Would like a simple explanation of this, if someone would be kind enough to provide. 🙏
According to replies this link to bitcoin talk helps explain but just browsing and it seems over my head a bit.
https://bitcointalk.org/index.php?topic=4448.0
Discussion
Wallets contain keys, not coins.
What mr hodl is saying is that pre 2014 bitcoin wallets were non-deterministic, where each key would only be used once.
In short, you can't just get to all bitcoin by guessing mnemonic phrases.
Think i get that as broad stroke, but guess im lacking some technical understanding for it to click.
If keys is just the 256bit* number that works for some coins, and 24 word combos cover all possible 256bit numbers, seems it would work modulo some type of arbitrary transcription, just by sheer number comparisons.
* - I am aware that technically it’s slightly smaller number.
Non-HD wallets don't use seed phrases so each key pair is completely independent. For a non-HD wallet, the private key just looks like random letters and numbers.
With HD wallets, the random letters and numbers generate a few words to remember.
Right, so a 24word guess that worked for some old coins won’t work for the rest that individual owned (comprising their whole “wallet”). Is that basically the idea?
If so, still feel I’m missing something, but I’ll give it a rest for now
Yes you'd need to guess the exact, random 51 alphanumeric characters not just words
