What is Public Key?
A public key is an essential component of public-key cryptography, a system used in cryptocurrencies like Bitcoin to secure transactions. It is a long string of alphanumeric characters derived from a private key through a cryptographic algorithm. While the private key must remain secret to protect the user’s funds, the public key is shared openly and serves as the user’s address for receiving cryptocurrency.
In the context of Bitcoin, the public key plays a crucial role in verifying ownership of funds during transactions. When a user wants to send Bitcoin, they use their private key to create a digital signature, which is then verified by others using the public key. This ensures that the transaction is legitimate and the sender has the authority to transfer the funds.
Public keys are foundational to maintaining security and privacy in cryptocurrency networks. While anyone can use the public key to verify transactions or send funds to a user, they cannot access or spend the funds without the corresponding private key.
