Key Points:
- Wasabi Wallet announced the start of an educational Bitcoin competition in which participants had to “break” the seed phrase of a wallet containing more than 4 million Sats.
- The security of private keys is further illustrated by the fact that it gets less secure when more words from the seed phrase are released.
- To help with visualization, consider that there are roughly 238,855 miles between the Earth and the Moon. The distance needed to travel 1040 miles (the probability of correctly guessing a seed phrase) is equivalent to going to and from the Moon 42,000,000,000,000,000,000,000,000,000 times.
Bitcoin wallet Wasabi Wallet announced the start of an educational Bitcoin competition in which participants had to “break” Bitcoin Walletthe seed phrase of a wallet containing more than 4 million Sats.
Swan Bitcoin, Trezor, Blockstream, and several more reputable Bitcoin-related businesses support the effort, dubbed “Hunting Sats.” First, a 12-word BIP-39 seed phrase was used to create a Bitcoin wallet. The pairs were then given the words, with a new word being revealed each day.
The purpose of the event is to provide a practically transparent explanation of the nature of crypto account security. Because of the cryptography used, there is essentially no chance that someone could guess the wallet’s seed phrase. A unique approach to education is to demonstrate this to the world through a “cracking” competition.
The security of private keys is further illustrated by the fact that it gets less secure when more words from the seed phrase are released.
On Reddit and other sites, there have been several tournaments of a similar nature. This most recent one has a long number of collaborators who work together to develop strong wallet security.
As of press time, four words have been revealed, blast, hollow, state, and monkey. More words will be released by the end of the competition on Jan. 30. The Hunting Stats website explains the motivation behind the campaign.
“As bitcoiners, we wanted to organize a fun game to start 2023 on a high beat with projects and companies we respect and use every day. Bitcoin security and privacy are essential and we hope Hunting Sats can bring together bitcoiners who care about these principles.”
The challenge in understanding how secure a Bitcoin private key is at the core of the campaign. One in ten-forty chances of correctly guessing a 12-word seed phrase. That figure, though, is too big to be simply understood.
Bitcoin private key security
To help with visualization, consider that there are roughly 238,855 miles between the Earth and the Moon. The distance needed to travel 1040 miles (the probability of correctly guessing a seed phrase) is equivalent to going to and from the Moon 42,000,000,000,000,000,000,000,000,000 times.
To put things in perspective, the universe is thought to be 13.8 billion years old, and it would take 1.28 seconds to travel from Earth to the Moon and back at the speed of light. Therefore, even moving at the speed of light, it would take 42,000,000,000,000,000,000,000,000,000 years to travel to the Moon.
Consequently, even if the competition is entertaining, it is unlikely that anyone will actually “win” the Bitcoin in the wallet. Cryptocurrency is, nevertheless, progressively regaining popularity. Recently, the cryptocurrency fear and greed index changed from “fear” to “greed,” and Google searches for “Bitcoin” rose to levels last seen in November. This kind of competition can help novice people learn crypto security.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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