What is a public key?
Public keys verify ownership and secure Bitcoin transactions.
A Bitcoin public key is a cryptographic code generated from a user’s private key. It serves as the intermediary step between the private key and a Bitcoin address. While the private key must be kept secret, the public key can be shared freely, as it is used to receive Bitcoin and verify ownership of transactions.
How is a Public Key Created?
A public key is derived through elliptic curve multiplication using the private key. This complex mathematical operation ensures that the public key can be generated from the private key, but it’s computationally infeasible to reverse the process and derive the private key from the public key. This one-way relationship makes the system secure.
The Role of a Public Key in Bitcoin
The public key is used to confirm the legitimacy of transactions. When you send Bitcoin, your wallet signs the transaction with the private key, and others can verify the signature using your public key—ensuring that the transaction was indeed authorized by you.
Why is a Public Key Important?
The public key is essential for security and transparency in Bitcoin’s decentralized network. It allows anyone to verify that a transaction is legitimate without revealing the private key, maintaining the integrity of the network and protecting the user’s funds.