How is encryption using public key used in the world of cryptocurrency?

3 answers

• Samay MaheshwariMar 02, 2021 · 4 years ago
  Encryption using public key is a fundamental aspect of cryptocurrency security. It allows users to securely send and receive digital assets by encrypting their transactions with their public keys. The public key is used to encrypt the transaction, while the private key is used to decrypt it. This ensures that only the intended recipient can access the funds. The benefits of this encryption method include enhanced security, as it is extremely difficult to decrypt the transaction without the private key. However, it is important to note that if the private key is lost or compromised, the funds associated with it can be permanently inaccessible.
  650

  325
• Nurbolat KalymzhanovDec 19, 2021 · 3 years ago
  In the world of cryptocurrency, encryption using public key is like the lock and key system. The public key acts as the lock, which is available to everyone, while the private key acts as the key, which is kept secret by the owner. When someone wants to send cryptocurrency to another person, they use the recipient's public key to encrypt the transaction. Only the recipient, who possesses the corresponding private key, can decrypt and access the funds. This ensures the security and privacy of transactions in the cryptocurrency world.
  538

  180
• RavanOct 09, 2020 · 5 years ago
  Encryption using public key is widely used in the world of cryptocurrency to ensure the security and integrity of transactions. When a user wants to send cryptocurrency to another user, they encrypt the transaction using the recipient's public key. This ensures that only the intended recipient can access and use the funds. The use of public key encryption adds an extra layer of security to cryptocurrency transactions, making it difficult for hackers and unauthorized individuals to intercept and manipulate the transactions. It is a crucial component of the overall security architecture of cryptocurrencies like Bitcoin and Ethereum.
  638

  160