A Public Key is a long, complex string used in cryptocurrency technology. It is a public address used to receive and verify transactions. A Public Key is automatically generated when a user creates a cryptocurrency wallet and can be made publicly available without compromising the user’s privacy or security.
When someone wants to send cryptocurrency to a specific wallet, they need the recipient’s public key. This key can be used to authorize the transaction by generating a digital signature that guarantees the integrity and authenticity of the transfer.
However, it is important to note that a public key alone is not sufficient to access the wallet or transfer cryptocurrency. This can only be done with the corresponding private key. The private key is a secret digital code known to the wallet’s user and used to sign transactions. Therefore, the private key should be carefully stored and protected to minimize the risk of theft or loss.
In summary, the public key and private key form an important system for secure and unique transfer of cryptocurrencies. While the Public Key is publicly accessible and used to receive and authorize transactions, the Private Key must be kept secret and is used to sign and confirm transfers.