so could there be a possible collision?
If you use a password to create a private key it is very easy for computers to generate the private keys and check the balance. You need to create the private keys randomly and not from a password. In other words, no brain wallets. people can run large supercomputers and check passwords all day long so don't even try it.
the best way to go is use a deterministic wallet like armory or electrum. that was you have one long key you have to save and back up. Then all your addresses are created from that.
It will suffice to use a good password. Supercomputers can't beat good passwords. Just don't use anything that could be beaten with wordlists etc., do not use lyrics from your favourite song and so on. The problem is the same as choosing a good password. It's totally doable if you use some sense. Put something personal in it, something that is not found in a word list. That way if the attacker wants to really crack it he would have to focus on cracking just your password.
If we look at passwords like "correct horse battery staple"
The words
correct - 1822nd most common (Wolfram Alpha)
horse - 1315th most common (Wolfram Alpha)
battery - 3222nd most common (
http://www.wordfrequency.info/free.asp?s=y)
staple -
, but not in the top 5000
So, one would most probably need a word list of at least 2000 words to be able to have all those words. This means 16000000000000 different combinations of four words. Assume an attacker could hash passwords at 10 TH/s. She would need 1.6 seconds to surely find the key. So not safe for the future attacker. Add a fifth word, it will take an hour now. Add punctuation, substitute a letter for a number, do a strange error in spelling... something you can remember. The key will become impossible to guess. Remember something personal. Also in practice the word list would have to include way more than 2000 words.
Anyway, think this for yourself, but it's not difficult to come up with a safe passphrase that you can also surely remember. I have a mixed Finnish/English passphrase I know I really can't forget but it's also quite impossible for anyone to come up with.
Just remember something random or personal as well, there are around 7 billion people on this planet and if you think no one else likes that obscure quote or poem you're using, you might as well be wrong.
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