What is a private key in Bitcoin
What is a private key? - The private Bitcoin and Altcoin key
In order to protect the user when dealing with cryptocurrencies, a Private key (private key) created. It represents an essential safety factor when dealing with Bitcoins & Co. and validates sending and receiving of coins or tokens. The private key is particularly necessary to protect against unauthorized access.
Private key definition
“A private key is a form of cryptography that enables a user to access their cryptocurrency. A private key is an integral part of Bitcoin and Altcoins. Its security structure helps to protect a user from theft and unauthorized access. "
The private key is a guide to the account balance
A private key turns the public key, which is linked to the address of the user in his customer account, into a private key. This is created using a complicated mathematical algorithm and it is almost impossible to reverse this process. This means there is almost no way of drawing conclusions about the public address and information of the account holder through the private key. The anonymity in the field of cryptocurrency is one of the fundamental aspects and clear advantages compared to classic fiat money.
A valid signature is generated by a private key
The range of alphanumeric characters includes 51 characters and is presented in the wallet import format. Only those who have the unique key have access to the account and can use the digital wallet. The wallet software creates a digital signature and processes this transaction with the private key. This signature can only be triggered and generated in a valid way with the private key. It ensures that the transaction cannot be changed after the transfer and that it originates from a specific user. With only a minor change, the signature would also change.
Only with the private key can the user of the digital wallet prove that the crypto money in it actually belongs to him. If the wallet contains a variety of cryptocurrencies, a Seed In contrast to the private key, this consists of a string of 12 or 24 words and not numbers. The seed is only generated once, because it can independently create and process all private keys for a wallet.
Private key and public key are linked to one another
Mathematically speaking, the private key is one random number between 1 and 2 high 258. The result is a number with 51 digits and 2High 256 variants. The secret key is generated randomly when the digital wallet is set up. At the same time, the software also creates a public key, the public key. Both keys are linked to each other. While newcomers to the crypto world believe that their wallet is the location of their crypto currencies, insiders have long known that only the private key was stored there. He then points to the blockchain where the cryptocurrency is located.
A kind of guide to your own account balance on the blockchain. In the case of private keys that are stored on devices and systems that are connected to the Internet, we speak of hot wallets. This also includes desktop wallets such as Electrum, mobile wallets such as Breadwallet and web-based wallets such as Coinbase. If the wallet saves the private keys offline, then one speaks of a cold wallet. (Cold Wallet). A paper wallet is also the best choice. You can find information on this in our article: Paper Wallet.
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