Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Dreamer on April 04, 2021, 02:38:19 AM
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Private keys and Public keys are the foundation of every blockchain network. In purely cryptographic terminology, every security system requires a public key for location and a private key for private access. Applied to cryptocurrency wallets, the public key is your address, since it gives other users a point of access to send tokens to your wallet. In simple terms, you can think of the pair just like an email account or a bank login; the address is like your username or email address, and the private key is like your password. However, if you want to send the coins within your wallet to another wallet, you will need your private key. This is exactly like an email account; the email address is a point of reference for users on the email network to send mail to, and the password gives you full access to the privileges of the account–chiefly, the ability to draft and send emails to other accounts.
Learn more: https://affiliatious.com/what-are-private-keys-and-addresses/
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That is why we have to be careful that our private keys is not compromised since in cryptocurrency it is almost impossible to access a non-custodial wallet if we don't have the right keys. It would be better to lose a key to a house because for sure there can be other ways to enter it. Now, this can be serving well for all of us when it comes to security but can also be a major headache if we are not really careful -- either we are denied access or if someone can get the keys then everything will surely be gone for good.
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It would be better to lose a key to a house because for sure there can be other ways to enter it. Now, this can be serving well for all of us when it comes to security but can also be a major headache if we are not really careful -- either we are denied access or if someone can get the keys then everything will surely be gone for good.
Absolutely! Losing a key to a house may have a solution to solve that will help you to get in, but losing a private key to a wallet will be very bad because there will not be a solution for accessing your wallet anymore! That is why we should be extra careful with our private key(s) just as you said.
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It means that we can share our public key with anyone. But private key is a secret key. So, don't share your private key of wallets with anyone. If you share it, so anyone can access your wallet and steal your assets. So please don't do that thing.
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Another piece of advice is that you shouldn't store your private key in any online form that could potentially be hacked.
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I was looking for more learning content and I found this really helpful. After reading here, I want to know, can these private keys be hacked by miners? In that situation what should we do?
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Private keys are the numbers or alphabets or few alphanumeric details, which are meant to be made confidential for personal use in Accessing ones account/wallets. The address is also similar but is usually longer and may be seen by anyone, it is the one we submit to receive project participation reward into our wallets. Once you private key is accessible. Your account is vulnerable to hackers.