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Author Topic: Important terms that are frequently confused.  (Read 578 times)
Rengga Jati
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April 11, 2022, 11:57:13 PM
 #21

For us who have been here and understand more about these, may not be a big matter.
but, it will be different for newbies or beginners who are newly coming to this crypto world.
moreover, it is actually very worrying if they cannot differentiate between the Private key and Public wallet, when they don't know and accidentally give their Privat key to other people instead of public wallet address, it's dangerous enough 
Some data must be stored very privately in which we should keep it from other people and not tell others about them.
So, just be careful and not trust anybody else if they are asking some private data as mentioned on the thread.

R


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April 12, 2022, 01:39:20 AM
 #22

I am sometimes still confused by these terms at first. but now it has started to memorize. but lately i'm confused to back up my privatekey from trust wallet wallet. because I can't find it. there is only the option of backup mnemonies or recovery phrases. I need it to be imported into metamask. does anyone know?

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April 12, 2022, 06:04:10 AM
 #23

Yes there are many terms which people confuse with each other and you have specified some of them and use them individually.Like keys are of two types public and private and private keys are used to sign the transaction and prove ownership of funds while public keys are visible.So thanks for sharing it man and bumping it up for newbies and us to check it once.

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April 12, 2022, 06:59:21 AM
 #24

Yes there are many terms which people confuse with each other and you have specified some of them and use them individually.Like keys are of two types public and private and private keys are used to sign the transaction and prove ownership of funds while public keys are visible.So thanks for sharing it man and bumping it up for newbies and us to check it once.
You're right, a private key, as the name suggests, is confidential information that should never be shared with anyone, except for rare cases such as matters of inheritance or educational purposes. A private key allows you to unlock certain UTXOs in a blockchain, namely those that contain specific coins sent to a specific address that corresponds to a given private key. A public key is another matter. While its name suggests that you can safely share it with the public, you don't necessarily need to do that. The basic rule is that the less information you give out, the better off you and your coins are. Also, I'd like to add to your thoughts about transaction verification. A private key is used to produce a digital signature which in turn is used to authorize your spending.  It is a way to prove that you actually have a right to spend without revealing private information. But in order to prove you do have this private information, you also have to provide your public key. Your public key is used to verify that your signature is valid and you actually own a private key. A public key is not visible until you make it visible by spending your coins.

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June 05, 2023, 05:36:00 AM
 #25

Bump.
Added some clarity regarding "wallet address" and Ethereum.

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