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Does each crypto coin require a unique pair of keys?
Do you need to generate a public and private key every time you want to invest in a new type of crypto? Furthermore, can a pair of keys only hold one type of crypto, because they’re unique to that particular blockchain? Does a wallet refer to only 1 pair of keys, or to your group of cryptos you own through a single platform? Thanks!
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Dean van Tooren @dean-van-tooren
Dean van Tooren @dean-van-tooren
Every time a wallet is created a private key is generated with it. Different wallets may support different tokens.
A wallet can refer to a group of crypto’s (on a platform) and the private key is used to verify transactions. When using online platforms you will usually see there is only one public key for a particular crypto.
Public keys however can be generated and are not necessarily unique like the private key is. When using a hardware wallet like a Ledger device, your private keys can generate different public addresses that lead to the same wallet.
I hope this clarifies things a bit!