What is the definition of a public key in the context of cryptocurrency?

3 answers

• Dec 17, 2021 · 3 years ago
  A public key in cryptocurrency is a cryptographic code that is used to encrypt and verify transactions. It is a unique identifier associated with a user's wallet and is publicly available for anyone to see. The public key is used to generate a digital signature, which is then used to verify the authenticity of a transaction. This ensures that only the owner of the private key can access and spend the associated cryptocurrency. The public key plays a crucial role in the security and functionality of cryptocurrencies, as it enables secure and transparent transactions.
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• Dec 17, 2021 · 3 years ago
  In simple terms, a public key in cryptocurrency is like a lock that everyone can see. It is used to receive funds and verify transactions. When someone wants to send you cryptocurrency, they use your public key to encrypt the transaction. Once the transaction is encrypted, it can only be decrypted with your private key, which is kept secret. This ensures that only you can access and spend the cryptocurrency sent to your public key. So, think of the public key as your address that you share with others to receive funds.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, explains that a public key is an essential component of cryptocurrency transactions. It is a unique identifier that allows users to receive funds and verify the authenticity of transactions. When someone wants to send you cryptocurrency, they use your public key to encrypt the transaction. This ensures that only you, as the owner of the private key associated with the public key, can access and spend the funds. The public key plays a crucial role in the security and functionality of cryptocurrencies, as it enables secure and transparent transactions.
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