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AllenWatson
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July 24, 2019, 12:48:22 PM
 #1

What's the function of public and private key in cryptocurrency wallet?
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July 24, 2019, 12:56:09 PM
Last edit: July 24, 2019, 01:12:01 PM by AdolfinWolf
 #2

What's the function of public and private key in cryptocurrency wallet?

A quick google search will give you a lot of answers:


- https://bitcoin.stackexchange.com/questions/19950/how-are-public-and-private-keys-related-to-the-wallet

Anyhow a very basic explanation; the public key is generated from the private key, which in turn is generated by just taking a large random number. - https://en.bitcoin.it/wiki/Private_key

Public key is then used to create an adress to receive coins on. https://en.bitcoin.it/wiki/Technical_background_of_version_1_Bitcoin_addresses

The private key comes into play again when you're trying to spend from said adress- to prove that you "own" the public key that was generated from it, and thus the adress.

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July 24, 2019, 01:44:54 PM
Merited by AdolfinWolf (1)
 #3

What's the function of public and private key in cryptocurrency wallet?

Private keys allow people to sign messages. Very much like a person can sign a cheque, contract or credit card receipt.

Public keys allow people to verify that a message has been signed with the corresponding private key. Very much like a bank, lawyer or credit card company can verify that you have signed aforementioned document by having a sample to compare it too.

Unlike handwritten signatures cryptographic signatures can't be easily faked.

So when Alice sends 5 coins to Bob it's just Alice signing a message with her private key saying that she sends 5 coins to Bob. While Bob doesn't have Alice's private key (otherwise he could pretend to be Alice), he has Alice's public key and so can verify that she can send these coins.

For a deeper, more general look at Public-key cryptography, see here:
https://en.wikipedia.org/wiki/Public-key_cryptography

Cryptocurrencies are just one of many use cases of this sort of cryptography.

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July 24, 2019, 03:47:43 PM
 #4

What's the function of public and private key in cryptocurrency wallet?

It's like having a safe deposit box at a bank. Your private key is the key to the box, the public key is the box number. simplyfied  Cool

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July 24, 2019, 03:50:56 PM
 #5

You can use your public key to track how much you own in your wallet and you can't move fund with public key but with private key you have access to your wallet anytime anywhere,keep it safe that's why its called private key,do not share with anyone

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July 25, 2019, 10:12:18 AM
 #6

You can use your public key to track how much you own in your wallet and you can't move fund with public key but with private key you have access to your wallet anytime anywhere,keep it safe that's why its called private key,do not share with anyone

I always prefer to use hardware wallets which is more trustable than the other wallets.Can someone suggest me some other tusted wallets...thanks
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July 25, 2019, 10:59:51 AM
 #7

You can use your public key to track how much you own in your wallet and you can't move fund with public key but with private key you have access to your wallet anytime anywhere,keep it safe that's why its called private key,do not share with anyone

I always prefer to use hardware wallets which is more trustable than the other wallets.Can someone suggest me some other tusted wallets...thanks

Other than hardware wallets,
most people would use Electrum
but you can find more information here:
https://bitcoin.org/en/choose-your-wallet





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July 25, 2019, 11:14:19 AM
 #8

I always prefer to use hardware wallets which is more trustable than the other wallets.Can someone suggest me some other tusted wallets...thanks
Samourai wallet is one of the hottest wallet now that has been preferred by reputable people of the community.

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July 26, 2019, 06:39:59 AM
 #9

You can use your public key to track how much you own in your wallet and you can't move fund with public key but with private key you have access to your wallet anytime anywhere,keep it safe that's why its called private key,do not share with anyone

I always prefer to use hardware wallets which is more trustable than the other wallets.Can someone suggest me some other tusted wallets...thanks

You can try using Ancrypto mobile wallet. It is mnemonics-based, hierarchical deterministic, multi-currency wallet and also good for storing a significant amount of bitcoins because of the high-security features.
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July 26, 2019, 08:24:14 AM
Merited by HeRetiK (1)
 #10

You can use your public key to track how much you own in your wallet and you can't move fund with public key but with private key you have access to your wallet anytime anywhere,keep it safe that's why its called private key,do not share with anyone

I always prefer to use hardware wallets which is more trustable than the other wallets.Can someone suggest me some other tusted wallets...thanks

You can try using Ancrypto mobile wallet. It is mnemonics-based, hierarchical deterministic, multi-currency wallet and also good for storing a significant amount of bitcoins because of the high-security features.

you should always avoid using unknown wallets that haven't existed for long and are mostly shady. i did a quick search and i couldn't even find the source code of this wallet not to mention that i have never even heard the name!
remember that it is not just about them scamming you with malicious intent, it is about a new project having lots of bugs that can lead to money loss.

