Creating a new wallet account is super easy with CLI.
With one command I can generate a new wallet.
I’m assuming there is no infinite amount of wallets addresses possible and I’m also assuming when a wallet address is generated, it can never be generated again. So then, isn’t there a worry about wallet addresses all being gone one day?
I mean if someone were to create a script where it just generates wallet addresses all day everyday for ever, wouldn’t there be a day when there would be no more wallet addresses?
What are the procedures that are in place to keep this from happening?
I believe that there are 2.9643×10⁷⁹ different possible seed phrases, if we add up all the different combinations of the 2,048 words in the BIP-39 word list and the fact that you could have a seed phrase with 12 words, 15 words, or 24 words.
In other words there should be this many different possible seed prhases:
With that many different wallets, the chances that randomly generating a wallet somehow produced the same wallet as somebody else is so unlikely that it’s esentially impossible.
There’s nothing technically stopping somebody from producing the same wallet as somebody else by random chance, other than the fact that its so unlikely.
I’m sure there is somebody who probably knows how many thousand years it would take before you could randomly generate and stumble upon somebody else’s wallet, but I don’t know what the exact number is.
From everything I’ve seen I think it’s a safe enough guarantee and it’s practically impossible to run out of addresses.
So what are you saying is there’s nothing set in place to check whether or not the same address has been created before and when it generates, it relies on an unlikely probability (chance) that someone else will not generate the same address.
Theoretically, what would happen to the original wallet holder if the same address was generated by someone else? Will they take over your wallet account?
About the possible different seed phrases, that is a lot and if that number is accurate, that is re assuring. I haven’t done the math yet, but I see that even with malicious group of 1000 generating a million per day, it will still take a very long time for them to even put a dent in the possibilities.
Yeah, you would both have complete control over the wallet, so if someone stumbled upon your wallet by random generation, then they would just transfer the funds out of your wallet to a wallet they own and steal what you had.
Thank you for the insight and for taking the time to answer all my questions. I still have so much to learn.
Keep asking questions and you can learn a lot!