In the world of cryptocurrency trading and crypto exchange using wallets, your public and private keys are normally likened to your bank account number (public key) and the pin/token (private key).The Blog is based on the important fact as a crypto investor, how to protect your Bitcoin and other crypto holdings from people who would want to steal them from you.
There are many wrong ways to follow but, one right way will make you to take the correct step. So, safety measures are important and let us understand what private keys are and why you need to protect them!
Introducing you to cryptocurrency like Bitcoin BTC, Altcoins - Bitcoin Cash BCH, Ether ETH, Litecoin LTC, Dash DASH, Libra (LIBRA), Monero (XMR), EOS (EOS), Bitcoin SV (BSV), Binance Coin (BNB), and Dogecoin DOGE Let’s First Check out the real meaning of Public Key and Private Key?
What is the difference between Public Key and Private Key?
Public and private keys are digital keys which are used to access bitcoin wallets. As introduced earlier, your public key is like your bank account while your private key is like your pin number or password which you use to access your account.
A public key is a receiving only address. When someone sends you Bitcoin or other cryptocurrencies, they are using this key to do so.They are publicly visible in networks unlike
Similarly, Bitcoin uses technology of asymmetric encryption ensuring that apart from the owner of a bitcoin wallet nobody else can withdraw or send bitcoin from it. For a crypto wallet user to send BTC to another crypto wallet user, they need to be aware of the other crypto wallet user’s address. The address is generated from the public key. Being a shorter representation of the public key. When a crypto wallet user sends BTC from his/her digital asset wallet, it is signed automatically with a private key in such a way that the private key is not revealed in any case. This is known as your digital signature.
In a nutshell, a public key is known to be an encryption key while a private key is known to be a decryption key.
Is crypto private key encrypted?
There is a two way answer this. Sometimes, the private key is encrypted. It all depends on the specific wallet program that you are using to store your money.Different crypto blockchain assets wallet have different levels of encryption and security, and this is the reason that it’s so important to only use trusted and secure wallets to keep your cryptocurrencies safe like PINT wallet. PINT Crypto Wallet servers do not store confidential information regarding your Keys. The control is fully in the hands of Crypto wallet Users All transactions in the Platform are secured with AES256 encryption. It is a decentralized crypto wallet which keeps your digital assets safe and secure with a private key. One can rely on this as it is powered by Bitfia Labs , a tech company based in Singapore.
Why are private keys important for crypto users?
Private keys are important because they not only verify that only you are making the transactions in your wallet, but they also act as a backup and restore afterwards to sums and transactions done using the crypto wallet. Not in reality but If something happens to your host machine or device in which the wallet was installed then you can easily import your private key information so as to restore access to your funds. If you don’t have this private key, then you will not be ever able to access your money and transactions details backlog.
Can crypto private keys be hacked by a hacker or any attack?
It is very difficult to hack cryptocurrency private keys , but you can still lose the ability to access your wallet in other ways. The most common way is through phishing attempts . To overcome this never to give your BTC private keys to anyone. Never share private details of balance in the wallet, transactions done and most importantly your private key. If they are asking to have your private key, then a doubt must come in your mind and you must decide to not share it. Rely best on public visited high authoritative websites like Bitfia.io who give you full information and give a 24 hour support network on telegramtelegram with faster response rate.
You may fall prey to malware which tries to break your user-created wallet password or steal the information directly from your PC. To overcome this, be peculiar and careful about the websites you visit and the software you download on the device, as it may be malware waiting to attack your wallets, important information and other confidential records.