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Blockchain Cryptography

Bitcoin relies heavily on cryptographic technologies such as Hash functions (i.e., SHA-256 and RIPEMD-160) and Asymmetric Public Key Cryptography (i.e., the Elliptic Curve Digital Signature Algorithm [ECDSA]) to create a new pair of private key and a unique corresponding public key deriving from the private key. The public key is used to receive funds, is broadcasted out to the network and is visible to everyone after coins have been spent. In the payment portion of a bitcoin transaction, the recipient’s public key is represented by its digital fingerprint, called a bitcoin address, which is generated from and corresponds to a public key.

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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