Was ist der Bitcoin Private Key und Public Key?

The place for all Bitcoin related puzzles!

This is the place for all of your Bitcoin related puzzles and scavenger hunts.
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Payfair.io: Decentralized Escrow and P2P Crypto-exchange

PayFair is a person-to-person cryptocurrency trading platform. We bring people from different countries together to exchange their local currency to a cryptocurrency of their choosing. The decentralized escrow service is enabled by the PAYFAIR token (PFR), which is an ERC-20 token based on the Ethereum blockchain. We provide extremely low fees for all transactions in a safe, private and decentralized environment.
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What Is Bitcoin Private Key: Beginner’s Guide

What Is Bitcoin Private Key: Beginner’s Guide
Most of the people in this sub probably already know what the Bitcoin private key is and how it works, but there are many newcomers who do not fully understand all the technical aspects of it. I hope you guys will find it useful.

Bitcoin Private Keys: The Basics

Let’s start with some main principles.
  • A private key is functionally similar to a password to your email account. Unlike your email address, you never share it.
  • You need your private key to be able to receive the crypto someone sends you and to have access to your funds.
  • The BTC network does not store your private keys, they are generated and stored by the wallet software. There are different types of wallets.
IMPORTANT: The private key concept does not apply exclusively to Bitcoin. Other cryptocurrencies use it too.
Now, let’s see how a private key looks and works.

Bitcoin Private Key Definition

Bitcoin private key is an alphanumeric piece of code. It includes letters and numbers, just like your public address.
However, while a public address is like your plastic card number, a private key is like your CVC. You know, those secret three digits on the back of a card?
A private address is created in a random manner when you get a cryptocurrency wallet. The possibility of creating two identical private keys is almost zero, due to the sophisticated encryption algorithm, we apply for the purpose.
In the BTC network, a private key contains 256 symbols, as we obtain it using the SHA256 encryption algorithm. This function always returns 256 symbols, no matter the input.

Bitcoin private key in various formats, including WIF.

Wallet Import Format (WIF)

Using such a long string of code is inconvenient, so a private key is often presented in WIF (Wallet Import Format). It’s a shortened version that includes only 51 characters (numbers from 0 to 9 and letters in the range of A-F) and begins with 5.
Here is a Bitcoin private key example in WIF:
5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF
WIF has a few advantages over a full BTC private key version. As we have said, it’s shorter and more convenient to use. Also, it contains special pieces of code that serve to check the address for typos and correct them automatically.
WIF associates with only one private key and can be easily converted back into it, using an established algorithm.

Encrypting Private Keys

If a key looks like WIF but starts with 6, it is an encrypted version of a private key. People encrypt keys to ensure an extra layer of protection. To obtain such a string of code, we apply another algorithm. To decode (decrypt) the key we need to enter the password that we set when we were encrypting it.

How Bitcoin Private Key Works

You probably know Bitcoin as a digital payment system. To explain how it works, it would be better to compare it to a web-messenger, with massages transferring value. These ‘value messages’ are BTC transactions.
And what role a private key plays in sending these financial messages?
Let’s take a look at a real-life example.

https://preview.redd.it/fgtn8h63veu41.png?width=1261&format=png&auto=webp&s=9855f9aba70ebe7ca1f02b32c160ae78b2b42400

Using Private And Public Keys For a Transaction

Imagine you are sending 1 BTC to your friend Bill. You create a transaction and indicate yourself as the sender and Bill as the receiver of this amount. Then, you will broadcast the transaction to make the Bitcoin network aware of it.
  1. You start by choosing a private key. Using a special encryption algorithm, you derive a public key from it. You send this public key to Bill.
  2. You create a message for Bill and sign it with your digital signature. To obtain it, you pass your private key through a special encryption algorithm and attach the resulting code to the message. Every signature is unique, and you can use the same private address to produce an infinite number of them.
  3. Bill receives your message, public key, and signature and passes it through a signature algorithm. If it’s the message you sent, the algorithm returns ok.
Why we need a digital signature in the first place? There are three reasons. First, it tells the recipient that the message is from the sender he knows. Second, a digital signature makes it impossible for the sender to deny he sent the message. Third, it confirms that no one has altered the message in transit.
Unlike a traditional signature, a digital one cannot be forged. To produce it, you have to possess a secret private key.
https://preview.redd.it/k8n0vcg4veu41.png?width=624&format=png&auto=webp&s=9ab6c0bc25c0a638c4d3bfdbf86056f5462aa7d0

