Many people do have multiple bitcoin wallets, and they use these wallets for different purposes. One of the main reasons for having multiple wallets is to avoid losing all the bitcoins if anything happens to the wallet. People with huge numbers of bitcoin have multiple bitcoin wallets for that reason.
Some people who use multiple wallets to spend and do easy transactions have a permanent wallet where they put the majority of their assets and have multiple secondary wallets where they do regular transactions with bitcoin.
Topic: How many crypto wallets do you own? - page 5. (Read 1036 times)
How many crypto wallets do you own?
I mainly use multiple wallets. First of all I use the online software wallet (Trust Wallet). But now since exchange can convert coins/dollars to my country's currency, I use exchange wallet and keep my coins/dollars here. But the two mediums that I mentioned are very risky. We have to use it despite the risk. But I decided to buy a hardware wallet very soon. I have discussed this with my expat brother and he has agreed to send hardware wallet for me from his country very soon. But I hope to get a hardware wallet soon. And I can reduce most of the risk.
I actually had at least 6 personal digital wallets. Diversifying all my crypto coins there but i didn't hold huge amount of crypto as it is still prone to hacks and other conflicts. As I have experienced such freeze account on one of my crypto wallet, that's why it was a lesson learned for me since it was so depressing on my side to just let go of that crypto i had which I did not manage to withdraw anymore.
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Having a cold wallet is something we can't classify as unusual, because the hacking methods are improving every day, and crypto holders should guarantee they have the highest level of security to avoid being victims to these methods. Personally, I still haven't bought a hard wallet since it's rare in my country, but I have it in my plans as I want to call someone outside my country to buy it for me. However, I'm very curious when it comes to dealing with unknown crypto services or unknown links, so luckily I haven't suffered any hacks till now.
Having a cold wallet is something we can't classify as unusual, because the hacking methods are improving every day, and crypto holders should guarantee they have the highest level of security to avoid being victims to these methods. Personally, I still haven't bought a hard wallet since it's rare in my country, but I have it in my plans as I want to call someone outside my country to buy it for me. However, I'm very curious when it comes to dealing with unknown crypto services or unknown links, so luckily I haven't suffered any hacks till now.
The first Bitcoin wallet was a hot wallet, and a miner wallet, all in one. It was from the software now called Bitcoin Core.
So, in a way, cold wallets are historically unusual as they evolved from the normal, hot wallets.
But having said that, it's the modern way to make sure your coins are as safe as possible. And in that way, they shouldn't be treated as unusual, as they should be the norm today for any substantial amount (i.e. not pocket change).
Going by your topic and as sensitive as it is, one would have the thought of owning more than one wallet for his or her own safety if in the case of possible hack, funds a d assets are split amongst various wallets so that one does not entirely looses all their hard earned funds and assets. These wallets possibly might be on different chains as the case may be. What one would need to do is converting your funds From the initial payment be it in bitcoin , ether etc to the chain coin then the next meeting be is sending your coin to their various wallets for storage. Any storage wallet of your choice is ok as long as you are in possession of your private keys and passphrase then you are safe storing your assets in that wallet. Mind you you alone should have assess to your keys for security purpose.
I will be taking these steps in the next few days to give myself peace of mind.
I'm curious if others think I'm being too paranoid or have carried out some of these practices.
I'm curious if others think I'm being too paranoid or have carried out some of these practices.
Having a cold wallet is something we can't classify as unusual, because the hacking methods are improving every day, and crypto holders should guarantee they have the highest level of security to avoid being victims to these methods. Personally, I still haven't bought a hard wallet since it's rare in my country, but I have it in my plans as I want to call someone outside my country to buy it for me. However, I'm very curious when it comes to dealing with unknown crypto services or unknown links, so luckily I haven't suffered any hacks till now.
Why numerous online wallets? Isn't a single online wallet with small balance for daily use enough?
I guess what he means is, if you need to use different wallets, and you are not familiar with 1 or 2, would you really import your one and only seed phrase onto that wallet? Guess not. So having multiple wallets could help you in many situations like this, and also you can create a new one as well if you are concern about the security. So you might get away with one wallet for day to day use, but when it comes to some situations like this, then it is better to have multiple one. OP does have a valid point here. Quote
Why should you forget your private key? Do you memorize your private keys?
