How safe is your bitcoin?

Know the difference between a public and a private key

Ric Edelman: You know, we often talk about crypto here on The Truth About Your Future. Thanks, by the way, for sticking with me on the program today. One of the phrases you often hear about with crypto is something called a private key. Did you ever hear of that? What on earth is a private key? Well, you have to assume that if somebody is going to the trouble of talking about a private key, there must be a public key. You know, it's like guitar. Why would somebody refer to an electric guitar unless there's also an acoustic guitar? Private key? Public key? You're much more familiar with this than you think. Think about your email. Well, you send emails to people, and you want them to be able to send emails to you. You give them your email address - that's your public key. But your password that lets you get into your email account, that's your private key. Bitcoin works the same way. There's a public key and a private key. Your public key is how you send Bitcoin and receive Bitcoin. Your private key is how you access your wallet that holds your Bitcoin. Simple nomenclature. This jargon really isn't all that confusing, is it? And if you'd like to learn more about the new terms and terminology of crypto, read my new book, The Truth About Crypto. You can order it now from your favorite bookseller. Stay with us for more here on The Truth About Your Future.