Why Keeping Your Private Key Secret Is Important

As we have mentioned, anyone in possession of your private key can steal your funds anytime.
If your wicked colleague Alice gets your private key (because you carelessly left your paper wallet on your desk), she can use it to create a digital signature. She can then use that signature to sign a transaction that will look like yours for the network. For instance, Alice can send all your crypto to another address. You will never be able to cancel this transaction and you are highly unlikely to know that she made it.
For this reason, you should be very careful with your private keys. Never send it to anyone using a messenger, or an email client, or a social media channel. Don’t share photographs of your private key. Never store a private key in a Google Doc file.
Please note that some desktop wallet apps store your private key in a standard directory on your hard drive. This place is a honeypot for hackers who know you are a cryptocurrency user. That’s why it’s extremely important to have up-to-date anti-virus software installed on your device.
https://preview.redd.it/bg2zd50aveu41.png?width=723&format=png&auto=webp&s=0e692f5c73c7c68ea854342b7fbeaf6aaa62f71f
Also, you may encrypt this wallet file to make it immune to malware. Many wallet apps provide this option. You will have to set a password to decrypt the private key, and the hacker will have to break this password to do it. If the password is strong, it will be a really difficult and time-consuming task.

Where To Store Private Keys: Mobile, Desktop And Hardware Wallets

As we have mentioned, the Bitcoin network does not store these keys. Instead, wallet services do it.

Mobile Wallets

Some of them allow you to keep and protect your private key, others do it automatically, applying various safety measures like 2FA or encryption. Note that nobody is responsible for it, your bitcoins will be gone if the service is hacked.

Desktop Wallets

Desktop wallets may be a good option. They provide a BTC public and private keys in the format of a file that you can download and import. You can protect this file with a strong password and safely store it on a hard drive. Don’t forget about safe storage for this drive, too. For instance, use a bank vault for this purpose.

Cold (Hardware) Wallets

Hardware wallets are the safest ones. They are small USB devices designed to store your funds and private keys offline, away from anyone who could steal them. For this very reason, hardware (or cold) wallets are impossible to hack. If you accidentally lose, damage or destroy such a device, you can recover your BTC and private keys using a backup phrase. The best-selling models of hardware wallets are Tresor and Ledger Nano S, supporting several popular coins.

https://preview.redd.it/7wlozgvcveu41.png?width=803&format=png&auto=webp&s=9c438a47a47f6bb2ba5dbd4fdfba924e8c960f47

Paper Wallets

These wallets are sheets of paper with BTC private keys and public address printed on them. Paper wallets look pretty basic and not very innovational, but it’s a safe way to store your BTC-related sensitive data. The main reason is that they are not connected to the Internet and thus are unreachable for malware attacks. This format is also immune to many mishaps that can affect electronic devices. To create a paper wallet you use a special web service like WalletGenerator.

P.S. Check out our blog if you are interested in more articles on crypto and finance
submitted by EX-SCUDO to btc [link] [comments]

What is Bitcoin Private Key brute-forcing?

  1. What is it?
  2. How does it work?
  3. How likely is it that a full length of a private key can be brute-forced?
submitted by ideas500kcom to Bitcoin [link] [comments]

What Is Bitcoin Private Key: Beginner’s Guide

What Is Bitcoin Private Key: Beginner’s Guide submitted by EX-SCUDO to CryptoMarkets [link] [comments]

What Is Bitcoin Private Key: Beginner’s Guide

submitted by EX-SCUDO to Crypto_General [link] [comments]

What Is Bitcoin Private Key: Beginner’s Guide

What Is Bitcoin Private Key: Beginner’s Guide submitted by EX-SCUDO to CryptoCurrencies [link] [comments]

What Is Bitcoin Private Key: Beginner’s Guide

What Is Bitcoin Private Key: Beginner’s Guide
Most of the people in this sub probably already know what the Bitcoin private key is and how it works, but there are many newcomers who do not fully understand all the technical aspects of it. I hope you guys will find this guide useful.

