What is a Private Key?

In cryptocurrencies, a private key is a secret, alphanumeric password/number used to access your cryptocurrency wallet and perform transactions. It is important to keep your private key secret and secure because anyone who has access to it can use your cryptocurrency. Private keys are created and stored locally on your device and are often encrypted for added security. When you want to perform a transaction, you can use your private key to sign it and provide proof that it was…

What is a Public Key?

In cryptography, a public key is a large numerical value used to encrypt data. It is called a "public" key because it can be shared with anyone. When someone wants to send you an encrypted message, they use your public key to encrypt the message. Only someone with the corresponding private key can decrypt the message. The private key is a secret that is not shared with anyone. It is used to decrypt encrypted messages with the corresponding public key.…