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Public and Private Keys

Public Keys

All cryptocurrency wallets come with public keys that act as the “address” when you wish for someone to send you funds.

Free-typing public keys is a dangerous game to play. Copying and pasting the key anywhere it needs to be replicated is always preferred, as your funds are unlikely to be refunded if a mistake is made.

Attaching this key to an email, YouTube video or public piece of content is an extremely common way of inviting donations.

Private Keys

Your private key, as the name suggests, is not for public eyes.

The private key is used as a digital signature when making transactions on the relevant blockchain.

If another user were to become aware of your private key, they would immediately have the ability to send your funds to themselves by signing off any transaction with your own private key.

An advanced mathematical algorithm calculates your private key into a public key, however, this process is not reversible, ensuring the latter is safe to send out.

Successful transactions

Successfully completing a transaction is your first step into the world of cryptocurrency. Whether you’re purchasing an altcoin or trading between coins and tokens, the process is usually the same.

http://changelly.com/ and http://shapeshift.io/ are two of the leading asset exchange websites and commonly used by new and experienced investors alike. They are quickly and easily able to exchange small to medium amounts of cryptocurrency between coins.

For this process, you will need to supply your public key associated with the wallet for the coin you're buying, the amount of coin you already have that you’re willing to trade, as well as a refund address for your original coin in case of any issues.

Make sure you have all this information, plus any additional wallets you might need before starting this process and ensure your details are correct.


Mistakes to avoid

The most obvious mistakes to avoid are incorrectly typing an address or volume of the coin you're looking to send. Incorrectly typing an address will almost certainly lead to the loss of your coin or tokens.

Sending your private key, instead of your public key, will result to your funds being compromised.

Providing you are careful, you should be able to complete your initial transactions successfully.

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