What is a public key and private key in cryptocurrency?

In the context of cryptocurrency, a public key and private key are two cryptographic keys that are used to secure and verify transactions on the blockchain network.

A public key is a long string of characters that is publicly visible on the blockchain network. It is used to receive cryptocurrency transactions from other users on the network.

On the other hand, a private key is a secret key that is known only to the owner of the cryptocurrency wallet. It is used to access and spend the cryptocurrency held in the wallet associated with the public key.

When a transaction is initiated on the blockchain network, the sender of the transaction signs it with their private key, and the recipient verifies the signature using the sender's public key. This ensures the integrity and authenticity of the transaction, as only the owner of the private key can create a valid signature for the transaction.