The key pair direct access to the bitcoin on the blockchain, made form cryptography. Every bitcoin key pair has a private and public key. This article contains more information on bitcoin keys.
It is preferable to start by knowing what a bitcoin private key is. A bitcoin private key has 256 bits. This secret number is responsible for the unlocking and sending of the bitcoin. Each private key is capable of coming up with a unique signature. This feature is critical as it permits the transaction of the bitcoin owner. The reason, why it is referred to as a private key, is because it is someone’s secret and should not be visible to others.
The bitcoin public key has a slight difference. Similar to the bitcoin private key; it is a vast number. But, it only allows the bitcoin to be locked and received. It get its name from the fact that it is meant for public sharing. It enables you to access money.
Many struggle with understanding the main difference between the bitcoin private and public keys. While some have come out claiming to have a reliable difference, the explanations are still not understood. As a user, getting explanations about digital signatures, signing transactions and wallet import formats will not be useful. The best explanations of how keys work in bitcoin do not have to be complicated.
For better understanding, picture the public key cryptography as a lock. However, let it have two keys instead of one. Let the lock to have three points, A, B and c. As the key moves from point B to A there is locking and receiving; this is a public key. But, when the key moves from point B to C, it will authorize unlocking and sending, which is a private key. This explanation makes it more reasonable to believe in how the keys work.
Even with the differences between the two keys, they have a relationship. They do so mathematically through the secp256k1 elliptic curve. Using the randomly generated number, the private key, on the curve, the resultant related point is the public key.
It is also essential to have an idea of where bitcoin keys and addresses come from. The bitcoin wallet software is responsible for coming up with the wallet file, addresses, and keys for each specific user. The private key is generated from a section of the same software, which can accommodate many numbers. The section also randomly generates these numbers. There are millions of private keys. When it comes to security; the assumption is that the huge numbers make it entirely impossible for the anyone to randomly come up with the same two private keys in two instances.