Topic: Is it better to hold 8 btc split to 8 different addresses or into one single add (Read 754 times)
May 30, 2015, 07:02:02 AM
I agree with this thinking because this is what I do, never do I hold more than 1btc in one address maybe I am paranoid but like you say you never lose it all at once that way. It is easy enough to look after multiple addresses with 1btc each which can all be stored at different safe locations as long as you don't have 100's lol
May 30, 2015, 06:50:01 AM
I think using 8 different addresses can be safer, but you should use 8 different wallets / devices.
Why 8 different wallets/devices ? If you know what you are doing and use a good method to generate a bitcoin address, I think you can be safe and also your 'money' can be safe.
May 30, 2015, 06:05:09 AM
In the long term, when it comes to security redundancy is important. Having your Bitcoin split over multiple addresses should reduce your risk of losing them all significantly - especially if you make sure to have backups stored in various different locations (in case of fires/floods etc).
This is a valuable point - when you're making your addresses please ensure you have enough entropy (and try not to use sources from anything that isn't random ie. poetry/books/films). They are known to hacked extremely quickly if you reference any other material at all.
Having more addresses does not always imply that your coins would be much safer. If you use the same method to generate the 8 different private keys, e.g. some super lame brainwallet method such as using lines from Shakespeare, then if one of your keys gets brute forced it would only be a matter of time (milliseconds) before the others get hacked too.
This is a valuable point - when you're making your addresses please ensure you have enough entropy (and try not to use sources from anything that isn't random ie. poetry/books/films). They are known to hacked extremely quickly if you reference any other material at all.
May 30, 2015, 05:31:10 AM
This is up to you and your preferences. I guess the phrase don't keep all your eggs in one basket is apt if you have a lot. Personally my coins are kept offline in batches of 10. Those are backed up in several ways: USB, CDr and I have the wallet seeds written down so I can restore them if need be. If you had many wallets and unknowingly used a comprised computer you would only lose the coins in that wallet rather than the whole lot so this would obviously be safer.
May 30, 2015, 05:16:16 AM
Having more addresses does not always imply that your coins would be much safer. If you use the same method to generate the 8 different private keys, e.g. some super lame brainwallet method such as using lines from Shakespeare, then if one of your keys gets brute forced it would only be a matter of time (milliseconds) before the others get hacked too.
May 30, 2015, 05:13:02 AM
Well, as the title says, imagine if all those are kept in offline paper wallet which would be your preference in terms of ease of use and security. The advantage I can see having to manage 1 btc in 8 different addresses is that if let's say one of it ended up getting hacked or compromised, it's likely that the rest are still safe. Or if you lose one private key, you still have the other 7.
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
Personally, I keep a whole stash on a single paper wallet and just keep them in a safe place wherein I only know the location and I only have the access to it. Managing 8 different paper wallets is a difficult thing to do, because you must ensure the safety and security of each one of them Not to mention that there is also a possibility of misplacing and forgetting where you put one of them, so I guess it is better to keep one paper wallet at a time, just make sure that you have the full control, you have some security, and only you know the location where you put that important piece of paper.
I prefer the contrary and I think it is 100th better to save & split 8 btc in eight address (1 btc each address). This is the nature of decentral. why I should put all my 'data' in one place, if I can split them in various place?
At the end of the day, it will heavily depend on the person's preferences on keeping his wallet. I find it convenient to keep a single wallet with all of my holdings instead of creating multiple wallets and placing them in different places. My memory is not that good so I've decided to just create a single one and keep it in a place where I can easily remember it and I'm the only one who can access it. Preferences are what really matters in the end.
May 30, 2015, 05:10:29 AM
4 addresses where you have 2 btc each. having more than 4 wallets just adds clutter. 4 wallets is more than good enough to save your coins.
May 30, 2015, 04:53:46 AM
8 different addresses. if you are using BTC on daily basis, just use some electrum or something for ~1 BTC and rest to paper wallets.
May 30, 2015, 04:53:02 AM
i would split them not only in many more address(12-16) but in two wallet at least, just in case of a possible corruption, one never knows
May 30, 2015, 04:50:05 AM
Well, as the title says, imagine if all those are kept in offline paper wallet which would be your preference in terms of ease of use and security. The advantage I can see having to manage 1 btc in 8 different addresses is that if let's say one of it ended up getting hacked or compromised, it's likely that the rest are still safe. Or if you lose one private key, you still have the other 7.
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
Personally, I keep a whole stash on a single paper wallet and just keep them in a safe place wherein I only know the location and I only have the access to it. Managing 8 different paper wallets is a difficult thing to do, because you must ensure the safety and security of each one of them Not to mention that there is also a possibility of misplacing and forgetting where you put one of them, so I guess it is better to keep one paper wallet at a time, just make sure that you have the full control, you have some security, and only you know the location where you put that important piece of paper.
I prefer the contrary and I think it is 100th better to save & split 8 btc in eight address (1 btc each address). This is the nature of decentral. why I should put all my 'data' in one place, if I can split them in various place?
May 30, 2015, 04:46:29 AM
Well, as the title says, imagine if all those are kept in offline paper wallet which would be your preference in terms of ease of use and security. The advantage I can see having to manage 1 btc in 8 different addresses is that if let's say one of it ended up getting hacked or compromised, it's likely that the rest are still safe. Or if you lose one private key, you still have the other 7.
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
Personally, I keep a whole stash on a single paper wallet and just keep them in a safe place wherein I only know the location and I only have the access to it. Managing 8 different paper wallets is a difficult thing to do, because you must ensure the safety and security of each one of them Not to mention that there is also a possibility of misplacing and forgetting where you put one of them, so I guess it is better to keep one paper wallet at a time, just make sure that you have the full control, you have some security, and only you know the location where you put that important piece of paper.
May 30, 2015, 04:29:12 AM
For long term storage 8 different ones will be better. If you are using it for daily expenses, it may be too much of a hassle and then I would use one or two wallets.
May 30, 2015, 04:25:52 AM
Well, as the title says, imagine if all those are kept in offline paper wallet which would be your preference in terms of ease of use and security. The advantage I can see having to manage 1 btc in 8 different addresses is that if let's say one of it ended up getting hacked or compromised, it's likely that the rest are still safe. Or if you lose one private key, you still have the other 7.
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
Its like asking is it better to put all your money in one wallet or in eight difference wallets. The chance to be robbed of 8 wallets is much smaller than of being robbed of only 1 wallet. If you have 8 addresses, the risk to be hacked or compromised is much much lower, but at the cost of usability. Security never makes usability better. Multisig could be a good solution for these kinds of amounts.
May 30, 2015, 04:18:51 AM
Since it's a paper wallet then it's all about where you are planning to keep them , If it's really safe then just go with 8 BTC in one single Adress , I guess it's better then handling eight different private keys .
May 30, 2015, 04:18:08 AM
I think, it is better to have them distributed in 8 different addresses.
May 30, 2015, 04:14:57 AM
Well, as the title says, imagine if all those are kept in offline paper wallet which would be your preference in terms of ease of use and security. The advantage I can see having to manage 1 btc in 8 different addresses is that if let's say one of it ended up getting hacked or compromised, it's likely that the rest are still safe. Or if you lose one private key, you still have the other 7.
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
On the downside, what i can see is the hassle associated with managing 8 different private keys.
I'm sure there are other pros and cons. Your thoughts?
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