![]() To facilitate cryptocurrency transactions, you need a public key, which is like a bank account number. But you need a private key to access the digital money in the account. Think of the private key as a combined username and password.īoth the private and public keys look like randomly-generated strings of characters, but they’re mathematically linked to each other - though only in one direction. You can use math to figure out the public key from the private one, but not the other way around. ![]() Multi-signature walletsĪ multisig wallet requires more than one private key for access. These wallets for cryptocurrency add an extra layer of security in that a person who finds a paper wallet doesn’t automatically have access to all the money inside. That way, your fortunes aren’t tied to a single piece of paper. Multisig wallets may be more appropriate for businesses, where responsibility for a group’s money is shared among members. While the promise of greater security is enticing, multisig wallets may be too advanced for average users. Getting too overcautious about a failsafe may only introduce more problems in the process. Are cryptocurrency wallets anonymous?Ĭryptocurrency wallets are not anonymous. They give you a pseudonym in the form of the public key.
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