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The Best Explanation of Bitcoin's Security Ever Offered


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Compare your banks security encryption to bitcoin's

 

Here are the steps--

Create a signature:

  • Hash the transaction to sign
  • Select a random number
  • Calculate the ECDSA curve point (x1, y1) by multiplying the random number by the elliptic curve base point (G)
  • Calculate r and s using the private key, the ECDSA curve point, and ECDSA signing algorithm. The signature is the pair (r, s).

Verify a signature:

  • Hash the transaction that was signed
  • Calculate u1 and u2 using the public key, the signature values r and s, and ECDSA verification algorithm
  • Calculate the curve point (x1, y1) using u1, u2, and the public key
  • If r is equivalent to x1 the signature is valid

 

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Compare your banks security encryption to bitcoin's   Here are the steps-- Create a signature: Hash the transaction to sign Select a random number Calculate the ECD

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BIP39 Seed Word Entropy visualized (odds of someone guessing private key seed phrase assuming it has randomness)

19wudxhll4981.jpg

The entropy of a BIP39 seed phrase is incredibly high, making it very difficult for someone to guess the private key seed phrase. The odds of someone randomly guessing the private key seed phrase are incredibly low, making it a very secure way to store your cryptocurrencies.

Check out the large Bitcoin Collider. People have been running that thing since 2015 and no one has ever had a true collision. If you understand math you will understand why it will never happen, even though there is a "probability it could happen", in reality it would never happen. There are nearly as many addresses as there are atoms in the universe.

One more way to look at it. The odds of winning megamillions is 1 in 300,000. The odds of finding a bip39 address is: 1 in 115792089237316195423570985008687907853269984665640564039457584007913129639936

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Can’t we have programs designed to run AI and just try 24hrs a day to guess passwords?

Yes you can, and yes, its happening: https://lbc.cryptoguru.org/stats

As of right now, they have generated 41534.51 tn keys at a rate of currently 14.78 tn per day and there are still 32487405889012096286998934045.62 tn keys to go.

And just btw: you don't need "AI" to do this. Its as simple as counting upwards.

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Anyone can generate a bitcoin private key.

No one can generate your bitcoin private key.

EjulCKbUwAA52JN.jpeg

There are somewhere on the order of 10^77 possible Bitcoin private keys. Guessing the right private key is much worse than trying to find a single grain of sand on earth. It's equivalent to trying to find a single atom in the known, observable universe.

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