Is it dangerous to store all bitcoin in 1 address?

cafucafucafu

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Quote from: ulhaq on May 23, 2017, 11:26:50 PM

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

It's not just about dividing into different addresses. If you store an address safely then there is absolutely no need for further cold storage addresses. Sure it makes it safer, but by a tiny margin. If you are storing less than 1 btc there is really no reason to do it.

Try to keep your coins in different wallets altogether.

What I like to do is keep a few bit cents on blockchain.info for day to day btc transactions, keep around 20% of my coins in a desktop wallet and the rest in a trezor wallet.

vh

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Quote from: Sadlife on June 04, 2017, 08:27:08 PM

I dont know for me even if you divide it in multiple addresses it doesn't really matter if you're careless even if you store your bitcoins in many address it doesn't really matter if you're clicking malicious links all the time, downloading any kind of suspicious software that is offered by somebody that you dont know.
One wallet is actually enough with the right precautions and if you know how to protect yourself from the internet just avoid clicking suspicious links and secure your pc with a good anti virus or use linux instead for better security cause windows has a lot of vulnerability in the wild and always use vpn services, secure your network from intruders by filtering them.

I agree with this.

When I take a look at the coins in the top 100 addresses, 10K+ BTC each:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

It's easy to notice that some of those single address have existed since 2010.
The best gauge of danger stems from the realization of how secure your passwords and private keys really are.

Sadlife

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I dont know for me even if you divide it in multiple addresses it doesn't really matter if you're careless even if you store your bitcoins in many address it doesn't really matter if you're clicking malicious links all the time, downloading any kind of suspicious software that is offered by somebody that you dont know.
One wallet is actually enough with the right precautions and if you know how to protect yourself from the internet just avoid clicking suspicious links and secure your pc with a good anti virus or use linux instead for better security cause windows has a lot of vulnerability in the wild and always use vpn services, secure your network from intruders by filtering them.

ophyrim

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Never put your all eggs in the same basket. Especially online wallets or website like Poloniex or Bittrex even 2FA is enabled. I don't trust them. If you trade, try to use more than 1 trade website. İf you just want to store your coins try to use hardware wallets. 1 address is secure enough for them if you are not paranoia. But for mobile and desktop wallet you also need more than 1 address.

Velkro

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Quote from: Mike Mayor on June 04, 2017, 05:30:04 PM

If everything is in one place and something bad happens it's all over and you screwed. If you split it up at least you don't lose everything.

But u must know what you are doing. Because simple keeping your bitcoins on diffirent addresses doesn't mean they are split for a attacker. He can grab your bitcoins from all your addresses by keylogger, stealing your wallet with all addresses etc.
Its not only diffirent addresses but diffirent hardware to keep them on.

Mike Mayor

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Yes rather split your bitcoin up. This is so with anything in life. If everything is in one place and something bad happens it's all over and you screwed. If you split it up at least you don't lose everything. This is pretty much the main reason why banks were invented. To keep your money "safe".

Also you need separate wallets not addresses. One wallet can have many addresses.

xenxen

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Quote from: ulhaq on May 23, 2017, 11:26:50 PM

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

its up to you if how many addresses if you want as long as you remember all those password...yes it so risky to put your bitcoin in one address..maybe for hacking insident or wallet page problem also or what so ever...just like in stock market dont put your egg in one basket..

Harley Quinn

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Quote from: cryptomartin on May 24, 2017, 02:28:19 PM

By the way, I have a question about wallets. Can wallet become a scam someway?

That is a good question. Yes an online wallet could become a scam. Something I worry about is poswallet running. Do you know how many coins they hold ? What's to stop them besides trust ?

worldmobilecoin

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Quote from: ulhaq on May 23, 2017, 11:26:50 PM

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

IMO it's a big risk to store all your BTC in one address. Risk to loose all you BTC if something (scam, pc broken, ext). So better be cautious. I think it's not a standard practice, just to reduce the risk of loosing your BTC.

meliodas

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Quote from: ulhaq on May 23, 2017, 11:26:50 PM

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

Yep. It’s risky to put it all in one wallet especially when you are not comfortable with it like you have some trust issues. These online wallets can just run any time that’s why be wise to pick trusted ones to store your Bitcoin and it really is a matter of what if.

icecube45

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Actually if you can keep and secure your wallet it does not matter if you store all your bitcoins in one wallet. But it is full of risk especially if you save on the wallet online, it is more at risk of hacked if not careful using your wallet. So it is advisable to store bitcoin in some wallet and use some address, I think it aim if one wallet is hacked, we do not lose all bitcoin. So maybe this is also a lot of users use to store bitcoin, usually they have 2-5 wallets even more. But I think now many wallets have good security so it is safe if only using one wallet.

