First thing first, you should never be using an online generator like this to create a wallet that holds any meaningful amount of Bitcoin. This is just a fun tool for generating throw-away Bitcoin wallets.
What are the odds that two randomly generated 12 word seed phrases are identical?
The probability of two randomly generated 12-word seed phrases being identical is approximately 1 in 2^132. This is an extremely small probability, roughly equivalent to the probability of winning the lottery multiple times in a row. For example, the probability of winning the Powerball lottery, which is a popular lottery game in the United States, is approximately 1 in 292 million. This means that the probability of two randomly generated 12-word seed phrases being identical is roughly equivalent to the probability of winning the Powerball lottery approximately 624 times in a row.
What is a Bitcoin mnemonic seed phrase?
A mnemonic seed phrase, also known as a "mnemonic recovery phrase" or "mnemonic phrase," is a sequence of words that is used to generate the private keys for a deterministic wallet. A deterministic wallet is a type of Bitcoin wallet that generates all of its keys from a single seed, which is a fixed set of words that can be used to recreate the wallet if it is lost or forgotten. The mnemonic phrase consists of a series of words that are derived from the BIP39 word list. It is typically 12, 15, 18, 21, or 24 words long, and it is used to generate the seed for a deterministic wallet.
A mnemonic seed phrase is a way to back up and restore a Bitcoin wallet. If the wallet is lost or the private keys are otherwise inaccessible, the mnemonic phrase can be used to regenerate the private keys and recover the funds stored in the wallet. It is important to keep the mnemonic phrase safe, because anyone who has access to it can potentially access the funds in the wallet. Some people write down the mnemonic phrase on a piece of paper and store it in a secure location, while others use a device like a hardware wallet to store it electronically.
What is the BIP39 word list? Where do the words come from?
The BIP39 standard includes a list of 2048 words that can be used to represent the seed. These words are taken from a pre-defined list of common words, and each one is assigned a unique number. When the seed is represented as a set of words, each word is actually a representation of a number that corresponds to one of the words in the BIP39 word list. The BIP39 word list is based on a dictionary of common words, and it was designed to be easy to remember and type correctly. The words were chosen based on their length, common usage, and ease of spelling. The word list is designed to be language-agnostic, so it can be used by speakers of any language that uses the Latin alphabet.
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