Bitcoin Private Keys: The Basics

Let’s start with some main principles.
  • A private key is functionally similar to a password to your email account.
  • You need your private key to be able to receive the crypto someone sends you and to have access to your funds.
  • The BTC network does not store your private keys, they are generated and stored by the wallet software. There are different types of wallets.
Also, it is important to note that the private key concept does not apply exclusively to Bitcoin. Other cryptocurrencies use it too.
Now, let’s see how a private key looks and works.

Bitcoin Private Key Definition

Bitcoin private key is an alphanumeric piece of code. It includes letters and numbers, just like your public address.
However, while a public address is like your plastic card number, a private key is like your CVC. You know, those secret three digits on the back of a card?
A private address is created in a random manner when you get a cryptocurrency wallet. The possibility of creating two identical private keys is almost zero, due to the sophisticated encryption algorithm, we apply for the purpose.
In the BTC network, a private key contains 256 symbols, as we obtain it using the SHA256 encryption algorithm. This function always returns 256 symbols, no matter the input.
Bitcoin private key in various formats, including WIF.

Wallet Import Format (WIF)

Using such a long string of code is inconvenient, so a private key is often presented in WIF (Wallet Import Format). It’s a shortened version that includes only 51 characters (numbers from 0 to 9 and letters in the range of A-F) and begins with 5.
Here is a Bitcoin private key example in WIF:
5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF
WIF has a few advantages over a full BTC private key version. As we have said, it’s shorter and more convenient to use. Also, it contains special pieces of code that serve to check the address for typos and correct them automatically.
WIF associates with only one private key and can be easily converted back into it, using an established algorithm.

Encrypting Private Keys

If a key looks like WIF but starts with 6, it is an encrypted version of a private key. People encrypt keys to ensure an extra layer of protection. To obtain such a string of code, we apply another algorithm. To decode (decrypt) the key we need to enter the password that we set when we were encrypting it.

How Bitcoin Private Key Works

You probably know Bitcoin as a digital payment system. To explain how it works, it would be better to compare it to a web-messenger, with massages transferring value. These ‘value messages’ are BTC transactions.
And what role a private key plays in sending these financial messages?
Let’s take a look at a real-life example.
https://preview.redd.it/lt1gwme8seu41.png?width=1261&format=png&auto=webp&s=87137c6ad2566affef82a6513090022f7dbb931e

Using Private And Public Keys For a Transaction

Imagine you are sending 1 BTC to your friend Bill. You create a transaction and indicate yourself as the sender and Bill as the receiver of this amount. Then, you will broadcast the transaction to make the Bitcoin network aware of it.
  1. You start by choosing a private key. Using a special encryption algorithm, you derive a public key from it. You send this public key to Bill.
  2. You create a message for Bill and sign it with your digital signature. To obtain it, you pass your private key through a special encryption algorithm and attach the resulting code to the message. Every signature is unique, and you can use the same private address to produce an infinite number of them.
  3. Bill receives your message, public key, and signature and passes it through a signature algorithm. If it’s the message you sent, the algorithm returns ok.
Why we need a digital signature in the first place? There are three reasons. First, it tells the recipient that the message is from the sender he knows. Second, a digital signature makes it impossible for the sender to deny he sent the message. Third, it confirms that no one has altered the message in transit.
Unlike a traditional signature, a digital one cannot be forged. To produce it, you have to possess a secret private key.

https://preview.redd.it/8ta8ds3jseu41.png?width=624&format=png&auto=webp&s=79186fecbe58ecd8a393f644ad35e590361fbe86

