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The probability of a hash collision
(kevingal.com)
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You are correct for regular hash functions, but a cryptographic hash function has stronger requirements.
MD5 was supposed be a cryptographic hash function, but it was found to be flawed all the way back in 1996, and has been discouraged ever since... Now it's too weak to be used in a cryptographic setting, and too slow to be used in non-cryptographic settings.
This is why hashes like xxhash is considered a non-cryptographic hash function, while SHA-256 is considered a cryptographic hash function.