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What is a private key?

A private key is like a password — a string of letters and numbers — that allows you to access and manage your crypto funds.

What is a private key in asymmetric cryptography?

A private key is also used in asymmetric cryptography, which is also known as public key cryptography. In this case, the private key refers to the secret key of a public key pair. In public key cryptography, the private key is used for encryption and digital signatures. It works as follows for asymmetric cryptography:

Can a public key be reversed?

The public key is created from the private key through an encryption algorithm. However, it is nearly impossible to reverse the process by generating a private key from a public one. A similar algorithm is then used to create a receiving address from the public key. Think of the address as a locked mailbox and the private key as the key to the box.

What is a public key & how does it work?

When you make a transaction using your public key, you verify that it’s really you by using your private key. Even though everything is out in the open, it’s also anonymous — you don’t need to provide a name or address or any other information to use cryptocurrency. Take Bitcoin, for example.

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