Cryptocurrency Wallets - Public and Private Keys (Asymmetric Encryption Animated)

In this video, we explain how pubic and private keys work in cryptocurrency wallets. In short, these wallets use asymmetric encryption to allow users to stamp transactions with their private key. Other users can verify their transaction by using the sender's public key.

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[llihwerd]

This channel should literally be required curriculum for high school students. Thank you for helping educate so many people about the Web 3.0 world <3

[brian-ze]

I ❤ Whiteboard Crypto, however, there are some VERY serious errors in this video. A public key is used for encrypting messages and the corresponding private key is used for decrypting messages. This is very important and the reason you never share your private key. Signing is a separate function (and sometimes done with a separate key-pair). A private key is used for signing and a public key is used for verifying.

[BronzeMonkeyGaming]

Great video. There is a problem with your example I like to point to.
The problem you are trying to solve is actually a signing problem. As the name suggests, the public key is public. Everyone can reach it. So encrypting with your private key and sending the message only ensures that the message is from you ( just like bitcoin wallet and ... ). If you want to send a message that only your girlfriend can open, You must encrypt the message with her public key, then only she can open it using her private key.
So there is two way to encrypt, with your private key - called signing the message ( ensures the message is from you ). Second with recipient public key ( ensures only the recipient can open the message ).

[belloifedayo]

I love you guys. It helped a lot. I've literally binged watched 100s of cryptography and hash functions videos before happening on this.

[adan]

I finally understand these 2 concepts. Thanks, awesome channel

[pt]

"Imagine that you have a girlfriend"
Ahh, I see you understand your target audience

[nidhi]

This was really helpful. Good content in easy way. Thank you

[JeradGraham]

The 2 minutes of content from ~5:40-7:40 is what people who don't know anything about blockchain need to see. That's the simplest answer to the question "why does it work?" The only thing missing is a statement about how this function should be a transparent piece of the software.

[LuciferHesperus]

"not your key not your crypto" best explanation ever

[RehamTaay]

Hash functions are a beautiful invention

[clintonjackson]

Please I need someone to help me trade or invest the forex or crypto market because I’m tired of trading in losses myself. I’ve blown my account twice and it’s frustrating…

[arnoldlenny]

If I understood everything correctly, then a private key can generate a lot of public addresses using an elliptic curve, let's say 10 pcs. Hence 2 questions: 1) If a hacker gets my private key, will he get access to all 10 addresses?? 2) In my electrum wallet, each address has its own private key. I don't understand how this correlates with the fact that one private generates a lot of addresses...

[independent]

Thank you for your content, no i need to get info how to generate private key for each blockchain that i have my crypto tokens 😉

[howtoshadi]

I used to understand public and private keys until I watched this. Now I’m back to ignorance again… LOL

[sarayushetty]

One thing I am not able to understand. If u are using the public key for reading messages, then people for whom it wasn't intended to read can read it as well right?? Then how will u prevent them from reading it??

[fradelinegarcia]

Hey guys thank you so much for making this content! Can you make a video on shilling? I don't know what it is or anything about it but it seems to be a buzz word at the moment. Thanks for ur efforts 😊

[LuciferHesperus]

The public key is for receiving the message. The private key is for reading the message or signing a message to send.

[aquafreshka]

I almost got all of it but I still got a question :
What verify transaction ? and doesn't allow me to add some random transaction ?
For exemple let say I am bob.
Why I can add transaction like bill pay bob, John pay bob ans so on.
I assume than only the one who pay can add transaction but how can we link the personne who pay the key that has been used to verify the transaction if it's meant to be anonymous ?

[dyslexic_daddy]

Imagine if you had a girlfriend... Way ahead of you buddy 😂😂

[raziasultana]

API Keys are different from Private/Public key. Can you please reply in detail.