BitJackass Diary Part 1

Since 2010, while studying cryptography and cryptocurrencies, I have developed a certain vision in theseareas.
I will share my experience and accumulated knowledge with the readers of my blog and channel in the most understandable language.

Bitcoin is aerobatics in the world of technology.
Bill Gates, Microsoft co-founder, investor

Bitcoin wallet - a set of generatedprivate keys. A public key can be unambiguously generated from a private key, and a public Bitcoin wallet number (which is visible to users of the system) can be obtained from a public key. Private keys and public keys are hidden in the technical implementation of the wallet program.

Reverse conversion (from address to publickey, and from a public key to a private one - not available). For these transformations, an asymmetric encryption algorithm (SHA-256 algorithm) is used. That is, when a wallet is created, the computer generates a certain number of private keys. It is assumed that each of the private keys will be used only once to receive and once to transmit a transaction (this is the “ideal” model of working in the Bitcoin system, for purposes of anonymity).

But, nothing prevents getting on the samethe address of the coin many times, and transmit them further, since not only the address of the recipient, but also the number of the incoming transaction is used to identify the “coin”.

Private keys are generated randomly, and if the key is generated correctly, statistically the chance of your private keys being decrypted is extremely slim.

If you use a verified wallet andcontrol his private keys, you will not suffer 100%. People who use the services of third parties, such as exchanges or online wallets, should be worried.

Best regards, BitJackass.