Why Keeping Your Private Key Secret Is Important

As we have mentioned, anyone in possession of your private key can steal your funds anytime.
If your wicked colleague Alice gets your private key (because you carelessly left your paper wallet on your desk), she can use it to create a digital signature. She can then use that signature to sign a transaction that will look like yours for the network. For instance, Alice can send all your crypto to another address. You will never be able to cancel this transaction and you are highly unlikely to know that she made it.
For this reason, you should be very careful with your private keys. Never send it to anyone using a messenger, or an email client, or a social media channel. Don’t share photographs of your private key. Never store a private key in a Google Doc file.
Please note that some desktop wallet apps store your private key in a standard directory on your hard drive. This place is a honeypot for hackers who know you are a cryptocurrency user. That’s why it’s extremely important to have up-to-date anti-virus software installed on your device.
https://preview.redd.it/187j0ucmseu41.png?width=723&format=png&auto=webp&s=c9bccdd66ffabde2e623846c7e95930d5e62a625
Also, you may encrypt this wallet file to make it immune to malware. Many wallet apps provide this option. You will have to set a password to decrypt the private key, and the hacker will have to break this password to do it. If the password is strong, it will be a really difficult and time-consuming task.

Where To Store Private Keys: Mobile, Desktop And Hardware Wallets

As we have mentioned, the Bitcoin network does not store these keys. Instead, wallet services do it.

Mobile Wallets

Some of them allow you to keep and protect your private key, others do it automatically, applying various safety measures like 2FA or encryption. Note that nobody is responsible for it, your bitcoins will be gone if the service is hacked.

Desktop Wallets

Desktop wallets may be a good option. They provide a BTC public and private keys in the format of a file that you can download and import. You can protect this file with a strong password and safely store it on a hard drive. Don’t forget about safe storage for this drive, too. For instance, use a bank vault for this purpose.

Cold (Hardware) Wallets

Hardware wallets are the safest ones. They are small USB devices designed to store your funds and private keys offline, away from anyone who could steal them. For this very reason, hardware (or cold) wallets are impossible to hack. If you accidentally lose, damage or destroy such a device, you can recover your BTC and private keys using a backup phrase. The best-selling models of hardware wallets are Tresor and Ledger Nano S, supporting several popular coins.

https://preview.redd.it/jmpyl3yoseu41.png?width=803&format=png&auto=webp&s=ef70101a853eaaedea8d0fb5d2d1690cce16c989

Paper Wallets

These wallets are sheets of paper with BTC private keys and public address printed on them. Paper wallets look pretty basic and not very innovational, but it’s a safe way to store your BTC-related sensitive data. The main reason is that they are not connected to the Internet and thus are unreachable for malware attacks. This format is also immune to many mishaps that can affect electronic devices. To create a paper wallet you use a special web service like WalletGenerator.

P.S. Check out our blog if you are interested in more articles on crypto and finance
submitted by EX-SCUDO to Bitcoin [link] [comments]

What Is Bitcoin Private Key: All You Need To Know - Exscudo Blog

What Is Bitcoin Private Key: All You Need To Know - Exscudo Blog submitted by EX-SCUDO to EXSCUDO [link] [comments]

Random mnemonic collision in 12-word space

I am pretty sure this kind of “question” has been asked and answered many times. If you know a good thread that discussed this, please direct me there:
I am fully aware of the complete infeasibility of an adversary to have a brute force strategy to search the key space for existing private keys. The odds of hitting a collision are infinitesimal. Yet they are not zero, especially with several hot wallets just using 12-word mnemonics. So assuming we have large adoption of crypto in 25 years and thousands of dedicated machines run 24/7 just probing random mnemonics they might eventually out of infinitesimal luck hit upon one single existing key. What if this is your wallet holding all your crypto savings? Is this just a risk you need to take when using crypto?
Edit: To save readers time, here is a compilation of links from the answers so far and links from the links.
Similar discussions on reddit: https://www.reddit.com/Bitcoin/comments/b378nt/brute_force_a_private_key/ https://www.reddit.com/Bitcoin/comments/exa645/what_is_bitcoin_private_key_bruteforcing/ https://www.reddit.com/Bitcoin/comments/1ohwvu/bitcoin_your_money_is_secured_by_the_laws_of_the/
Videos: https://youtu.be/S9JGmA5_unY
The Large Bitcoin Collider project A pooling system to brute-force the key-space, which apparently has found some insignificantly valued private keys and seem to have given up. https://bitcoinnews.com/news/lbc-aims-brute-forcing-private-keys-proves-bitcoins-cryptography-impregnable/
since generating a Bitcoin address involves the combustion of far more than 10 atoms of fuel, [...] it is physically impossible to generate all of the possible Bitcoin private keys."
submitted by FreeFayn to Bitcoin [link] [comments]

