As the world of cryptocurrency grows, so does the need for enhanced security measures to safeguard one’s digital assets. Passphrases, private keys, and public keys are three essential components of this security system. In this article, we will explore the concepts of passphrases, private keys, and public keys, and their significance in the world of cryptocurrency.
Passphrase is another way of securing and restoring your wallet or account. It consists of 12 random words that you should remember. In case, you lost your phone or uninstalled your wallet application; you can restore it through the use of a passphrase. That’s why it is very important that you memorize or have a copy of your passphrase because this is the only way to restore access to your account.
Public Key is referring to an address where the funds are received and deposited. You can compare a public key to your account number in your bank account. You may share your public key to anyone, and it wouldn’t cause any threat to your digital wallet.
On the other hand, a Private Key is represented by an address that allows you to spend the funds in your wallet. It is the key to accessing your account. You should not share it with anyone. Private key is closely similar to the password in your bank account. To sum it all up, Public key is like an account number that you can share with anyone. Private Key is for sending and withdrawing funds; and last but not the least, a Passphrase is for securing your account and restoring it in case, you lost or uninstalled your wallet. But just like a private key, a passphrase is not to be shared with anyone because it will grant access to your account.