This section summarizes years of innovation by some of the world's best cryptographers in just a few lines, so it inevitably involves some simplifications.
To spend coins associated with a specific Bitcoin address, you need the corresponding private key. This private key is used to create a unique digital signature for the transaction. Bitcoin network nodes then verify this signature using your public key (from which your address is derived) to confirm you are the rightful owner of the funds.
- In Bitcoin, your private key is essentially a very large, secret number.
- Your public key is mathematically derived from your private key using a specific elliptic curve algorithm called
secp256k1
. This process is designed to be easy in one direction (private key to public key) but practically impossible to reverse (public key back to private key). Think of it like a mathematical one-way street. Thesecp256k1
curve w