What is the limiting factor for how many bitcoin PRIVATE KEYS can be generated?

What is the factor that limits the total amount of bitcoin private keys that can be made?
Is it sha256 or ecdsa or a combination of many things
I'm not asking the total number of private keys can be generated.
I'm not asking how to generate a private key.
submitted by BitcoinIsSimple to BitcoinBeginners [link] [comments]

Lmao... so they just openly perjured themselves by admitting they have the private keys to some of the stolen Bitcoin...? good job Ira. This is exactly what CSW has been waiting for. Now he'll drop proof of his ownership with public documents. HONEYPOT.

Lmao... so they just openly perjured themselves by admitting they have the private keys to some of the stolen Bitcoin...? good job Ira. This is exactly what CSW has been waiting for. Now he'll drop proof of his ownership with public documents. HONEYPOT. submitted by BSVForever to bitcoincashSV [link] [comments]

Lmao... so they just openly perjured themselves by admitting they have the private keys to some of the stolen Bitcoin...? good job Ira. This is exactly what CSW has been waiting for. Now he'll drop proof of his ownership with public documents. HONEYPOT.

Lmao... so they just openly perjured themselves by admitting they have the private keys to some of the stolen Bitcoin...? good job Ira. This is exactly what CSW has been waiting for. Now he'll drop proof of his ownership with public documents. HONEYPOT. submitted by BSVForever to bitcoinsv [link] [comments]

What is bitcoin going to do to prevent quantum computers from generating private keys from public keys?

From what i understand Bitcoin uses a form of RSA to generate public keys and private keys. So when quantum computers gain enough qubits its going to be possible to extract your private key from your public key. Are there currently any proposals for changes to prevent this.
Im just interested in bitcoin so please correct me if im wrong about something
submitted by YungMixtape2004 to Bitcoin [link] [comments]

What is a WIF private key ? If i have one how can i get the bitcoins from it ?

submitted by Severelydarkthing to Bitcoin [link] [comments]

How does the bitcoin network know you’ve signed a transaction using your private key, without knowing what the private key is?

submitted by autonova3 to Bitcoin [link] [comments]

06-26 11:43 - 'What do you think about this? Is it worth to try or not? I thought the private keys were safer' (pastebin.com) by /u/Environmental_Thanks removed from /r/Bitcoin within 2-12min

What do you think about this? Is it worth to try or not? I thought the private keys were safer
Go1dfish undelete link
unreddit undelete link
Author: Environmental_Thanks
submitted by removalbot to removalbot [link] [comments]

While Blockchain.info is down, what about testing GreenAddress.it Bitcoin wallet? They use P2SH and never store your private keys, not even encrypted. And if GreenAddress.it goes down you can use nLockTime transactions to redeem your Bitcoin without their intervention.

While Blockchain.info is down, what about testing GreenAddress.it Bitcoin wallet? They use P2SH and never store your private keys, not even encrypted. And if GreenAddress.it goes down you can use nLockTime transactions to redeem your Bitcoin without their intervention. submitted by coinwatcher to Bitcoin [link] [comments]

How come it takes soo long to buy bitcoin with a very low fee, is there a new private key, now what?

