Summary:
Public and private keys are cryptographic tools that control ownership and access to bitcoin. Your public key is used to receive funds; your private key is required to send them.
Details:
Every Bitcoin wallet generates a unique key pair: a public key and a corresponding private key. The public key allows others to send bitcoin to your wallet, while the private key is your digital signature that proves ownership and authorizes transactions.
Your private key must remain secret—anyone who gains access to it can control your bitcoin. Wallets often represent this private key using a seed phrase for easier backup and recovery.
Key Features:
- Public key: Used to create addresses and receive bitcoin.
- Private key: Required to sign transactions and move funds.
- Asymmetric cryptography: Security based on mathematical one-way functions.
- Never share your private key—doing so compromises your funds.
- Wallets often abstract this process but rely on the same key structure.