What are public and private keys?

In the context of cryptocurrency, a private key is a secret, alphanumeric password that is used to access and spend a cryptocurrency. It is generated randomly when a cryptocurrency wallet is created, and it is stored in the wallet file. The private key is used to generate a digital signature that is required to authorize the spending of the cryptocurrency.

A public key, on the other hand, is a cryptographic code that is derived from a private key. It is used to receive cryptocurrencies, and it can be shared publicly without compromising the security of the private key.

In summary, a private key is used to access and spend a cryptocurrency, while a public key is used to receive it. It is important to keep your private key secret and secure, as anyone who has access to it can use it to spend your cryptocurrencies.

A common metaphor for describing Private and Public keys is by comparing it to your email address. Your email password is your private key, since it enables you to send and receive emails. Your email address is your Public key since it enables you to receive and enables other people to send you messages.

Was this helpful?