Are we running out of Bitcoin addresses? How many Bitcoin addresses are there available? How do addresses relate to Bitcoin private keys? Let's do some calculations and see for ourselves!
Bitcoin Private Key - Flipping a Coin 256 Times
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Great info as usual
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Very interesting. Something very similar is used to generate GUIDs (globally unique identifier) for regular databases where you need unique IDs for a large dataset. Microsoft SQL has a function just for this purpose. Loved the content, regards
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Yep, GUIDs can be timebased, so because time goes on forever they will never be the same
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Thanks for that explanation. I always find great content in your videos.
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great job...
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Great post, but I dont see how BTC could run out of addressess..
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Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 105.18 SBD, based on the pending payout at the time the data was extracted.
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nice post actually bitcoin is so expensive curency in pakistan he is really up in PKR i think it is very useful for pakistanians people if they are understand the bitcoin.
@mahmoodhassan
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BTC address is a set of combinations which can have billions of combinations. So it is really impossible in actual practice that there can be same BTC addresses generated twice. Thank you for the explanation
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Will or can we run out of Steem address as this platform continues to grow?
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what?!!
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Thanks for your post.keep posting
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Hi @ivanli. Great ex plainer video. Mad props. Thank you. I followed you & look forward to next posts & videos. You rock.
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Very interesting.
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Much appreciated, however btw, in cool stockpiling, how does a blockchain can know your private key if just the general population key has been synchronized?? So in frosty capacity how might you be 100% certain your arbitrarily disconnected produced private key is legitimate if it's never been in the blockchain?? much appreciated, this confounds me now and again about frosty wallets.
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The blockchain doesn't know anything. When you execute a transaction on a blockchain what you are actually doing is adding a record to the ledger. In order for a record to be valid it has to meet certain criteria. One criteria is that the addresses involved meet a standard that the software recognizes.
As long as the addresses used adhere to that standard they can be used to generate records in the ledger.
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I was really scared by the thought that my password (private key) can match with somebody else. But after seeing this video I get the feeling if something like that happens to me, My name would probably be in The Guinness Book of World Records".
Thanks @ivanli for explaining the concept to a layman like me.
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Great video, but you haven't taken into consideration that each Satoshi - that presumably has a different address - is being transacted many many times. Again, theoretically speaking of course :)
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I love your videos Ivan, keep up the great work!
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I only flip coins for my private keys...
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@ivanli that's what I call quality content! I too have often thought about bitcoin addresses running out and also about the chances of generating an address which already exists.
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very good explanation.
Now I finally can sleep peacefully without worrying (about address clashes etc..) :p
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Nice post
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Great job explaining that. Very interesting. That was something I didn't know I didn't know.
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Great explanation.
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Thanks for share
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thanks for explanation , i have learned a lesson.
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There is no problem about cryptocurrencies that will not be solved
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Once you get a taste of freedom with Bitcoin, your life will change forever :)
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