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The concepts of public and private key cryptography underpin Bitcoin’s security and help maintain the integrity of all transactions on the base ledger. As such, it's crucial we have a deep understanding of these types of keys if we are ever to hold or send any Bitcoin ourselves.

What is a Private Key?

A private key in the context of Bitcoin is a sophisticated form of cryptography that allows a user to access their bitcoin. It is a randomly generated number that serves as a secret password, granting the holder the ability to send bitcoin from their own wallet.

Without the private key, you cannot access or control your bitcoin. Think of it as the key to a safety deposit box—without it, the contents of the box remain completely inaccessible. The term "Private Key" refers to this critical component that secures your Bitcoin holdings.

What is a Public Key?

A public key, on the other hand, is derived from the private key itself, and acts as an address to which bitcoin can be sent. Unlike the private key, the public key is shared openly for the entire world to see.

When you want to receive bitcoin, you provide your public key to the sender. This key ensures that the bitcoin is directed to your specific wallet.

The relationship between the public and private keys is akin to an email address and its password; the public key (email address) is shared openly, while the private key (password) remains confidential.

Want more details on how these keys relate to cryptography and how to keep them secure? Read the full post here to find out more.

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