But when I want to buy some stuff offline and I've been stuffing around with Eclair on my phone. What are the advantages or disadvantages as I would like to purchase some of it to my bank account where I should have never removed it? What are the advantages or disadvantages as I would like to purchase some of it to my online wallet once before.
submitted by This_Blackberry to ProjectOblio [link] [comments]

Two noob questions: 1) what is a good bitcoin cash wallet where I hold the private keys 2) what are the good ways to shift btc to bch (I can't use shapeshift as they do not operate in WA or NYC)

submitted by jpflathead to btc [link] [comments]

What is the best wallet to connect with a Ledger Nano S to send BCH from the balance associated with the Ledger private key? I’ve read about concerns with BCH not sending properly from the Ledger Bitcoin App when properly choosing BCH and split chain. Any reliable solutions? Thanks in advance.

submitted by DigitalCoinz to btc [link] [comments]

New to /r/Bitcoin. What is the best way to back up my private key(s)?

.
submitted by PieCrafted to Bitcoin [link] [comments]

My Mycellium private key is compromised, what is the best practice to generate a new private key? /r/Bitcoin

My Mycellium private key is compromised, what is the best practice to generate a new private key? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

What will quantum resistant private key and seeds look like in the near future? Is it just a larger amount of seed words and/or a longer private key? /r/Bitcoin

What will quantum resistant private key and seeds look like in the near future? Is it just a larger amount of seed words and/or a longer private key? /Bitcoin submitted by cryptoanalyticabot to cryptoall [link] [comments]

George Levy - What are Bitcoin Public and Private Keys ... Bitcoin Q&A: What is a Private Key? - YouTube Bitcoin Private Key - What is it? - Bitcoin Private Key ... Bitcoin Private and Public Keys Explained Simply - YouTube How to find the private key of an imported Bitcoin address ...

How To Hack Bitcoin Private Key,bitcoin Key Finder is the only way to find a private key for your crypto wallet.Get easy access Several crypto wallets use private key and with our tools, finding the keys will be very easy Bitcoin private keys are very or almost impossible to hack, but with an understanding of how they are generated, we have come to develop this software latest version (2020 ... Private Key Definition „Ein Private Key (privater Schlüssel) ist eine Form der Kryptographie, die es einem Benutzer ermöglicht, auf seine Kryptowährung zuzugreifen. Ein Private Key ist ein integraler Bestandteil von Bitcoin und Altcoins. Seine Sicherheitsstruktur hilft, einen Benutzer vor Diebstahl und unbefugtem Zugriff zu schützen.“ A private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. The private keys are mathematically related to all Bitcoin addresses generated for the wallet. Because the private key is the "ticket" that allows someone to spend bitcoins, it is important that these are kept ... Private Key Format Bitcoin. Here are some of the most popular private key formats of Bitcoin that are used in different types of wallets nowadays: #1. Raw Private Key . A private key (in bitcoin, i.e. ECDSA SECP256K1) is a 32 byte number between 0x1 and 0xFFFF FFFF FFFF FFFF FFFF FFFF FFFF FFFE BAAE DCE6 AF48 A03B BFD2 5E8C D036 4140. Fazit: Public Key und Private Key. Die Schlüsselpaare aus Public und Private Key dienen Bitcoin als Empfangsadressen und zum Erstellen digitaler Signaturen. So können sich die Teilnehmer Kryptowährungen hin- und herschicken. Das Verwalten der Private Keys übernimmt eine Wallet. Es gibt auch Hardware Wallets, die die sicherste Form der ...

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George Levy - What are Bitcoin Public and Private Keys ...

This video is unavailable. Watch Queue Queue. Watch Queue Queue Check how easy it might be, the tool is available at: https://bitcointalk.org/index.php?topic=421842.0 Wallets in cryptocurrency work in a weird way. They also have some weird properties like: they can be created offline and be used directly. Whut? Let's see h... Bitcoin private key what is it? Can you recover your private key if it's lost? How do you keep it secure? and What is meant by "not your keys not your crypto... https://GeorgeLevy.com/Free presents: In this video, I answer the following question from one of the students of the Blockchain and Bitcoin Fundamentals cour...

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