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1  Bitcoin / Bitcoin Technical Support / Key generation on: September 04, 2017, 01:15:56 PM
Hey everybody!

I started reading about Bitcoin this weekend and I've got 2 open questions before daring the step to invest money into it.

I've read about the different kind of wallets and since I only want to invest I'd be interested in an offline created paper wallet for cold storage. Now I've followed the steps on Bitcoins page with saving the key generator to my pc, going offline and well generating the key but I wondered: in theory isn't it possible that somehow somebody randomly generates the exact same private key I just did and thus gets access to my Bitcoins that are already linked to my private key? I know the chance is extremely low with 1 to 10^77 but still. Is it possible?

Another question I've got is, when I'm ready to spend my Bitcoins I'll link my private key to an online wallet right? A file will be created on my pc which I should always keep on an external device, encrypted and secured by a password. If I lose said external device or it breaks down shouldn't I still be able to acces my savings if I still have my private key? The one thing i definetly learned is, that I should never tell anyone my private key because if I do they can access my Bitcoins. But when they can shouldnt I be able to do so too even if I lose my wallet file?

Perhabs I've got some really heavy misconceptions with the whole concept of cryptocurrency and I just wanted to clarify them. I hope someone can help me with this Smiley

Thanks and cheers!
Florens
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