SingAlong

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Quote from: HabBear on May 23, 2017, 11:28:23 PM

Yes, it's very risky to keep all of you bitcoin in one wallet. And Yes, it's standard practice to keep your entire holdings in multiple wallets.

The risk is based on the fact that if you lose access to your wallet you lose your bitcoin. So if you have all of your bitcoin in one wallet that wallet could be stolen, lost, password/private key forgotten, etc.

As for how many wallets you should have, there's no single right answer. But a test you can apply is how much of your bitcoin would you be willing to lose if you had to do to theft or lost access? This could be your threshold for how much you keep in each wallet. Further, a lot of people keep the bulk of their holdings in a more secure wallet offline while using an online wallet to facilitate transactions, given its convenience to use.

What other questions do you have?

What I can is that you should save all the information needed with the wallets you are in possession i.e. passwords and other more that you have already mentioned. This is a good practice especially if you have a lot of Bitcoin and you want to make it more secure by minimizing the risks of course by distributing it with a number of wallet you have so that you will not forget and be able to access it if you somehow missed something.

Find a reliable wallet that you will feel comfortable and will hold your savings securely.

zend7

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Hackers please hack me .... if you can :)

It depends on the type of wallet. If you setup an electrum wallet for everyday use and then you add one new wallet which is only for receiving funds and you will never spend any amount of bitcoin for a really long time from this new wallet it is ok to store all bitcoins in one address.

Perfect practice for storing is if you use a hardware wallet from which you intend to never spend coins for a really long long time. This is not dangerous if you store all your coins in one address of this wallet.

Richard Branson

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Screw It, Let's Do It

Use a ledger nano s and setup the hidden wallet Feature.

Wallet 1:
Only spare change <10BTC

Wallet 2 (hidden):
Long term storage >10BTC

Keep the 24 words plus the secret passphrase for the hidden wallet secure. Use cryptosteel to protect from environmental damage.
Store 2 copies in different banks and 1-2 copies in secure places.

Mvaporis1961

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Yes it is because the hackers will easily steal all your bitcoin there. Best choice is to divide it into many wallets and enable all the security measures of that wallet to keep the hackers away from targeting your wallet.

Boseda

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Quote from: asyakashi on May 24, 2017, 05:35:11 PM

Can the wallet be hacked?
I was worried, I saved the btc in 1 purse. How to keep our wallet safe? Huh

Yes, an online wallet can be hacked. It is not a safe solution.

I recommend to use offline wallets if you need to store (hold) your Bitcoin for a long period of time. If you need to move your coins on a daily basis (not easy nowadays because of high fess, though) , maybe an online wallet can be used too, since it is more practical. Just remember to move your coins as soon as possible to your offline wallet if you want to hold them. Electrum is a good choice, in my opinion.

machinek20

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It is not recommended to put all of your coin in one wallet, it is only a precaution moves to prevent you from losing all of your money, a reputable wallet usually got a very high security system and it is not easy to break through a wallet, but sometimes the hacker is very slick and can deceived us, so it is safer to split your coin into different wallet

ustradebitcoin

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I will buy your altcoin leave me a msg .

better you have diferent wallet if you plan to store high amount of bitcoin...i will never use one wallet its not safe .

Smack 1

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Not dangerous in my opinion

Reason with a very difficult password.

nicolas1979

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Not save for me if doing that, but unfortunately, a lot of people do that with high faith their btc will save forever. Everything can happen especially about hacking data, could happen to anyone. So, I suggest using wallet only for temporary transaction. Meaning after depo or wd please replace all your btc into currency, doing fast to avoid stealing data. Need little hard work but it's safe for me. Have a nice day.

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