August 2018
Beginner to intermediate
350 pages
11h 58m
English
Content preview from Blockchain Quick Reference
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Transactions in cryptocurrency wallets
Transactions between wallets are not a transfer of value; instead, the wallets store the private key in them, which is used to sign a transaction. The signature of a transaction is generated from the combination of private and public keys. It is important to store the private key securely.
Wallets can store multiple private keys and also generate multiple public keys associated with the private key.
Hence it is important to keep the wallet secure so that the private key is safe; if the private key is lost the coins associated with that private key are lost forever, with no feasible way to recover the coins.
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