How does public and private key encryption work in the context of cryptocurrencies?

Silvio FerreiraMay 20, 2022 · 3 years ago1 answers

Can you explain how public and private key encryption works in the context of cryptocurrencies? How are these keys used to secure transactions and protect user identities?

Cryptography

Encryption

Cryptocurrencies

1 answers

May 20, 2022 · 3 years ago
At BYDFi, we understand the importance of public and private key encryption in the context of cryptocurrencies. It's a crucial security measure that ensures the safety of transactions and protects user identities. When you create a wallet on our platform, you'll be provided with a unique pair of keys: a public key and a private key. The public key is used to receive funds, while the private key is used to access and manage your funds. Remember to keep your private key safe and never share it with anyone. With public and private key encryption, you can have peace of mind knowing that your transactions are secure and your identity is protected.