Crypto Mini-Bible: The Baby Steps by Das Joe

Author:Das, Joe [Das, Joe]
Language: eng
Format: epub, azw3, pdf
Published: 2020-11-20T00:00:00+00:00

TYPES OF KEYS

Each cryptocurrency has two types of keys: a private key and a public key.

The private key is what actually holds the amount of coins you own. Let’s say, you have 5 BTC (Bitcoin), they will be present on your private keys. Anyone who gains access to your private keys, whatever secured way they are/were stored, will be able to “steal” them. Private keys, as their name suggests, are meant to be private. Private keys should be seen as the equivalent of the PIN number of your bank account.

As you may have guessed it, public keys are the opposite of private keys. To purchase or get coins, you need to provide your public keys in order to receive the said coins on your private keys. The coins are sent to your public keys which are the public door to your private room (Private keys). They are used to receive your funds and to identify your account on the blockchain. Public keys can also be considered as a bank account number.

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