How does public and private key cryptography protect cryptocurrency transactions?

3 answers

• Harshavardhan ReddyAug 15, 2024 · a year ago
  Sure! Public and private key cryptography is a fundamental aspect of cryptocurrency security. When you make a transaction, your private key is used to sign the transaction, ensuring that it is authentic and cannot be tampered with. The transaction is then broadcasted to the network, and anyone with the corresponding public key can verify the signature and confirm the transaction's validity. This system ensures that only the owner of the private key can initiate transactions and provides a secure way to transfer ownership of cryptocurrency.
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• Fizza BukhariNov 15, 2021 · 4 years ago
  Public and private key cryptography is like having a lock and key. Your private key is like the key that unlocks your cryptocurrency, and your public key is like the lock that others can use to verify your transactions. When you want to send cryptocurrency, you use your private key to create a digital signature, which is unique to you and the transaction. This signature is then verified by others using your public key, ensuring that the transaction is legitimate and secure.
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• Alex NguyễnFeb 26, 2023 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, utilizes public and private key cryptography to protect transactions. When you create an account on BYDFi, you are assigned a unique pair of keys - a private key and a public key. Your private key is stored securely on BYDFi's servers, while your public key is visible to other users. When you make a transaction, your private key is used to sign the transaction, and the public key is used to verify the signature. This ensures the security and integrity of your transactions on BYDFi.
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