Receive all Bitcoinist news in Telegram! An anonymous user on Pastebin has provided evidence that some wallet software may be generating private keys that can be easily discoverable, and therefore easy to take any bitcoins associated with that address. I’brainwallet bitcoin value going to give a little bit of background and explain some terminology for those who don’t know how bitcoin works under the hood.
The first thing is a private key. If you think of your bitcoin wallet address as a lock, the private key is the key used to unlock it and spend the funds inside. Your private key is the only thing that gives you legitimate ownership of your coins. Control of your private key is what allows you to spend the coins that are in your wallet. Once your private key is generated, it is run through a hash function.