Public Key vs Private Key: How are they Different?

If you're familiar with the world of cryptocurrencies, you may have come across the terms "private key" and "public key" frequently in articles on the subject. These are two key concepts related to information encryption in blockchain networks. One point that is always emphasized is the importance of not sharing your private key. But what is the difference between these two keys?  In this article, we will strive to answer the important questions about public and private keys and their application in cryptocurrency wallets.

What are public and private keys?

Public and private keys are cryptographic tools based on cryptographic algorithms that are used in the world of cryptocurrencies to provide security and trust to users.

Public Key:

A public key is a string of code that is publicly available and acts as the address for a cryptocurrency wallet. This address allows other users to send cryptocurrency to the corresponding wallet. Public keys are used to encrypt information.

Private Key:

A private key is a confidential text string that belongs to only one person and must be carefully protected. It acts as the wallet's password and only the owner can access the corresponding wallet. Private keys are used to sign transactions and decrypt information.

The Difference Between Public and Private Keys

Let's explain this in a very simple way using an example.

Imagine you have a bank account. In this analogy, your account number acts like your public key. You can give this number to others so they can deposit money into your account. Sharing your account number is not a problem because anyone can deposit money into your account, but they cannot withdraw money. This means that if you want to receive cryptocurrency from someone else, you must first provide them with your public key so that they can send you cryptocurrency using your public key.

Your password acts like your private key. You must keep this password confidential. Anyone who has your password can access all the money in your account and withdraw it. Similarly, if someone has your private key, they can access all of your cryptocurrency and use it.

How to Protect Your Private Key

Your private key is the master key to your cryptocurrency holdings. Therefore, it is extremely important to protect it fiercely. Disclosing your private key to anyone will give them access to all your cryptocurrency and allow them to withdraw it.

Here are some tips for protecting your private key:

Never share your private key with anyone. No matter who asks you for it, never give them your private key.

Store your private key offline. Never store your private key on a computer or mobile device that is connected to the internet. The best way to store your private key is to write it down on a piece of paper and keep it in a safe place. You can also use a hardware wallet to store your private key offline.

Protect your private key from malware. Malware can steal your private key. Make sure to protect your computer from malware using a strong antivirus and firewall.

Advantages of Public and Private Keys:

The world of cryptocurrencies and cryptography is in a way built on the concept of public and private keys. The security of transactions in the blockchain world and the security of cryptocurrency wallets are indebted to this concept. By using public and private keys, we can create transactions that no one but the sender can interfere with. On the other hand, public and private keys ensure that the assets sent are not sent to anyone other than the intended recipient.

Disadvantages of Public and Private Keys

The disadvantages of public and private keys can perhaps be attributed to the negligence of some users! It should be well understood that the private key is not something to be shared with others. This is not possible with the public key, but through access to the private key, a wallet can be completely emptied. Security may be one of the disadvantages of public and private keys, but if you are careful with your private key, nothing will happen to your wallet and its assets.

Methods for Recovering Private and Public Keys

Recovering a Public Key:

Losing or misplacing a public key does not mean that access to assets is lost. By using a digital wallet and following the recovery process, it is possible to regain access to this key.

Recovering a Private Key:

Unlike a public key, losing a private key is irreversible. In such cases, access to the wallet and its associated assets becomes impossible. Given the critical importance of the private key, it is essential to take the necessary steps to ensure its security. It is preferable to always keep a classic, offline, and paper copy of it in a place where you always have access to it. This way, you can be much more confident in the security of your private key.

Conclusion:

In an era where more and more aspects of life are becoming digital, the importance of data storage and security is constantly increasing. Private and public keys are one of the best ways to keep data secure, which are used not only in blockchain but also in other areas of technology. This method has been able to ensure the security of cryptocurrency transactions while maintaining ease of use. In this simple yet efficient process, blockchain and cryptocurrency users only need to be careful about their wallet's private key so as not to lose their assets.