A person on Reddit’s Bitcoin page says they did an amazing thing— they guessed two Bitcoin codes really quickly and then opened wallets that didn’t have any money in them. Some new Bitcoin users might be surprised by the post, but there is a basic misunderstanding of how seed phrases work.
Seed phrases are really important for keeping your wallet safe. They are created following BIP39. They have 12 to 24 words from a list of 2048 words. The last word in a seed phrase is a checksum, which helps make sure the words are entered correctly.
This is your counterparty pic.twitter.com/4zvOfV1dHp
— Miyak0x (@Miyak0x) January 27, 2024
If one word is wrong or the order is mixed up, the checksum won’t match and the wallet software will probably not accept the phrase. This makes it very hard to guess a seed phrase unless you have a lot of powerful computers.
The person who wrote the post probably didn’t guess existing seed phrases, but instead made new wallet addresses. Because there are so many different seed phrases, it is likely that some of them will lead to wallets that no one is using. So, the author’s statement is true but it might make people confused. They didn’t break into or use someone else’s wallet; they accidentally made new wallets that were never used before.
The BIP39 standard makes it very unlikely to randomly guess the seed phrase of a wallet with money in it.
In recent times, the price of Bitcoin has been staying around the same level with a small decrease. The price for trading now is about $42,513. The moving averages are acting as levels of support and resistance.