Role of The public and Private Key

The main important thing in bitcoin is the keys. Two keys that are vital for the smooth functioning of bitcoin are Public and private keys. Both keys make bitcoin more private and secure and different from another centralized payment method.

There are many other payment methods, but they are centralized, which means control by a person or group of persons that can suspend and see your details. Still, these keys help private your bitcoin wallet, and you are the only controller of your bitcoin and if you want to learn more about crypto, then go with a  profit maximizer app.

So in this article, we will discuss public and private keys in detail, so without wasting time, let’s understand the functioning of these keys.

What is a Public Key

As the name shows, the public key is the public string, which means you can share it anywhere with anyone. The essential public use to receive bitcoins into your wallets. If you want to accept bitcoin, send your bitcoin wallet public key, and you will receive bitcoin into your wallet. There is no danger in hacking because the name shows that you can share it anywhere. Hackers cannot access your wallet with this key.

Have you ever used another online payment system? There are many other payment apps like GooglePay, PhonePay, PayPal, Paytm, and now almost all the banks providing online banking services with many features, and I think you also have heard the name of UPI id. When we receive payment, we give the sender the UPI id, whatever payment method you use.

The public key is the same as the shareable UPI id, and there is no worry to share publicly. In simple words, the Public key is the bitcoin receivable public address that manages to receive bitcoins. It is long string number 256 bits long given below:

Public Key: 13iwHkzf4uNuzunmx84r2WmYR7rfN5dnGA

There are many paper wallet generators on Google. If you want to give it a try, then search for a bitcoin paper wallet generator. After moving your cursor till verification, you will get your public key with a QR code that you can share with anyone to receive payment.

What is a Private key?

The private key is essential because the public key is just an address for your wallet to receive bitcoins, but it is a crucial key to manage your bitcoins in the wallet. In simple words, the private key is the key that tends to spend your bitcoin or transfer your bitcoins to another wallet.

So the second name of this key is a secret key because you have to keep it confidential. It is essential to keep it personal if you want to hold your bitcoins for the long term because if someone has accessed your private key, he can transfer your bitcoin or spend your bitcoins, and here you cannot do anything.

Paper wallets are the most secure form of holding bitcoins for the long term since you can take the print of both keys, so you have to keep your paper safe from others. The private key is also 256 bits long, and the following is the example of the private key:-

Private key: 5J6pkF5qMe7d2CKuyY3yaDzZBz7W5yHyp4krrcQPZTUFqqjqWnq

You use your UPI id to receive payment because UPI is shareable since you will receive money into your wallet or bank account. When you want to transfer money to another account, you have to fill the UPI Pin that may be four or six digits according to your chosen payment method.

The private key is the same as your UPI pin, and will you share your UPI pin with someone? Never, because you know if I shared, anyone can transfer money from my bank account. Private is the same as it, and you have to keep it secret because if by mistake anyone can access your bitcoin wallet, he can only see your balance but cannot transfer or spend your bitcoin because you have the spending power, i.e., private key.

So keep your private key safe and secret if you want to protect your bitcoins or hold bitcoins for the long term. The private key is also the reason for decentralization. Third parties like the government, banks, or other financial institutions can control your money in the centralized system.

They can do anything with your money and suspend your account or change your balance, but in bitcoin, you are the owner of your money because you have a private key, and no one has control over your bitcoin or can track your wallet, even the government.

Leave a Comment