So if I wanted to generate a private address using the passphrase cryptocompareisamazing for litecoin I could go to liteaddress.org and generate the private and public litecoin key pair shown below.
Brain Wallets have a significant disadvantage that means they have a higher probability of being hacked. That is that us humans are pretty predictable in what we use as a passphrase and password, and hacking technology has got a lot better through the use of rainbow tables and dictionary attacks. Also a few large databases of passwords have been leaked meaning so it is quite easy to hash all these passwords and then see if their corresponding address exists as an active address on the blockchain – if so you have the private key and therefore access to the funds.
A simple technique is using a hashing functions number of times over so that the hacker will have to guess both the hashing function and the number of times it was applied to a particular password. This is called key stretching.
Some tests have been done where simple passwords have been used and deposited with funds – they have been quickly stolen – also, reportedly, one Bitcoin user lost 4 BTC from his wallet after using a brain wallet private key generated from an unknown Afrikaans poem – proving that the complexity of some rainbow tables and dictionary attack programs are extremely sophisticated.
- How to Trade on bitFlyer
- How To Buy Cryptocurrencies Directly from CryptoCompare's Pages
- How To Buy And Sell Cryptocurrencies Using Anycoin Direct's Services
- Boosting the Crypto Space's Advertising Efficiency: A look at Bitmedia
- Using High-Speed Self-Custodial Exchanges: A Look at DeversiFi
- Bitcoin Search Interest Fell 86% Three Months After All-Time High
- How to Be Your Own Bank With the Bitamp Bitcoin Wallet
- Forex Trading: How to Choose the Right Trading Platform
- Cryptocurrency Taxes in the UK - a Complete Guide
- PrimeXBT: Bitcoin margin trading platform guide
This website is only provided for your general information and is not intended to be relied upon by you in making any investment decisions. You should always combine multiple sources of information and analysis before making an investment and seek independent expert financial advice.
Where we list or describe different products and services, we try to give you the information you need to help you compare them and choose the right product or service for you. We may also have tips and more information to help you compare providers.
Some providers pay us for advertisements or promotions on our website or in emails we may send you. Any commercial agreement we have in place with a provider does not affect how we describe them or their products and services. Sponsored companies are clearly labelled.