How do public and private keys work in securing digital assets in the cryptocurrency world?

1 answers

• Nov 25, 2021 · 3 years ago
  At BYDFi, we take the security of digital assets seriously. Public and private keys are at the core of securing cryptocurrencies. When you create a wallet, you generate a pair of keys - a public key and a private key. The public key is used to receive funds, while the private key is used to sign transactions and access your funds. The public key is derived from the private key, but it's practically impossible to reverse-engineer the private key from the public key. This ensures that only the owner of the private key can access and control the funds. When you send a transaction, it is signed with your private key, providing proof of ownership and ensuring the transaction's integrity. The recipient can then verify the transaction using your public key. If the signature is valid, the transaction is considered secure and the funds are transferred.
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