BTC-Alpha

2019-12-12 09:57:44

πŸ”‘ Public and private keys: are they really reliable?

πŸ”‘ Public and private keys: are they really reliable?

πŸ”΅ Let's deal once again with the concepts, there are two types of keys: private and public. A public key is a unique address that is used in the block chain when opening a wallet. It consists of a set of letters and numbers and identifies the recipient or sender of funds πŸ‘¨


πŸ— The private key works as a password that can not be disclosed to anyone. Both keys in a pair open access to funds. The public key is tied to only one private key, so only its owner can decrypt and encrypt transactions. If he loses it, he will no longer get access to his cryptocurrency. But the public key can be restored through the private key.
πŸ”‘ The public key is very long and it is compressed into the form of a public address that resembles a Bank account number. When one user sends another cryptocurrency, they open their public addresses. These are hashed versions of the public key and users can create an unlimited number of these addresses.

πŸ” Why you should not doubt the reliability of the private key?
πŸ’° Cryptocurrency owners mistakenly think that increasing the length of the key helps protect against hacking. But it can not be hacked β€œaccidentally": the private key is generated randomly from the numbers from 1 to 10 in 77 degree. It would take all the computers on the planet and billions of years to sort through all the options.
‼️ You can only lose money if someone gets your private key. Most often they are stolen through memory carriers and communication channels. Therefore, all you need to do is take care of the safety and reliability of storing your keys, and not in the tool itself.

πŸ›‘ BTC-Alpha cares about users' safety on the platform 🦊 Alf tirelessly monitors for the security of your account and assets around the clock. Take a look at the Security page and be sure to use additional security tools πŸ”’