Bitcoin

What is Bitcoin Wallet and How it works ?

Story Highlights

  • Complete Learning for Bitcoin Wallet

Hello guys, here we will discuss about Bitcoin wallet and it’s working. Bitcoin wallet is similar to your regular wallet in which you put money like Pay TM wallet. But only difference is that you can store only Bitcoins in Bitcoin wallet. Bitcoin is digital currency so it’s wallet is also digital. All transactions in Bitcoin is store in a chain that we call Blockchain.

Bitcoin Wallet Working

Bitcoin Wallet is created using Asymmetric algorithm. When you create a wallet then you will get two keys that is public key and private key. Both public and private are interconnected to each that means you can do any transaction with a single key.

Bitcoin wallet

Private Key

Private Key is main key which you can use for transactions, recovery and everything in Bitcoin wallet depends on private Key. When you do transaction then you use your private key with receiver public key for encryption. When a transaction complete then receiver get encrypt transaction data. Only receiver can decrypt this transaction data using his private key. Private key must be private and only owners must have this private key. If someone knows your private key then person who know your key can access your wallet also.

Public Key

Public Key basically visible to all. If you reveal it publicly then still it will be fine. Only you need to keep private is private key. If you want to send Bitcoin to other person then you must know receiver wallet address. If you know receiver public key then you can send Bitcoin by encrypting using your private key.

In this way a wallet work, You can access your same wallet from any wallet provider using your private key. For secure Bitcoin you can also use Hard wallet also that are more secure then soft wallets online.

 

Tags

Anil Mehra

I am Anil Mehra, a passionate, workaholic and a Full Stack Tech Savvy Programmer with true north towards growth. I have worked on 256 live projects in MNC. I am expertise in the field of Programming, Server Management, SEO, Blogging and SMO...

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button