Topic: bitcoin address question - page 2. (Read 1642 times)

The software you are using to create keys generates them. The range of valid private keys is governed by the secp256k1 ECDSA standard used by Bitcoin.


Nobody keeps track. It is just statistically improbable that there is a coincidence of the same keys being generated again.


Again.. it is just impossible in practice that it happens. It would be like winning the lottery on steroids.


And again, it is just a non issue. In fact, there's people generating addresses constantly because they are cunts and are trying to cause that coincidence in purpose:

https://lbc.cryptoguru.org/about

Good luck with that.

While i have been dealing with bitcoin trading for sometime the following question keep bugging me all along. Hope one of you can clarify it for me.

I understand that bitcoin is decentralized and self maintained in the sense there are no central authority to create users or provision passwords or maintain servers.
I also understand that bitcoins are stored in wallets, which are essentially public key hashes aka an address of 20 bytes randomly generated address. To make any transactions on this wallet/public key address  bitcoin decentralized application need corresponding private key.


All well and good. Now my question is

1) How and who generates these public/private keys. I assume anyone can generate ..but whats the criteria
2) Who keeps track of which public keys are generated and what is its corresponding private key .. as far i understand there is no one so i wonder how it works
3) If it is a random public key with no one keeping track of addresses in use, how does the system ensure same address is not being used by two different people. i.e how do we know the key generate has produced a key that is not already in use
4) we keep hearing suggestions about disposing keys and keep creating new ones for security reasons. While it is secure to move on to new address as frequently as possible, my question is how sustainable is this approach. How big is the address space and whats the chance of exhausting the addresses and stumbling on reused addresses.


Some of these questions might be silly to few of you but its better to get clarified than working under assumptions. As you can tell i am a IT developer hence the questions from my developer mindset.

Thanks in advance..