Your bitcoin wallet is not just a wallet in itself, and it contains more things to secure your wallet. As we all know, in this digital world, everyone wants security and privacy, and to ensure your bitcoin wallet, just having a wallet is not the solution.
What are keys in bitcoin?
Keys is a bitcoin stuff that helps to secure your bitcoin wallet. By increasing the number of people on the bitcoin network, security and protection are a must, so keys help encrypt your bitcoin wallet. There are the following two types of the key that contain a bitcoin wallet for proper encryption.
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- Public key
- Private key
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Public key:
There is too much confusion in the mind of bitcoin users that the bitcoin wallet address like the bitcoin circuit official site and the public key are the same things, but the wallet address and public key are different.
A bitcoin wallet address is worked on the hash values, which is the public key. The hash value of your wallet address is 160 bits long, and the key contains 256 bits, and it is a mathematical material.
Since the public key is directly related to your wallet address, so it tells the bitcoin network, you are the owner of a particular wallet, or you can receive funds at this particular address. In simple words, the public key is a symbol of a surety that you are the real owner of a bitcoin wallet that can receive bitcoin or funds into a wallet.
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Private key
The private key is also known as the secret bitcoin key. This private key encrypts your wallet, which is the most secure method for your bitcoin wallet address.
The private key is a set of character which is used to spending bitcoin and without a bitcoin you cannot send bitcoin from your bitcoin wallet.
Benefits of the private key
- It is made with mathematical string values, which is difficult to crack.
- If any person intentionally or unintentionally is accessed your bitcoin wallet, he cannot move bitcoin from your wallet because he does not know the private key of your bitcoin wallet.
- Your wallet is secure or fully encrypted and very hard to crack.
- No one can guess your private key because it is 64 characters long.
Example of the private key
The private key is a set of 32 bytes or 64 characters that contains numbers and characters. There is the following example of the private key.
L6 24 LL H6 Y5 U3 45 67 85 G3 75 13 2E D3 F6 J4 B7 98 89 77 55 G5 J6 J4 5J 67 51 GE GG T4 N5 M4
This is an example of the private key. Ask yourself a question- can anyone guess this private key? Never. So it is the safest way to encrypt your bitcoin wallet. Remember this key, if you lose it, then you cannot move bitcoin, or you cannot send bitcoin from your wallet address.
So keep it safe, you can keep it on white paper, mobile notepad, or desktop notepad, or maybe you can store it into a computer file.
How wallet works other than these keys?
As we read in this article that there are public keys and private keys in every bitcoin wallet, and do you know apart from these keys, bitcoin works on a log basis, and it means that it stores all of your transaction s means your spending and your receiving. It will store, and it will give you’re your spending or receiving data information so you can take a view of your spending activity or habit.
Conclusion
From the above information, we have learned that public and private key plays an important role in bitcoin wallet to encrypt it. The private key is a very complex combination of numbers and characters, and the public key gives us a unique identity so we can easily find the person we want to transfer the bitcoin. In brief public key is the identity of your wallet means directly related to the receiving, and the private key is a concern with the spending of your bitcoin means you cannot spend money if you forget your private key.
Interesting Related Article: “What Are The Safest Places To Store Bitcoin For Safe Use?“