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July 30, 2019, 05:21:34 AM
 #11

You can use your public key to track how much you own in your wallet and you can't move fund with public key but with private key you have access to your wallet anytime anywhere,keep it safe that's why its called private key,do not share with anyone

I always prefer to use hardware wallets which is more trustable than the other wallets.Can someone suggest me some other tusted wallets...thanks

You can try using Ancrypto mobile wallet. It is mnemonics-based, hierarchical deterministic, multi-currency wallet and also good for storing a significant amount of bitcoins because of the high-security features.

you should always avoid using unknown wallets that haven't existed for long and are mostly shady. i did a quick search and i couldn't even find the source code of this wallet not to mention that i have never even heard the name!
remember that it is not just about them scamming you with malicious intent, it is about a new project having lots of bugs that can lead to money loss.

I have been using this wallet to store my Bitcoins for future trading and trust me this is a reliable and secure crypto wallet. Plus, this wallet provides you with multi-signature functionality which enhances the security.

Here is the link from where I downloaded the wallet: https://apps.apple.com/in/app/ancrypto-wallet/id1453657650
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July 30, 2019, 08:09:13 AM
 #12

I have been using this wallet to store my Bitcoins for future trading and trust me this is a reliable and secure crypto wallet. Plus, this wallet provides you with multi-signature functionality which enhances the security.

Here is the link from where I downloaded the wallet: [...]

A newbie account promoting a previously unheard of crypto wallet without any reviews. Not suspicious at all. This is either a scam attempt or a thinly veiled attempt at intransparent social marketing. Either way not trustworthy.

To any newcomers reading this: Do not follow the link above. Do not download the wallet posted above. Just because it's on the App Store, doesn't make it safe. Many people have been scammed by malware wallets on both iOS and Android. As far as cryptocurrencies goes, Apple's and Google's screening process is simply insufficient. Only use wallets with a good track record.

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July 30, 2019, 12:38:37 PM
 #13

What's the function of public and private key in cryptocurrency wallet?

Bitcoin, as well as all other major cryptocurrencies that came after it, is built upon public-key cryptography, a cryptographic system that uses pairs of keys: public keys, which are publicly known and essential for identification, and private keys, which are kept secret and are used for authentication and encryption.

The private key is what grants a cryptocurrency user ownership of the funds on a given address. Thus, advised not to share with anyone.

You can read more about the private key and public key here: https://support.blockchain.com/hc/en-us/articles/360000951966-Public-and-private-keys

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July 30, 2019, 01:07:34 PM
 #14

What's the function of public and private key in cryptocurrency wallet?

In simple terms analogy I would say:

Public key is like your home address,
and Private Key is like the key with whom you open/unlock the door from your home.

You would not give keys of your home to strangers,
but your address is public for everyone, so that you can receive packages, letters, etc...

Main difference here is that if you lose keys from your home, you can break in and make a new key,
but you can not do same thing if you lose your crypto private key.
If you lose your private key, you lose your crypto so keep it safe and back up.





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July 30, 2019, 07:14:59 PM
 #15

What's the function of public and private key in cryptocurrency wallet?

In simple terms analogy I would say:

Public key is like your home address,
and Private Key is like the key with whom you open/unlock the door from your home.

You would not give keys of your home to strangers,
but your address is public for everyone, so that you can receive packages, letters, etc...

Main difference here is that if you lose keys from your home, you can break in and make a new key,
but you can not do same thing if you lose your crypto private key.
If you lose your private key, you lose your crypto so keep it safe and back up.
Unless of course you made a back up of your files, which if you use bitcoin core would be your wallet.dat, and if you use electrum/most other wallets, would be the twelve words you've written down.
So even if you lose your "regular" keys, you'll have a spare one.

To any newcomers reading this: Do not follow the link above. Do not download the wallet posted above. Just because it's on the App Store, doesn't make it safe. Many people have been scammed by malware wallets on both iOS and Android. As far as cryptocurrencies goes, Apple's and Google's screening process is simply insufficient. Only use wallets with a good track record.
2 reviews, no track record of the developer, no source code, no name recognition, no product site as far as i'm aware... Yep, you should definitely avoid this.
Their site: https://www.antiersolutions.com/ doesn't even load for me.

Looks like they were yet another *design*? solution site before they did a 180 and became blockchain/bitcoin experts.
- https://web.archive.org/web/20180504135624/https://antiersolutions.com/

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