One-dimensional random walk is analyzed. First, it is shown that the classical interpretation of random walk reaching Lord Rayleigh's analysis should be completed. Further, an attention is called to the fact that the parabolic diffusion is not an unique interpretation, but also the wave (or hyperbolic) equation can be deduced. It depends on the accepted scale of the length of step h and duration of the step τ in the walk, whether Fick-Smoluchowski's diffusion or a wave process is obtained. Only additional arguments, such as positivity of distribution function or positivity of the entropy growth, can help to choose the proper physical model. Also, the infinite diffusion velocity paradox in connection with Einstein's formula is explained.