When I sign a transaction with my private key, how is the network prevented from

Bitsky

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Quote from: Sovereign on July 01, 2011, 07:58:19 AM

So what's the point of opening an account at mybitcoin?

Basically convenience.

Pro: You don't have to run the bitcoin client, download&verify the blockchain and care about securing your wallet.

Con: You're entrusting all your coins to a third party and if the website gets hacked, you're out of luck and may lose all your coins.

Sovereign

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Quote from: bitlotto on July 01, 2011, 07:45:41 AM

Quote from: Sovereign on July 01, 2011, 07:32:10 AM

Ok now I understand the difference

But here comes another question: where is my private key? All I know is my public key. Who generated my keys?

The Bitcoin software makes them and puts them in your wallet. That's what all the hackers are after. The private keys in your wallet.

I understand now.

So what's the point of opening an account at mybitcoin?

bitlotto

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BitLotto - best odds + best payouts + cheat-proof

Quote from: Sovereign on July 01, 2011, 07:32:10 AM

Ok now I understand the difference

But here comes another question: where is my private key? All I know is my public key. Who generated my keys?

The Bitcoin software makes them and puts them in your wallet. That's what all the hackers are after. The private keys in your wallet.

Sovereign

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Merit: 10

Ok now I understand the difference

But here comes another question: where is my private key? All I know is my public key. Who generated my keys?

Sovereign

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Thanks. I'm obviously new to cryptography, and I'm a little overwhelmed by the amount of new info

BitcoinHoarder

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And check out this description of how signing works:

http://en.wikipedia.org/wiki/Public-key_cryptography

MoonShadow

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When you sign a transaction using your private key, you are publishing your public key at the same time. All other nodes can then, using only mathmatics, verify that the address that legitimately claims those coins can be derived from that public key, and then by using that public key, can verify that the signature was produced by the matching private key. The private key never touches the network.

Sovereign

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When I sign a transaction with my private key, how is the network prevented from finding out my private key? How can it verify that I signed it without knowing the private key used to sign it?

Topic: When I sign a transaction with my private key, how is the network prevented from (Read 906 times)