very good guide. thanks for that.
i want to ask you something. i think about creating address... what if your created wallet has my private key also? i mean is there any chance to create same private key and address?
i want to explain more because my english;
for example; i use 1sT2GVdd3... for a while. and i have 10BTC atm. somebody, who wnats to start BTC create bttc address. and what a lovely... multibit create same address!!! :S is it possible?
The risk of Bitcoin address collision is approximately 1/2^160 address generated. It is more fesible to solomine using a celeron than trying your luck at making an address collsion. You can probably find an address collision if you build billions of ASICs specialised for such operation together with the computing power of the entire world and two suns. However, weak/flawed RNG can cause the address to be predictable. See
this,
this and
this.
Yes that is why that new BIP-XXX or wtf was its name, is used to create deterministic addresses.
So you only need 1 random number as a seed and you can generate a really big hash from that using even a flawed RNG because without the initial seed they cant even find out the flawed mechanism
Random + Nonrandom = Random
Nonrandom+Nonrandom = Nonrandom
Atleast thats how i understand cryptography.
