it from being spent by anyone else. Credit card information should be private to the user and should not be shared with others, and private key information should only be known by the user. The public key contains the information that other users need to transfer cryptocurrencies to your wallet.
