Hi Bladers 👾!

Let's talk about Keys! (In the crypto world)

Public Keys

These keys are used to send cryptocurrency into a wallet, we also call them wallet addresses.

Consider your public key as your mailing address. It is publicly available, so anyone can send something to that address, in this case, cryptocurrency.

An example can be, when you give your checking account number and routing number to set up a direct deposit - you can tell anyone that information, but they can't withdraw money or log in to your account.

Private Keys

The Private Key is only available to the wallet's owner. It works as a password for your wallet and must be kept private🔐. If your private key is discovered by someone else, the person will have access to all of the cryptocurrency in that wallet and can do whatever they want with it.

When you access your wallet through a different device, you use a "seed phrase," or "secret recovery phrase."

Your private key is hidden behind this user-friendly set of words.

Note: If you keep your crypto in a Centralized Exchange (such as Coinbase or Binance), then this company holds your private key for you. Meaning, it has control over your funds.

Related articles:
What is the Secret Recovery Phrase?

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