What is a bitcoin public key and how does it work?

3 answers

• Dec 26, 2021 · 3 years ago
  A bitcoin public key is a cryptographic code that is used to receive bitcoin transactions. It is derived from the corresponding private key and is mathematically linked to it. When someone wants to send bitcoin to you, they use your public key to encrypt the transaction. The encrypted transaction can only be decrypted using the corresponding private key, which is known only to you. This ensures that only the intended recipient can access the funds. In the bitcoin network, public keys are used to generate bitcoin addresses. These addresses are used to identify the recipients of bitcoin transactions. When you share your bitcoin address with others, you are essentially sharing your public key. Overall, a bitcoin public key plays a crucial role in the security and functionality of the bitcoin network.
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• Dec 26, 2021 · 3 years ago
  A bitcoin public key is like a digital lockbox. It is a long string of alphanumeric characters that is used to receive bitcoin. Just like you need a key to open a lockbox, you need a private key to access the funds associated with a public key. The public key is derived from the private key through a complex mathematical process. When someone wants to send you bitcoin, they use your public key to encrypt the transaction. This ensures that only you, with the corresponding private key, can access the funds. It's like having a lockbox that only you can open. In the bitcoin network, public keys are used to generate bitcoin addresses. These addresses are what you share with others to receive bitcoin. So, when someone sends bitcoin to your address, they are essentially sending it to your public key. Overall, a bitcoin public key is a crucial component of the bitcoin network's security and functionality.
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• Dec 26, 2021 · 3 years ago
  A bitcoin public key is a unique identifier that is used to receive bitcoin. It is derived from the corresponding private key and is an essential part of the cryptographic system that secures the bitcoin network. When someone wants to send you bitcoin, they use your public key to encrypt the transaction. This ensures that only you, with the corresponding private key, can access and spend the funds. It's like having a digital lock that only you have the key to. In the context of BYDFi, public keys are used to generate bitcoin addresses for our users. These addresses are what our users share with others to receive bitcoin. It's important to note that the security of the private key associated with a public key is crucial, as anyone who has access to the private key can control the associated funds. Overall, understanding how a bitcoin public key works is essential for anyone looking to use bitcoin securely and effectively.
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