December 2018
Intermediate to advanced
222 pages
6h 6m
English
Content preview from Blockchain Quick Start Guide
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Private keys and Bitcoin wallets
As discussed earlier, BTCs do not physically exist. The only evidence of their existence is when they are associated with addresses, which are referred to in transactions. When an address is initially created, a pair of public and private keys are generated with it. The public key is made known to the public and the private key is kept only by the owner of the address. When the owner wants to spend all or a portion of their BTCs, the owner provides a digital signature signed with the private key and sends the BTC request to the Bitcoin network. In other words, one has to know both the address and its private key to spend the BTC.
If an owner loses a private key, its associated BTCs will be lost permanently. ...
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