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Understanding Private Keys and Wallet Addresses in Bitcoin

In the world of cryptocurrency, a popular saying is “not your keys, not your coins,” highlighting the importance of controlling one’s private keys for the ownership of digital assets. This principle can lead to questions about the safety and uniqueness of these keys—specifically, the chances of generating the same wallet address and corresponding private key as someone else.

What are Private Keys?

Before delving into the likelihood of duplicate wallet addresses, it’s important to understand the function and structure of private keys.