You can generate a HD wallet and write down the seed phrase on a piece of paper. It's recommended to keep multiple copies of the seed phrase in different locations.
it's not about memorizing. Anything could happen at any moments. Even if you keep them backed up and store them securely, you have the chances of getting hacked. And what happens if anyone gets the hold of your seed's backup. Then your wallet is gone, even if you have other backups as well. You can generate a HD wallet and write down the seed phrase on a piece of paper. It's recommended to keep multiple copies of the seed phrase in different locations.
I think I have only two. (Three if we include web wallets/exchanges).
I believe it is not necessary to have many wallets unless someone is going with the strategy of dividing a large quantity or Bitcoin within different seeds, for security reasons. Most people should be okay with only two, hot and cold wallet.
Also, I would suggest anyone not to dispose of their seeds, there has been cases people needed to sign a message from their old empty wallets to prove their identity and could not.
I believe it is not necessary to have many wallets unless someone is going with the strategy of dividing a large quantity or Bitcoin within different seeds, for security reasons. Most people should be okay with only two, hot and cold wallet.
Also, I would suggest anyone not to dispose of their seeds, there has been cases people needed to sign a message from their old empty wallets to prove their identity and could not.
I use a hard wallet to store long -term assets like Bitcoin and ETH, and the rest I store on Binance used to trade every day. I think there are many wallets is also necessary because as you say that we can avoid being attacked but I have difficulty storing private keys. Therefore, I only use a wallet and always keep them offline. I have applied this method for the past 5 years and have not encountered any problems.
Being paranoid is better rather than on losing all of your assets because we dont really know that there are really things which we do missed up specially on security matters which means that there's no assurance that it would be having that 100% security but having that measures like cold storage and wont really be that a bad idea or something that recommendable.
You cant really just make yourself that confident specially if this one involves huge amount of money.In my part on which i do really make out wallets which are intend for using up on trading
and one is for long term holds.
You cant really just make yourself that confident specially if this one involves huge amount of money.In my part on which i do really make out wallets which are intend for using up on trading
and one is for long term holds.
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$100 is also money, sometimes it is nothing to many people, but it can be a huge asset to someone. Moreover, if you own $100 worth of bitcoins at the moment, but if you can hold it for a long time and when bitcoins are worth $1 million, your bitcoins are also a huge amount. Regarding bitcoin storage, I think only 1 wallet is enough, just use a hardware wallet to ensure safety. If someone doesn't have the funds to own a hardware wallet, it is possible to use a hot wallet as long as it is always kept offline, it will be safe.
Lest do some Math on how much you would make when bitcoin increased to 50% of your current investment then equating it to the capital to know which amount you are holding.
For instance; using the current price of bitcoin $22,464.85
invested capital $100 and then if the market increases to 50%, which is $22,464.85/2 = $11,232.42 + 22,464.85 then for a 50% increase of bitcoin will results $33,697.27. putting it into your investment of $100,
100/100 = 1, then 50 x 1 = $50, Therefore $50 + $100 = $150 at 50% Price increase.
This simply means whenever bitcoin gets $33,697.27 he would gain $150, which i don't think one could panic about having multiple address for $50 increase. I hope you understand my silly calculations.
Currently, I have many wallets since hacking nowadays is too often. But the primary storage for my funds is only one (hardware wallet). I have many wallets because I'm using them to buy and sell my altcoins, and connecting your wallet to too many websites is risky. I can't monitor all websites that have been leaked, so instead of being afraid of using my previous wallet, I would create a new one. After all, creating a wallet is free, and it's too easy.
Having more than one wallet is really very useful but I think traders should use hardware wallet. I have a lot of custodial wallets in exchanges. As I am a daily trader I need to use more custodial wallets.
As a trader it's fine to have custodial wallets but if you are having them for purpose of storing your funds then it's very risky and should be avoided at any costs.What OP is really asking is to have different wallets to have your funds but that also have risks like you forget seed phrases then it would be a problem for you but you can use different addresses from one seed which is much safer.But having trust on these exchanges is really risky for me. 
if the crypto assets that we currently have are quite large then storing them in several wallets I think is too complicated for us to do because there are so many privatekeys that we have to take good care of, but we can store in two wallets, one for offline storage and the other online that we use in investing and I think both wallets are enough and we also have to apply maximum security so as not to There are negative things that will happen later.
