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Author Topic: Understanding private keys and how recovery is possible?  (Read 81 times)
tbch2325
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November 14, 2017, 03:52:50 PM
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Hi guys,

I'm still learning about bitcoin, and i understand mostly how it works. What I'm struggling with is, how do the 24 number of randomly generated words match against the 256bit private key? And where is a list of private keys and the amounts in those wallets are stored for if you want to recover your wallet?

Hope that makes sense!
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November 14, 2017, 04:26:15 PM
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how do the 24 number of randomly generated words match against the 256bit private key?
Read through this thread.
And where is a list of private keys and the amounts in those wallets are stored for if you want to recover your wallet?
If such a thing existed, anyone could steal your coins at any time.  In order to find your private key, an attacker would have to search through the extremely high amount of possible 256-bit numbers to find your randomised number, which with current technology can't be done.

You will have to keep the seed phrase safe.  Preferably by writing it down on paper and storing it in a secure location.

tbch2325
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November 14, 2017, 04:39:26 PM
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how do the 24 number of randomly generated words match against the 256bit private key?
Read through this thread.
And where is a list of private keys and the amounts in those wallets are stored for if you want to recover your wallet?
If such a thing existed, anyone could steal your coins at any time.  In order to find your private key, an attacker would have to search through the extremely high amount of possible 256-bit numbers to find your randomised number, which with current technology can't be done.

You will have to keep the seed phrase safe.  Preferably by writing it down on paper and storing it in a secure location.

Great thanks! Yeah i didnt think there was  record a such of the private keys as that wouldnt work, which is why the recovery is super confusing  Huh.

One question - What is 'the seed'?
audaciousbeing
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November 14, 2017, 04:41:23 PM
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Hi guys,

I'm still learning about bitcoin, and i understand mostly how it works. What I'm struggling with is, how do the 24 number of randomly generated words match against the 256bit private key? And where is a list of private keys and the amounts in those wallets are stored for if you want to recover your wallet?

Hope that makes sense!

The way bitcoin is now, it has been designed to accommodate every level of knowledge whether a rookie or a techy. For someone like you who wants to understand the behind the scenes configuration and how the numbers are generated, then you will have to do more in the areas of research and reading but I doubt if you will understand if you are not someone who has been technologically sound before because even the white paper that is written in basic English, a lot of people still find it difficult to understand.

For someone like me, I believe one day the answers will come knocking and I didn't even use a desktop wallet until after about 6 months since I joined the community. Trying to understand everything at once might lead to information overload.

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