PRIVATE KEY & PUBLIC KEY
In The cryptocurrency world there are two type of the key for a given wallet of bitcoin or another crypto.
These are private key and public key.
If you owns your public key then you can access the data details at that wallet easily and another side if you have our private key then you will not only will be able to access details of your wallet but also you will get full access & control power to move your wallet data ( like coin transfer and generate new address ).
So here today in this article we will tell, what is the private key and public key with example and also will explain how private key and public key work. And also will try to clear the difference between private key and public key.
Almost everyone of of us knows very well about bitcon and Bitcoin wallet, if not then you can visit here to know about Bitcoin wallet.
In very short Bitcoin wallet or wallet is a safe place to put all of your coins safely.
Bitcoin address have two types of key.
First is public key and second is private key.
Public key of bitcoin wallet
As my name, public key, it remains publicly available for everyone to show.
With the help of public key we can show that how much data of coins number we have and what are history and present time transactions.
And also it helps us to receive the transaction from another wallet.
Example of public key in a wallet is bitcoin address
Private Key Of Bitcoin wallet
As by name, private key, it is private to everyone except the owner of the wallet.
If you own private key of your wallet or anyone’s wallet then you are owner of that wallet and can do any type of transaction simply import the private key in supporting wallet.
Almost every genuine wallet which are not controlled by a third party websites like coinbase or trading website wallets can give you facility to export private key.
You can save your private key in offline or you can export through paper of print out through your printer.
In future if you lost all the control from your wallet like email or password then in that scenario, you will be able to access your wallet easily with private key.
So here we almost clears all the performing role of private key and public key.
Invention of private key and public key
The technology of private key and public key was invented in around 1977 with the name RSA ( Rivest-Shamir-Adleman ) .
In that time RSA public key and private key was used popularly for data transmission with very high security.
At that time it was expected that RSA private key and public key is best and secure option for the transmission of data but due to non availability of the internet in this world, this technology was not used by anyone .
But after the year 2006, a group of people used the technology of RSA public and private key in cryptography for blockchain technology to make Bitcoin .
How to create public key
People who are very noob and are curious to know about new new things in this field of cryptocurrency , thinks that public key is something different thing to see data and details of someone wallet.
But as already we told in above top paragraph that it is bitcoin address which is known as public key in bitcoin wallet.
How to create private key
Here we will tell about the steps of private key generate from wallet of Bitcoin and the Bitcoin wallet that we will use here will be mycelium wallet, so that people can easily understand that how to export it easily and after that they will be able to export from another wallet easily.
First download the mycelium wallet from play store or app store and then follow the stops.
Click at the account address for which you want to take export the private key
Click at three dot menu at top right corner >> click at export >> it will ask yes or no, click at yes>>> now it will show public key, there you will see a button to click to private, click at that button >> click at copy to clipboard or export to a pdf or document that you like most safe and better .
The look of private key is like
You can save in offline by print on a paper and also you can save barcode of this key available at the screen of your mobile phone and also you can found it at pdf backup.
But be careful don’t share it with anyone in any case.
Can we get private key from public key?
Yes, but it is very difficult task for even a super computer.
There are numbers of websites like https://privatekeys.pw/ available at the internet which are providing private key from public bitcoin address, but no one Bitcoin address have any amount of bitcoin. May be they can be fake or may be real.
And also we can see that a private key can have a very high numbers of character combination for a given public key, which will take 20 years for a super computer to calculate the exact private key for the given bitcoin address.
Can we get public key from private key?
Yes, it is a very slow process we can get it easily.
We just need to import our private key in a supporting wallet and then get public key easily without any tedious task.
Here you can see that how private and public key can be generated