What is the purpose of a PUBLIC and a PRIVATE KEY in a wallet? Is it important? Moreover, What is PASSPHRASE?

September 6, 2018

 

 

 

In the world of cryptocurrency, It is going to be impossible to receive and send coins or tokens if we don’t have something where we can store our coins and tokens. A cryptocurrency wallet is essentialbecause it can save our coins and tokens as well as send and receive coins and tokens transactions. On top of that, cryptocurrency wallet has two main factors called the PUBLIC and PRIVATE KEY.

 

 

PUBLIC KEY

 

-The public key used as the address in receiving money or sending money or any other transaction. It is like an email address that can be given out to the public to make transactions

 

EXAMPLE OF A KEY :(0xC2D7CF95645D33006175F97754421C7V5432DN8)

 

PRIVATE KEY

-Best compared as a password. It is crucial because you could retrieve your wallet even if you have uninstalled the app and have it reinstalled. It is also like a signature or authenticator in making transactions.

 

EXAMPLE OF A KEY :(E9873D79C6D87DC0FB6A5778633389DN9076F78N12V0)

 

*PASSPHRASE

 

-It Is similar to a password in usage. Usually, 12 random words but is generally an added security. A passphrase is often used to control both access to the computer or on any device.

 

EXAMPLE OF A PASSPHRASE: (computer valid glass horse window avenue cannot cellphone cabbage chair elephant shoes)

 

Reminder:

If you want to send cryptocurrency, all you have to do is just key in the public address of the send and the recipient.  You can only send/receive cryptocurrency under the same cryptocurrency. Example: Bitcoin-to-Bitcoin, Ethereum-to-Ethereum or Litecoin-Litecoin, ETC.

 

IMPORTANT: YOU CANNOT SEND CRYPTOCURRENCY ON DIFFERENT CRYPTOURRENCY ADDRESS. Example: Bitcoin-to-Ethereum, Ethereum-to-Bitcoin or Litecoin-Bitcoin Etc.

 

you may also check this video for a further explanation: https://www.youtube.com/watch?v=FuTseaqOF9g&feature=youtu.be

 

Also, check out this Ethereum Wallet: HB Wallet

This wallet supports users to store Ethers, ERC20 and ERC223 Tokens. We can also receive free airdrops and use other amazing functions! It is Fast, Secure and Easy to use! Get it here for FREE! https://www.hb-wallet.com/download

 

To learn more and get the latest update about cryptocurrency, please feel free to visit our website at https://www.xin-marketing.com/

 

For more informative articles on Cryptocurrency, please follow me on Quora / Tumblr / Twitter / Medium / Reddit

 

TAGS: #CRYPTOCURRENCY #BITCOIN#ETHEREUM #CENTRALIZED#DECENTRALIZED #BLOCKCHAIN#DISTRIBUTEDLEDGER #NODES#PEER-TO-PEER #TOKENNEWS #TOKENNEWSPH #UNAITY#COINCOME

#MININGDATALAB #ACUTEANGLECLOUD #QUANTA #INFINITOWALLET #ANGELIUM #PHCRYPTOCURRENCY#HBWALLET#XINMARKETING

 

 

 

 

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