0 sats \ 1 reply \ @chytrik 23 Feb 2023 \ parent \ on: Simple steps to generate bitcoin address without internet & store as a printout bitcoin
I may be wrong in my understandings as i am not an expert in the domain.
You do misunderstand; the keyspace for a 24 word BIP-39 mnemonic seed phrase is MASSIVE, beyond comprehension. Using a private key that was derived in standalone fashion affords you no additional security. If it did, mnemonic seed phrases would not be common place.
Using a 24-word seed phrase provides 256 bits of entropy, which translates to 2^256 possible seeds. This is an impossibly large number, there is no conceivable way that even an advanced future-computer could iterate through enough addresses to find even one that holds funds. And besides, if such a thing did come to exist, then funds held at BIP-39 derived addresses would be at no higher risk than funds held at any other P2PKH address.
See this stack exchange answer for some example numbers relating to this. In short: it would take an impossibly advanced computer many many many times the age of the universe to find even a single funded key.
Yes. this is a good method to write down. it may work for mnemonic seed words. but for the private key if your writing is exactly not readable and u cannot differentiate between l and 1 , 0 and O , in future when u try to read it. it will be a problem. So if u are using pen and pencil then better write it down and read it again to verify that it is readable
There are various private key formats, but WIF uses base58check encoding to prevent this 'ambiguous character' problem. So that won't be an issue (though correctly transcribing a long string of random characters can be tough itself).
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0 sats \ 0 replies \ @cryptofolyo OP 23 Feb 2023
I may be wrong in my understandings as i am not an expert in the domain.
You do misunderstand; the keyspace for a 24 word BIP-39 mnemonic seed >phrase is MASSIVE, beyond comprehension. Using a private key that was derived >in standalone fashion affords you no additional security. If it did, mnemonic seed >phrases would not be common place.
Anything that is easy, would be eventually in common place. The real question is compared to brute force a non derived private key how easy or difficult will it be to crack a derived key.
Using a 24-word seed phrase provides 256 bits of entropy, which translates to >2^256 possible seeds. This is an impossibly large number, there is no >conceivable way that even an advanced future-computer could iterate through >enough addresses to find even one that holds funds. And besides, if such a thing >did come to exist, then funds held at BIP-39 derived addresses would be at no >higher risk than funds held at any other P2PKH address.
See this stack exchange answer for some example numbers relating to this. In >short: it would take an impossibly advanced computer many many many times >the age of the universe to find even a single funded key.
the stackoverflow article is about the difficulty of a regular bitcoin private key. not that of a BIP 39 derived key.
Yes. this is a good method to write down. it may work for mnemonic seed words. but for the private key if your writing is exactly not readable and u cannot differentiate between l and 1 , 0 and O , in future when u try to read it. it will be a problem. So if u are using pen and pencil then better write it down and read it again to verify that it is readable
There are various private key formats, but WIF uses base58check encoding to >prevent this 'ambiguous character' problem. So that won't be an issue (though >correctly transcribing a long string of random characters can be tough itself).
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