Do you live for yourself, own your own car or do you have a box where you keep your savings? No matter which description suits you, you are guaranteed a pair of keys that you use to unlock the door or chest.
In other words, keys are a very common thing, which most people have a relationship with. Some have several sets of keys, such as a house key and a car key. But it is not only in daily life that you have keys. As a crypto investor, you also have keys .
In the role of crypto investor, you usually have two types of keys, a private key and a public key. But what exactly are these two key sets and why is it so important that you have both? We will take a closer look at this in this article!
What is a private key?
It is the owner of the crypto wallet who holds both keys, both the private key and the public key. These keys have different uses. They can also be called private and public keys, but they are English terms.
First of all, let’s take a look at the private key . What is a private key in connection with cryptocurrency?
This is something that can be confusing for many, but it is not really that difficult. A private key can simply be compared to a password that you use to access your wallet.
The private key is very important that you have control over at all times. If you lose it, you’ll struggle. There really is no better way to say it.
What is a public key?
The public key is similar to the private key, but it is not a key that should be kept secret at all costs in the same way as your password. On the contrary.
If someone is going to send you a cryptocurrency, then it is the public key you are going to pass on to that person. The public key is used by a third party to send you cryptocurrency.
Just as a private key can be compared to a password, the public key can be compared to an email address. No one will ever know your email address. It is only when they know both it and the password that you have problems.
That is why the keys are important
It is more or less self-evident why the private key and the public key are so important.
As mentioned, the private key gives you access to your crypto wallet . This is something you need to be able to take advantage of the contents of the current wallet. If an unauthorized person gets hold of the private key, you will lose everything.
The public key is important , but not in the same way. This key is used in connection with someone wanting to send you cryptocurrency. It’s like sending you an email with some pictures they want you to see! Completely harmless, in other words.
As Bitcoin spokesman Andreas Antonopoulos once said: “Your keys, your bitcoin. Not your keys, not your bitcoin “. It’s a nice rule of thumb!