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I must report a small victory in my crypto journey. After two days of trying, I was finally able to split my pre-August bitcoin into two coins each with its own B slightly tilted in two opposite directions. I first transferred all the coins away from the original wallet, then exported my private keys into a notepad, found the right address pair, entered it into an Electron wallet, and voila, saw my assets as BCC. The problem was that the wallet showed all the coins transferred out?!

I panicked a bit at first, went to blockchair. Tried to work with ABC Wallet but before it managed to download all the history of the bitcoin chain, with all its splits and forks and -wits to date, my Electron came to its senses and showed the correct balance. What it confirmed to me, - in addition to the self-promotion from a tyro to a novice, - was how easy it is to claim the assets assigned to any address if its private key is known. Since any key pair is unique, any generated and published public key is forever vulnerable to eventual, accidental, or not so accidental, collision with another randomly generated public key, and whoever knows the private key can claim the assets assigned to that public key.

I only read and learn as much as necessary to move forward with what I have to do. It has been a fascinating process to dig in and understand technology behind the cryptosphere. May be this absence of sufficient experience still does not allow me to brush off the accidental collisions concern with ease. Over the past couple of months I have found myself coming back to this issue, especially as the markets keep climbing up undeterred, and the number of participants grows.

I went on a Slack forum to ask about it, and here is an edited exchange featuring the most relevant comments:. Accidental collisions are an obvious problem. I am surprised that bitcoin came as far as it has now. This collision is so rare that it can take over 1 million years to popup or tomorrow. If you have a neat solution to solve this then you are welcome to share them with us. I think I calculated the odds for collision on Bitcoin and it was a number like 64 zero's behind it I agree that it might be a point people make in the future but the math is the math - you're infinitely more likely to lose your funds to the bank literally collapsing before an address collision steals your funds.

Has there ever been even one actual collision reported in the history of crypto? I am not aware of any such situation but would be great to hear if anyone was. The crypto has not been that popular yet. I agree with a concern of collision, but my bank messes up way more than even the dumbest hashes collide..

Sure, but a bank returns your money after a bit of screaming. Am I mistaken in thinking that the worry should more be with intentional collisions rather than random? Regarding your concerns of collision in Well if someone knows your private key then they can sign for you and spend all your funds. But guessing a private key is impossible.

When a known key pair pops up on the blockchain, one can see the public key, see how much money is in there, wait till there is "enough," and pull the trigger. It might take five, ten, fifteen, or fifty years but a distinct threat. Number space too big.. One of the consequences of the second law of thermodynamics is that a certain amount of energy is necessary to represent information. To record a single bit by changing the state of a system requires an amount of energy no less than kT, where T is the absolute temperature of the system and k is the Boltzman constant.

Stick with me; the physics lesson is almost over. To run a computer any colder than the cosmic background radiation would require extra energy to run a heat pump. Now, the annual energy output of our sun is about 1.

This is enough to power about 2. If we built a Dyson sphere around the sun and captured all its energy for 32 years, without any loss, we could power a computer to count up to Of course, it wouldn't have the energy left over to perform any useful calculations with this counter. But that's just one star, and a measly one at that. A typical supernova releases something like ergs.

About a hundred times as much energy would be released in the form of neutrinos, but let them go for now. If all of this energy could be channeled into a single orgy of computation, a bit counter could be cycled through all of its states. These numbers have nothing to do with the technology of the devices; they are the maximums that thermodynamics will allow.

And they strongly imply that brute-force attacks against bit keys will be infeasible until computers are built from something other than matter and occupy something other than space. I was not concerned with brute force. Rather with an accident, intentional or unintentional. But thanks, it answers my question. There does not seem to be any specific guards against a possibility of a collision apart from a very low probability.

But number space makes that probability infinitesimally small. I found this comment exchange interesting. People seem to have thought about this quite a bit, and concluded that despite an obvious possibility, there is not much to worry about.

Here is my take on it. We marvel at how the universe, our galaxy, and the solar system have all come together. How little probability we might have had to be making our terrestrial journey as planet Earth and as people on this planet. There might have been a different planet with a different name with different creatures on it but instead this is us.

If we are creating millions of universes inside of our digital crypto realm, why would accidents be so improbable from occurring when we see how many wonderfully random events came together to create everything around us?

I am investing money, time, and effort into this technology alongside with everyone else, and would like to be wrong on accidental collisions. But no one was able to make me doubt the conclusion.

What if there is someone who keeps generating various random keys, billions of them. Say that he or she or them can generate one key every three seconds. But remember that we are patiently fishing in a quiet lake populated by lazy fish. From the other end, the adoption of the crypto grows. Each person who is moderately involved in this, may generate about thirty new addresses a year on average and use them for various needs. Say thirty billion of new addresses that are waiting to collide with one billion from that rogue database.

Very tiny probability indeed. But the time goes on, year after year, both parties keep on with their tasks. In addition to individuals, there are corporations, businesses, more and more and more. There is lesser and lesser space in our millions of universes with each birthday…. A proven random or by design collision in any crypto is sufficient to sow panic among unprepared investors and users, after which many may sell off and asset values may crumble. Before investing, they should realize that each time when they create a wallet, an address inside a wallet, they throw a little stone into a huge space of millions of universes and safety of their assets that may represent a lion portion of their lifetime savings depends, among other important things, on whether this stone hits another in this blind petanque game.

Am I wrong to suggest that as a community, we shall anticipate this very remote possibility and build in defenses early on? Is there an issue here either for now or for later? Do you agree or disagree with me? Do you have any specific ideas which could either make collisions more remote or completely eliminate them?

Please, leave your comments or send me a message. By the way, just to reiterate. We are years away from this becoming a real issue. However, now is the right time to start thinking about. I am leaving you with a video that I found today. It describes in more details why a collision is possible. He is breaking it down nicely as to what can take place and why and how this all works.

In response to his video, I have made the following comments: Great video, Ivan, as always. Missed this one last month, was busy with work. I call "accidental" collisions all of the three instances you have described.

I agree that trying to guess a private key is a special thing that might be done by quantum computers at some point in the future, may be. There are quantum resistant solutions to which bitcoin will have to switch as well. I place the word accidental in quotation marks because mostly what I'm referring to is generating and storing keys to various addresses on purpose. Let's say for a bad actor it is not too much to run an AI bot say on a dozen of machines doing just that and matching addresses against the bitcoin database of existing addresses.

Day and night, and we don't have to be "sitting here" for a millennium. We can go to sleep. As adoption rises, there are more addresses generated every day. I am sure that there are other ways to do it as well, especially as our computational capacity goes up.

The humans have a proven record and if a universe is within a reach, rather than going too far to check out the milky way, might as well explore it in numbers: All we need is to increase the odds and eventually a collision will occur even if after ten years. Now imagine what this will do to the entire crypto space. The solution will be developed by some new currency that will be accidental collision and quantum resistant. I entirely agree with you on the title of the video: