Keys
Keys
In cryptocurrency, keys refer to cryptographic codes that are fundamental to owning and controlling digital assets on a blockchain.
Types of keys
Private Key
A secret code that allows you to access, control, and spend your cryptocurrency. Whoever has the private key has full control over the assets. Private keys are meant to be kept secrete, these are like password for your bank account. Any transaction you make should be signed by your private key.
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If your Private Key is lost, you loose all your crypto permanently, there is no rescue. Anyone claiming they can recover your private key is a scammer except the company of your hardware wallet.
Public Key
It is used to derive an wallet address, to which others can use to send you crypto. Public keys are like account number, you can receive funds. Public keys are derived from private keys using complex cryptographic math.
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“Not your keys, Not your coins”
If you don’t hold the keys to your wallet, your wallets can be hacked or drained anytime. Do not trust the centralized crypto exchanges or holding company.