How hard is it to brute force a Bitcoin wallet?
If you are keen on investing in Bitcoin, then having a Bitcoin wallet is a must. There are different options for Bitcoin wallets; you can choose the one that offers maximum security. Basically, a Bitcoin wallet is a type of digital wallet which one can use to send and receive Bitcoin. It doesn’t store physical currency. Rather, it is used to store cryptographic information used to access Bitcoin addresses and send the transaction. Some of the Bitcoin wallets are also helpful for the exchange of other cryptocurrencies. Bitcoin wallets are protected by public and private keys. The public key here is like the bank account number, which you can share, but the private key is the password and should only be kept with the user. It ensures that you don’t lose your Bitcoins. Hence the private key ensures that all your Bitcoin transactions and Bitcoin wallet are absolutely safe.
Blockchain and Bitcoin are encrypted and highly secure. But there are apprehensions regarding the security of the Bitcoin wallet, and hence we will be discussing more the security aspects of the Bitcoin wallet.
Brute force attack on Bitcoin wallet
Before delving a bit deeper into the concepts of Brute force attack on Bitcoin wallet, let’s have a quick overview of what is brute force attack. Well, put it in simple words, in cryptography, a brute force attack means that a hacker is attempting to submit a password or passphrase with the hope that they will be able to crack the private key and break into the wallet. The attacker systematically works on it and creates all the probable passwords that are going to aid the process of cracking through it.
When we talk about a brute force attack on a Bitcoin wallet, then it is similar to the attack on any other password. However, the probability of getting success may vary here. A private key is a number between 1 and 2²⁵⁶. It means that the brute force attacks will have to make that many attempts to crack the code. So, from the mere numbers, this appears to be quite a tedious task. But with quantum computers becoming accessible to all, it can become easier for hackers to crack into the wallet. While quantum computers may appear to be inaccessible and expensive at the moment, it is expected that the market of quantum computing will reach a mark of $64 billion by 2030. Well, this can certainly trigger a threat to the Bitcoin wallet.
With time, we will be expecting the Bitcoin wallet to become more secure, but at the same time, it is important to know about the details of the Bitcoin wallet and Bitcoin transactions. This has paved the way for a new set of opportunities for the ones who are willing to make a career as Bitcoin experts. Established names and even startups are now looking to hire the best professionals with expertise in Bitcoin and Blockchain. If you too are willing to make a career in this field, then connect with the Blockchain Council, one of the leading platforms for Bitcoin and Blockchain certifications. To know more about these certification programs, connect with the Blockchain Council today.