Topic: Bitcoin Address Question (Read 1283 times)

In summary, it is better to use a new address every time you receive bitcoins, but it is not required, and sometimes it is not convenient. The biggest reason is privacy.

Blockchain.info lets you create new addresses manually, but most wallets create them for you automatically.

The 'security' section mentions this:

......Even if you spend all the bitcoins claimed by this private key at once, it is still possible to double-spend them in theft before they confirm.....

The Wiki page doesn't mention anything about doublespending or did I miss it? However, there is one successful double spending which occurred at the last fork, March 2013 (https://bitcointalksearch.org/topic/a-successful-double-spend-us10000-against-okpay-this-morning-152348). The vulnerability in the K value has happened before, once with android and once with blockchain.info. So, it can happen but it would be unlikely with open-source desktop wallets.

The reasons mentioned in the wiki article for not reusing address are very trivial.
Even when you look at most significant of them all (security), you'll see that the chances of happening it is close to zero - there has been no successful double-spend in Bitcoin's history.

It is totally possible to reuse an address and people do it all the time.

Yep. A separate address for spending and for storing is ideal. In fact, it adds a layer of security for you and your bitcoins. But if each transaction you would use a different address, that would be a pain in the ass. So mixing coins is a reality because it helps you secure your coins without creating a new address. Say create 10 different wallets for the purpose of mixing. Use one wallet that you will use for storage and the rest for transaction and spending purposes.

Indeed. Ideally you want to keep addresses separated, even use a different address each single time.

Using the same address for collecting payments AND STORAGE is a big NO. Why would you store a large amount of btc in one address knowing that it is prone to attacks and hacks because it is online when you can transfer it to a new address and keep it in a cold storage (offline wallets or paper wallets)? It's not that you can't use the same address for every transactions. It's just that you might want to reduce the risk of the vulnerability of your coins against hackers and thieves.

Just that people should not reuse addresses does not mean they cannot.
Its technically perfectly possible to use an address how often you want.
Some people do not know about the negative implications, some do not care about it.

Its perfectly fine to not worry about that right from the start, just learn a bit more about bitcoin, get the hang of it, use your wallet. If you figure its something for you, intend to educate yourself more, or want to put more money in it, just take the time to revisit this topic.

if thats the case, why do ppl have their bitcoin address on their profile such as for donations etc.  So they change it every single time they receive even 1 donation?  That wouldnt make any sense.

bitcoin addresses are not intended to be used more than once, and doing so has numerous problems associated.
Problems:
Privacy
Security
Known attacks
Accidental loss
Confusion

more details: https://en.bitcoin.it/wiki/Address_reuse

I mean if i wanted to receive btc from gambling site or from someone else... isn't the bitcoin address from blockchain that i give them always going to be the same one?


Actually i believe if im sending to a gambling site address, there will be a new address each time.  Thus if i send it to gambling site A and need the bitcoin address, im sure if i need to send btc say 1 day later, the address isn't the same.  Is that correct?



So basically receiving bitcoin from gambling site or from other ppl, its always my same bitcoin blockchain address but sending to gambling sites, its different?  Thus if gambling site tell me this is their bitcoin address, i send them btc.  Then next day i want to make another deposit.  IF i just send it to the address i used day before, that wouldn't work right?  I believe gambling sites say each time u want to deposit, it will be to a different btc address each time?

Wait, are you saying that you need to generate a new address whenever you receive some btc from a gambling site? Or will they generate a new address whenever you send them some btc? I'm also confused too.

Have coinbase and blockchain account.  I see my address for both coinbase and blockchain.  I will mostly use blockchain to receive btc  from gambling sites and other people and send btc from blockchain to gambling sites.  Rarely would i use coinbase except to buy bitcoin or sell bitcoin from blockchain.  I was told to receive bitcoin to my blockchain account or even coinbase, i need to tell the other party what is my bitcoin address.  I see what it is on blockchain.  What im confused is i read you need to generate a new address everytime.  Can someone explain this?  That doesn't make any sense. 


Example if my bitcoin address on blockchain is kfajsdj;faksjfasdjfkasjdfadjsfjadsfjasjklafsff0opo-2930-9-019, then have the other party or site send me bitcoins.  So you saying the 2nd time i receive bitcoins from a gambling site, im not suppose to give that same bitcoin address on blockchain?  That doesn't make any sense.  Because i see ppl here post their bitcoin address for donattions or whatever so you going to have different addresses?  I heard you only use the address just once... that doesn't make sense at all.  So each time i use a bitcoin address to receive btc, then i generate a new one and the old one is no more?  If thats the case, then why do ppl post their btc address in their profile etc since they only receive it once?


Or is this only for sending btc from an address to another gambling site?  Im really confused at this as theres a new address each time which makes no sense for me.


Also if i use a desktop wallet like multibit or electrum, does that mean i still have to generate new address each time?  If so is it for sending or receiving or both?  This is pretty confusing to me b/c i figure you only have 1 address that you receive btc to.  Also sending btc from your address means you can only do it once?  Really confused at this.