In this modern age of technology, everyone’s heard of Bitcoin at one point or another. It’s a digital currency that anyone can use to make purchases online without any fiat money to worry about. While there are some who are sceptical about its safety, don’t worry. Cryptocurrencies like Bitcoin that are built with blockchain tech use something secure known as ‘cryptography’ to make sure everything is safe and sound.
Cryptography encompasses everything to do with codes like encoding/encrypting and decoding them. It also serves as one of the fundamental pillars in the foundation of cryptocurrencies and their safety. This is done through the use of public and private keys.
Cryptography in Cryptocurrency: What Are Public and Private Keys?
A crypto wallet always comes with a public and private key. Public keys serve as the way for other people to send you data that gets encrypted (e.g. cash, documents). It acts as a ‘dropbox’ that allows people to send you data that only you can unlock. How you can unlock this encrypted data is through your private key.
Private keys are one-of-a-kind and what you use to decrypt the data sent to you through your public key. Make sure you safeguard your private keys at all times and never give them out to anyone. Otherwise, although your public key still works and lets people send you encrypted data, you won’t be able to access and decrypt any of them.
So, how do public and private keys work? You share your public key so people have an address to send their soon-to-be-encrypted data to. Cryptography allows the data to remain secure as it travels through the internet. When they arrive in your wallet, you can use your private key to decode them and use them however you wish.
Cryptography in Cryptocurrency: It’s That Easy
Now that you know what public and private keys are and what they do for your data, you can rest easy and use crypto coins with ease of mind. As blockchain technology continues to evolve, it’ll only become more and more secure. Hop on as soon as you can because this crypto train won’t be going anywhere, so pick out the best wallet for you and get started.