You are viewing a single comment's thread from:

RE: Blockchain in Simple Terms

in #bitcoin8 years ago

Yes, on an abstract level it is correct as well, although you kind-of loose all of the technical magic and some concepts do not fit this intuition (e.g. you can encrypt a message with someone's public key and post it on a public bulletin board - only the recipient will be able to decrypt it).

A similar nontechnical intuitive analogy could be of a padlock. You know, the kind which locks itself without a key, but you need a key to open it. The "public key" is such a padlock (in an open state). Anyone can use it to secure a message. Only you have the key to open it, though.

Bitcoin addresses, in fact, are public keys indeed (while the "wallet" is simply the corresponding private key).

Coin Marketplace

STEEM 0.09
TRX 0.32
JST 0.033
BTC 109244.23
ETH 3865.13
USDT 1.00
SBD 0.60