Rule of thumb should be to always spread your risk and your best bet is to have a cold wallet which you will need to store your coins for long term use and a couple of hot wallets which you could use for daily use, though I would suggest having to use multiple wallets in case of a hack you don't get to lose all your hard earned funds!
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How many crypto wallets do you own?
I have several of them as a precaution, especially the hot wallets besides who is counting..
$100 is also money, sometimes it is nothing to many people, but it can be a huge asset to someone. Moreover, if you own $100 worth of bitcoins at the moment, but if you can hold it for a long time and when bitcoins are worth $1 million, your bitcoins are also a huge amount. Regarding bitcoin storage, I think only 1 wallet is enough, just use a hardware wallet to ensure safety. If someone doesn't have the funds to own a hardware wallet, it is possible to use a hot wallet as long as it is always kept offline, it will be safe.
I think it's an illusion. One hundred dollars is unlikely to ever turn into a good number that your future can provide. Unless you're determined to live too long,
In this case, if you have a hundred dollars, there is no point in owning a hardware wallet, unless you got it as a gift. Use Electrum. And be sure to follow all the safety rules, including the hygiene of your operating system, the storage of seed phrases, and the utmost care in terms of surfing the Internet so as not to catch any malware. In the absence of security on the network, no matter how many wallets you own, you are always at risk of being hacked.
I was reading about the Luke Dashjr BTC hack and it got me thinking if people have multiple crypto wallets and addresses.
I think having a cold wallet that isn't connected to the internet plus numerous online wallets is a precaution everyone should take.
Normally, using a cold wallet is the safest. Even having one cold wallet with multiple online wallet is the safest. The cold wallet can be the main wallet while others can be alternatives I think having a cold wallet that isn't connected to the internet plus numerous online wallets is a precaution everyone should take.
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I'm curious if others think I'm being too paranoid or have carried out some of these practices.
I don't have any cold wallet but I have a lot of non custodial/online wallets. And i feel safe a bit about that. Having only one wallet is just not good at all and its just like using only one exchange to look for crypto gems.
if asked how many crypto wallets I currently have, certainly very many. Because I made all the crypto wallets with various kinds of networks and made them for free too. then every private key I save properly. But if I ask which crypto wallet is used as the main wallet, I only have one hardware wallet and that is what I use to store my main assets. Having multiple wallets has advantages and disadvantages, I very rarely open hardware wallets, it's only used for long term hold and for frequent transactions only use new wallets or pre-built wallets for transactions etc. But don't use Centralized Exchange wallets, because you can't completely control it.
I have been on crypto space for long i always takes precaution on the sites i often visit and how i do use my pc because i know there are many things that could affects my system entirely. If you are holding $100 worth of btc you don't need to entire gets worried, i think only those holding 1 btc and above can make a solid storage of their funds although it depends on choice but for those holding little fraction of bitcoin can decide to use regular wallets. Now talking of addresses, before one own address you must first have a wallet which the address might generates from so all you needed is just to have best wallet installed and keep safe your seed phrase.
$100 is also money, sometimes it is nothing to many people, but it can be a huge asset to someone. Moreover, if you own $100 worth of bitcoins at the moment, but if you can hold it for a long time and when bitcoins are worth $1 million, your bitcoins are also a huge amount. Regarding bitcoin storage, I think only 1 wallet is enough, just use a hardware wallet to ensure safety. If someone doesn't have the funds to own a hardware wallet, it is possible to use a hot wallet as long as it is always kept offline, it will be safe.
- If you are hacked you won't lose all your crypto assets
(....)
Exactly, this is one of the good benefits of having multiple cryptocurrency wallets. (....)
For me, I have several wallets with different purposes, just like I have a different wallet for a long-term hodl! This wallet must not be touched always because that wallet is like my savings bank wherever I store a cryptocurrency there or Bitcoin, I expect not to touch it for a long time.
And there is the common wallet for sure of us that is a wallet that is being used for day-to-day, easy-to-access, and easy-to-create transactions where this wallet doesn't really hold too many funds because this kind of wallet is somehow prone to some hacks or scammers (based on how secure you is).
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