By Vokree - 15.02.2020
Bitcoin private key vs address
An address is the hash of the public key. So when you have a private key, you can use that to derive the public key, which you can use to derive the address/hash. What is a public key? What is a private key in cryptocurrency? Read on to have wallet addresses, public keys and private keys explained simply.
Here is a private key in hexadecimal - bits in hexadecimal is 32 bytes, or 64 characters in the range or A-F.
Hierarchical Deterministic HD Wallet Keys Main article: Hierarchical deterministic wallet Wallet software may source a BIP 32 seed to generate many private keys and corresponding public keys from a single secret value.
This is called a hierarchical deterministic wallet, or HD wallet for short. The seed value, or master extended key, consists of a bitcoin private key vs address private key and a bit chain code, for bits in total.
Users are strongly advised to use HD wallets, for safety reasons: An HD wallet only needs to be backed up once typically using a seed phrase ; thereafter in the future, that single backup can always deterministically regenerate the same private keys.
Therefore, it can safely recover all addresses, and all funds sent to those addresses. Non-HD wallets bitcoin private key vs address a new randomly-selected private key for each new address; therefore, if the wallet file is lost or damaged, the user will irretrievably lose all funds received to addresses generated after the most recent backup.
Base58 Wallet Import format Main article: Wallet import format When importing or sweeping ECDSA private keys, a shorter format known as wallet import format is often used, which offers a few advantages. Wallet import format is the most common way to represent private keys in Bitcoin.
For private keys associated with uncompressed public keys, they are 51 characters and always start with the number 5 on mainnet 9 bitcoin private key vs address testnet.
Private keys associated with compressed public keys are 52 characters and start with a capital L or K on mainnet c on testnet.
Any utility which performs the conversion can bitcoin private key vs address the matching Bitcoin bitcoin private key vs address.
The mathematical conversion is somewhat complex and best left to a computer, but it's notable that the WIF guarantees it will always correspond to bitcoin private key vs address bitcoin link address address no matter which bitcoin private key vs address is used to convert it.
Not every private key or Bitcoin address has wallet address bitcoin private key vs address corresponding mini private key - they have to be generated a certain way in order to ensure a mini private key exists for an address.
The mini private key is used for applications where space is critical, such as in QR codes and in physical bitcoins.
The private key is only needed to spend the bitcoins, not necessarily to see the value of them. If a private key controlling unspent bitcoin private key vs address is compromised or stolen, the value can only be protected if it is immediately spent to a different bitcoin private key vs address which is secure.
Because bitcoins can only be spent once, when they are spent using a private key, the private key becomes worthless. It is often bitcoin private key vs address, but inadvisable and insecure, to use the address implemented by the bitcoin private key vs address key again, in which case the same private key would be reused.
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