Topic: Is it dangerous to store all bitcoin in 1 address? - page 2. (Read 3067 times)

Yes in my opinion dangerous

Because bitcoin is technology money
Where everyone has a chance to steal the address of our wallet.

In my opinion its depend on your style too, how you publish your address and keep your private key. With one address its more easy to own and control your coin

Yes it is risky to keep it in a single address and it is recommended to maintain multiple wallets with maximum security and distribute bitcoins in those wallets. There is no sense of creating multiple wallets and storing all wallets with uniform method so make sure you are choosing different location in case of offline wallets and different wallets clients in case of using online wallets. It is necessary if you are looking to hold it for the long term.

Yes it is risky not unless you have a hard wallet to store all your BTC's. Or if you haven't bought a hard wallet yet, make sure to authenticate the wallet your using. Register to a 2fa to make it safe.

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

I think you are talking about web wallets yes it's possible especially the more new ones. There are alternatives like hardware wallets if you don't feel safe using web-wallets.

Just make some research before using any wallet and you will be ok. For example, you shouldn't be using any wallet who just got announced by some random and it's not even open source. The best way to be safe is by using a well known open source wallet and mainly offline like Electrum, Multibit and etc.

Yes, especially if it's online. They can down their site and you will be unable to withdraw your coins or even have access to it. Who uses online wallets is taking an extra risk if we talk about security.

However using a trusted wallet, even online, the risks to be scammed are lower and we can always split our money to decrease the risks.

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

How many addresses you choose to use does not matter
you need to understand the whole idea behind multiple addresses is to ensure privacy and security on your side
and in one way or another minimizes loss should you lose your private key

I like to split the Bitcoins among some investments, it's upon to you to decide how many places you want to store your Bitcoins, but for me I prefer to let it always generating passive income even if it's too little, better than nothing and my money is growing on long term. To let all money together in one place is too dangerous, don't do it. Find some legit investments you have interest and split your money, that is my hint.

Don't trust one wallet with your BTC especially the Core wallet it's screwed me over so many times by becoming corrupted.

Storing all your coin in a single address isn't dangerous as long as you take the proper steps to secure that address/wallet. Spreading the coins over several addresses is better for privacy but likely won't increase the security by that much. There are addresses with hundreds of thousands of coins in them, just see https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html for example.

A friend got his wallet stolen one time. He was lazy and hadn't used a good password or 2FA. However the same laziness meant all his coins were spread among many other wallets, which he eventually planned to gather all in one(the one that got stolen) so he only lost a part of his funds. Learn from others mistakes, don't store everything at the same place or at least use adequate security measures.

Also if you hold everything in one place and lose your private key/JSON file or whatever you use to log in, it's game over.

That depends, if you keep all that addresses in one place/wallet it doesnt matter really, if one will get stolen all will get stolen.
If you keep them separately, not only in diffirent address but on diffirent machines/phones/paper wallet. That is making a diffirence.

As long as you are using 1 wallet, it doesn't matter if you use multiple addresses. If the wallet is compromised, all addresses derived from the same private key are exposed.

You will need to make different wallets if you want to reduce the risk.

Using multiple addresses in 1 wallet does make you less of a target as there is no way to link those addressses to belong to you.

As the famous quote says:

"Don't put all eggs in one basket"

It is why I never rely on 1 wallet alone. It's better to have multiple ones in case one of them is malfunctioning or not available.

Simple as that.

Ya it is dangerous to keep all your bitcoins in single wallet. But still user can store all BTC in wallet. For that it needs higher security level and own wallet address private key.

Private key gives more control over users  BTC wallet as to send or receive BTC after synchronizing with network.

But still my suggestion will don't put all eggs in one basket.

I would use a secure wallet like A Trezor. That is the only safe way to store coins.

I personally belief this question doesn't have a one-size-fits-all sollution.

I'd rather have all my funds on a single bip38 encrypted (strong password) paper wallet, from which i have 2 copies, both stored in 2 different banks than having all my funds dispersed over 10 online wallets...

It's a question about privacy, the broadcasting of your public key and risk management, IMHO.

privacy => using a couple wallets, using mixers, always using newly generated address and change addresses drasticly increases your privacy, while using a single address in a single wallet decreases your privacy

broadcasting of your public key => As soon as you spent unspent outputs, you need to include your public key in the transaction... As long as you generate an address, and use this address as output for transactions, but never use these outputs, you can avoid getting your public key known to the public.
There is a discussion about this, basically if ECDSA encryption ever gets broken, it would be technically less chalenging to recalculate the private key when you have the public key. Since the address is only a hash of the public key, it's safer if only your address is known on the network, since an attacker would have to work back from address to public key to private key... This is very futuristic stuff tough, for the time being, i don't think there's a lot of risk in exposing your public key.

risk management => It's all about which wallets you store where, how much funds, how many backups, which types of encryption... Like i said: it would be better to have a single paper wallet, BIP38 encrypted with a 30 letter password, 2 copies stored in the safe of 2 banks than it would be to have 10 online wallets... From a safety point of view, i think this setup would outbeat allmost all types of storage.