How many bitcoin wallets do you have and why ? - page 7.

pocarime32

sr. member

Activity: 420

Merit: 250

Quote from: Soulver on July 31, 2016, 03:27:13 PM

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

No, i only have i online bitcoin wallet, blockchain, but i have many address to calculate my earnings that is from. i have 5 addresses in my bitcoin wallet.

Scorpion Fyllot

newbie

Activity: 10

Merit: 0

If you have one BitCoin and you send half of it to someone else, the change will sometimes go to a new Wallet Address, so when you next send funds (in this example) to the person, they in turn will appear to have come from a different Wallet Address than the first transaction. Doesn't happen all the time and I don't think it happens on all Wallets either.

Hellacopter

hero member

Activity: 742

Merit: 500

It's not essential to own so many wallets mate, if you have just one secured wallet, it's enough already.
Personally i use more than one because sometimes we need special wallets to make some deals

shorena

copper member

Activity: 1498

Merit: 1528

No I dont escrow anymore.

Quote from: Soulver on July 31, 2016, 03:27:13 PM

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

First make sure you understand the difference between a wallet[1] and addresses[2]. You can have as many wallets as you like. You dont have to though. I have a main wallet, one on the phone, one on my laptop, an escrow wallet and another one on an offline system. Each for a different reason. The offline system is for long term, high security. The main wallet is for day to day transactions. The phone wallet is used when I know I will be able to pay with bitcoin in a store or trade face to face. The laptop wallet is somewhere between the main wallet and the phone wallet. The escrow wallet is solely used for funds I hold for someone else. This is mainly because I dont want that to get mixed up. I could do it within a wallet, but its easier that way.

[1] helps you secure and organize private keys
[2] are derived from the private key and used to receive bitcoin

achow101

staff

Activity: 3458

Merit: 6793

Just writing some code

Every machine you want to store Bitcoin on should have its own wallet. If you have the same wallet on two machines, there can and will be a lot of problems.

What I believe you are asking is why people have multiple addresses. Addresses are different from wallets. A wallet is a collection of addresses.

The reason for having multiple addresses is to preserve privacy and security. It is not advised to reuse addresses since it both allows people to see how much money you have and reduces plausible deniability. By giving out different addresses for different payments, the people paying you cannot know for certain how much money you have. For security, if ECDSA happens to be broken, not reusing addresses helps protect your Bitcoin. The public key for an address is exposed when you send Bitcoin. If ECDSA is broken. then by the time your public key is exposed (and thus allowing attackers to find the private key to steal your Bitcoin), the Bitcoin is already gone from the address so there is nothing to steal.

Soulver

newbie

Activity: 14

Merit: 0

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

Topic: How many bitcoin wallets do you have and why ? - page 7. (Read 9024 times)