Crypto currency wallet layers of security

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People often think that a public key is the same as a public wallet address, however, this is not correct. Essentially, each individual cryptocurrency wallet address remember, no two addresses can be the same each have a unique private and public key. The private key allows you to access the funds that are related to the crypto wallet address. Nobody else has access to this password, not even the bank.

Otherwise, if somebody knew what it was, they would be able to send money from your bank account! A private key does the exact same job and it is linked specifically to the individual crypto wallet address. So what about a public key? A public key is mathematically linked to your wallet address!

This adds an extra layer of security and ensures that your wallet cannot be hacked. Here is a quick example to make things simple. Private Key: 03bfdab51e3eefe47f2d2e8cde4a9a7edecf74eda Public Key: 99b1ebcfc11a13dfabafed Now, I know what you are thinking: these two sets of keys are completely different? To the human eye, yes, however, the software technology knows that the two keys are specifically linked to each other! That proves that you are the owner of the coins and it allows you to transfer funds whenever you want!

The important thing to remember is that everything I have explained here is very technical. However, when you use a cryptocurrency wallet, the software does everything for you. It's like using the internet to send an email!

You don't actually need to understand the technology that runs in the background, the likes of Gmail and Hotmail do everything for you regarding emails — just like a cryptocurrency wallet does regarding crypto transactions! If you have read my guide so far, you should now have a good understanding of what a cryptocurrency wallet is and how public and private keys are linked to a public wallet address.

Let me clear things up. As Bitcoin and other cryptocurrencies are not physical money, they are digitally stored on the blockchain. The blockchain is like a giant accounting ledger that stores every single transaction that has ever occurred in the system, as well as the total account balances of each public address.

The software within the cryptocurrency wallet is connected directly to the blockchain, so it allows you to submit transactions to the ledger. However, the crypto wallet is the protocol that generates your public and private keys. To get a better understanding of this relationship, think about walking into a store and paying for goods using a debit or credit card.

There is no physical exchange of money between you and the store. However, by entering your private pin number, you verify that you own the funds and so they can move the funds from your account to the account of the store. This is the same as a cryptocurrency wallet. By entering your private key, you verify that you own the coins and then you can transfer them to someone else. That is the only way that the coins can move from person A to person B.

In order to unlock and access funds, you need to know the private key. While public keys encrypt a transaction, the private key decrypts it. No one else except you should know the private key. Otherwise, anyone could break into your accounts and steal your cryptocurrency. To verify your identity as the owner of the currency, you sign the transaction with the private key. Each time a transaction occurs on the blockchain, every user on the network will receive a record of the transaction with a matching timestamp.

Your transaction will need to be universally validated by the participants in that network. Otherwise, the transaction will be rejected. Risky Business Cryptocurrency might seem like the safest way to buy and sell items online.

Layers of encryption offer security through codes that even the most advanced super computers could not break. Digital wallets and keys protect data from sophisticated data miners. But like any online activity, using cryptocurrency has its drawbacks. For instance, private keys act as complex passwords that only the key-holder knows.

Yet, many users keep their passwords on their computers—perhaps in password databases or browser password managers. If a hacker gains access to your computer, they can easily steal your private key and retrieve your crypto funds. As mentioned above, cryptocurrency flows on a peer-to-peer, decentralized system. While this offers transactional freedoms, it also means there is no standardized regulation for cryptocurrency exchanges.

In other words, if your private key and cryptocurrency are stolen, you will likely have no method for retrieving them.

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