A private key is a unique randomly generated number. A public key is a number that is derived from the private key and is available to view publicly.
public key cryptography can be used for encryption and for digital signatures. Sending messages via encryption or sending funds.
Few questions for anybody reading this:
I thought the whole point of bitcoin was to not need a third party like a bank or paypal? Isn’t coinbase the same thing a paypal but for crypto?
How are you holding your bitcoin? Obviously in a wallet of some kind, but do you use coinbase or another app that is an actual wallet?
We’ve learned one of the benefits of bitcoin is that it’s trustless, making it more secure. But in the video, he says once your wallet is connected to the internet it is now “susceptible” to things like malware? Is he just saying in theory?
1. Describe the concept of public and private key with your own words.
Private and public keys are used for different use cases in cryptography. The private key is always generated by random numbers and should be stored secure by the owner.The public key is a derivative of the private key and could be shared publicly.
2. What 2 use-cases can public key cryptography be used for?
The private key is a key you can use to decode messages or encode them. The public key (if it’s the public key that is paired with your private key) is a key anyone can use to send you a coded message that you can decode with your private key.
The two uses are encryption, so you can send an encrypted message that only the recipient with the private key can decode, and digital signatures, that allow you to verify the sender/author of the message you received.
1&2) Public and Private keys have 2 use cases. The first is encryption and the second is digital signatures. To encrypt a message, person A must use person B’s public key. For someone the decrypt the message they must have person B’s private key which is personal and unobtainable unless stolen. An individuals public key is derived from their private key and cannot be recovered through their public key. Although message encrypting is not commonly used in Bitcoin, Digital signatures are. When you send a BTC transaction to someone else you sign it with your private key which is verified by the receiver through comparing the signature to the senders public key. Also your BTC wallet address is derived from your public key and this derivative is unidirectional.
Describe the concept of public and private key with your own words
A private key is a randomly generated string, in most cases protected by your password in a wallet. Public keys are generated from your private key. Public keys are shared, and can be used to encrypt messages that can only be decrypted by the associated private key and to verify the identity of a signer.
Are these rethorical questions or questions for the students? Because:
Both these methods utilize digital signatures to work. PK cryptography can also be used for encryption. And these are also the only two use cases that will ever exist because Elliptic curve functions were designed for this very purpose. Bitcoin just utilizes this process in a unique way
private key is a way to create a public key in order to decrypt something that you have previously encrypt with the public key.
digital signature, decrypt a pdf document
1 . The public key is the key which we we share with others and they use it to encrypt data which only you can decrypt. The privet key is the key which you keep privet and it is use to unencrypt massages which were sent to you.
2. Encryption-Sending/Receiving messages
Digital Signature-Sending/Receiving transactions
Describe the concept of public and private key with your own words.
Private key is like your secret password to get into an exclusive club.
Public key is like the address of the exclusive club.
What 2 use-cases can public key cryptography be used for?
First use case is encryption. Second use case is to verify digital signatures.
The Private key is generated to allow you to use the network and the public key is generated by encrypting the private key so others can now send you transactions without knowing your private key. The private key is also used to sign outgoing transactions to prove you own the public key.
Public key cryptography is used for the encryption of messages. It is also used for signing transactions.
Describe the concept of public and private key with your own words.
A public key is what anyone key see and use to send you a msg or to transact with you. It is generated from your private key.
A private key is created randomly generated by your computer and is not visible by anyone else on the network. It is how you sign/verify msgs or transactions.
What 2 use-cases can public key cryptography be used for?
Digital signatures and Encryption. In other words for secure transactions and for sending private msgs.
Private keys are randomly generated extremely large ‘numbers’. According the the second link on how to create a bitcoin address by flipping a coin, this a 256 digit binary ‘code’ that is then converted to HEX 32 bit code. This 32 bit code is the private key. This encryption is essential for secure transactions on the blockchain.
The private key is the secret and secure address/key of the owner of said key that grants ownership to funds. The private key is essentially what syncs with the ledger data on the blockchain where the record of all transactions between privates keys is stored. Private keys are used for verification and authentication.
Public keys are generated from private keys using elliptical math formulas. The public keys are open to viewing by the public. The public keys are used for identification.
Public key cryptography can be used to encrypt private message xand bitcoin or cryptocurrency wallet addresses.
1.A Private Key is a code generated by a computer that helps to create a Public Key. A Public Key is a code that you can share and is used to identify data that you send and legitimate such info.
2.Digital Signature and encrypt messages.
The public key is used to enrypt information and the private key decrypts the information that was encrypted with the use of the public key.
Sending a message or funds.
Describe the concept of public and private key with your own words.
Private key is a random number generated that is specific to yourself and/or your computer. The private key can verify signatures or make sense of encrypted messages.
Public Key is a random number created for the public in order to send a digital signature or encrypted message to a private key. These are secure as they are a one way function. You can always use the private key to figure out the public key, but you can never use the public key to figure out the private.
What 2 use-cases can public key cryptography be used for?
Encryption
Digital Signatures (main use in cryptocurrencies and blockchain)
Describe the concept of public and private key with your own words.
-A public key is a sequence of numbers that can be used for others to send encrypted messages that only a user with the private key can see, a private key can used to create a digital signature and to see encrypted messages sent to the public key. No one is able to figure out your private key using your public key using any formula.
What 2 use-cases can public key cryptography be used for?
-A public key in cryptography can be used send an encrypted message, and digital signatures to send and receive money