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Title: generating a paper wallet Post by: chalupasupreme on January 12, 2017, 02:31:26 AM so i generated a bitcoin address and private key offline and was wondering what are the chances that someone else could generate the same address and private key? I am using this address for cold storage so I dont plan on bringing this wallet online anytime soon. I have sent some bit change to the address just to test out this address. My plan is to send bitcoin to this address every so often for a savings. But my main concern is security. I just hope someone else couldn't generate the same address and private key and somehow steal my coins? idk just thinking out loud and hoping someone else could answer my questions and ease my fears
Title: Re: generating a paper wallet Post by: YIz on January 12, 2017, 02:39:25 AM so i generated a bitcoin address and private key offline and was wondering what are the chances that someone else could generate the same address and private key? I am using this address for cold storage so I dont plan on bringing this wallet online anytime soon. I have sent some bit change to the address just to test out this address. My plan is to send bitcoin to this address every so often for a savings. But my main concern is security. I just hope someone else couldn't generate the same address and private key and somehow steal my coins? idk just thinking out loud and hoping someone else could answer my questions and ease my fears Don't worry about it, the chances of someone generating the same private key in your lifetime are much worse than your chances of winning the lottery 10 times in a row. Title: Re: generating a paper wallet Post by: abercrombie on January 12, 2017, 02:43:36 AM This video should help...
Bitcoin 101 - Quindecillions & The Amazing Math Of Bitcoin's Private Keys https://www.youtube.com/watch?v=ZloHVKk7DHk Title: Re: generating a paper wallet Post by: chalupasupreme on January 12, 2017, 03:00:04 AM so i generated a bitcoin address and private key offline and was wondering what are the chances that someone else could generate the same address and private key? I am using this address for cold storage so I dont plan on bringing this wallet online anytime soon. I have sent some bit change to the address just to test out this address. My plan is to send bitcoin to this address every so often for a savings. But my main concern is security. I just hope someone else couldn't generate the same address and private key and somehow steal my coins? idk just thinking out loud and hoping someone else could answer my questions and ease my fears Don't worry about it, the chances of someone generating the same private key in your lifetime are much worse than your chances of winning the lottery 10 times in a row. thanks for the reassurance. after some reading about how private keys and addresses are generated I feel a lot better! |