What are the uses of public key encryption in the field of cryptocurrency?

3 answers

• Nov 25, 2021 · 3 years ago
  Public key encryption plays a crucial role in the field of cryptocurrency. It is used for secure communication between participants in the network, ensuring the confidentiality and integrity of transactions. By using public and private key pairs, users can encrypt their transactions and only the intended recipient with the corresponding private key can decrypt and access the information. This prevents unauthorized access and protects sensitive data from being intercepted or tampered with during transmission.
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• Nov 25, 2021 · 3 years ago
  Public key encryption is like a digital lock and key system in cryptocurrency. It allows users to securely send and receive funds without the need for a trusted intermediary. The public key is used to encrypt the transaction, while the private key is used to decrypt it. This ensures that only the intended recipient can access the funds. It also provides a way to verify the authenticity of transactions, as the public key can be used to verify the digital signature of the sender.
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• Nov 25, 2021 · 3 years ago
  Public key encryption is widely used in the field of cryptocurrency to ensure the security and privacy of transactions. It allows users to securely store their funds in digital wallets and make transactions without worrying about their funds being stolen or compromised. With public key encryption, users can have full control over their funds and can be confident that their transactions are secure. At BYDFi, we prioritize the use of public key encryption to protect our users' assets and ensure the integrity of our platform.
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