Bitcoin Crash 🔥 How to use a public key to receive Bitcoin?
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Welcome to our Bitcoin Crash Video!
What is a private key?
A private key is a secure code that enables the holder to make cryptocurrency transactions and prove ownership of their holdings. Bitcoin keys specifically feature a 256-bit string displayed as a combination of letters and numbers. It’s stored within your crypto wallet, enabling you to access your Bitcoin whenever you need to.
Private keys and the risk of loss or theft
Keep in mind that if someone manages to get their hands on your private key, they’re effectively gaining access to your Bitcoin holdings too, putting your crypto is at risk. The same goes for losing your private key—if you’re unable to access it for whatever reason, you’ll likely be unable to access your coins.
The risks associated with misplacing or losing your private key cannot be emphasized enough, and you’ll want to seriously consider them before wading into cryptocurrency. Regulations around the use and safekeeping of private keys are still in development; in Germany, for example, the safekeeping of private keys for customers is a regulated financial service.
What is a public key?
Unlike a private key, a public key is designed to be disclosed to other people so they can send you cryptocurrency. It’s linked to the holder’s private key, which is needed to “unlock” the public key. Sometimes a Bitcoin address is used for transactions instead, since they are essentially compressed versions of the public key.
Imagine public and private keys like you would your house address and house keys, respectively. People will need your house address so they can stop by, yet will only be able to enter with your house keys.
What is a Bitcoin address?
A Bitcoin address is a unique string of numbers and letters of 26-35 characters in length that shows where a Bitcoin payment has been sent to and from. You can generate a Bitcoin address from your crypto wallet if you’d like to use one in a transaction. For security reasons, experts recommend generating a fresh Bitcoin address for each transaction.
Is a Bitcoin address the same as a Bitcoin private key?
Absolutely not. You should never share your Bitcoin private key, but you can share a Bitcoin address with anyone who wants to send you Bitcoin. Think of the Bitcoin address as a hashed form of your Bitcoin public key for easier use in transactions.
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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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⏰Timestamps⏰
00:00 How to Keep Your Crypto Safe Project introduction
00:17 How to Keep Your Crypto Safe Project
04:01 How to Keep Your Crypto Safe Project Summary
04:16 How to Keep Your Crypto Safe Project Outro