Topic: is it really possible to lose your btc if you reuse same adress for withdrawal (Read 266 times)

Next time you want to read anything related to bitcoin, please learn to read between lines, if you don't you will learn some stuff the hardway because you may read can't as can



The link you read the original post clearly state it's for privacy reasons, I guess you didn't look into that aspect very well or you don't understand bitcoin and privacy.

What bitcoin privacy mean is just a way of having bitcoin and using it without anyone knows you are the one person using it and sending it bitcoin to a particular bitcoin will quickly make chain analyst to easily detect or assume who is behind the wallet address and that's why they it's discourage to always withdraw bitcoin to same wallet address, even the exchange can easily know that the address belongs to you.


To have a full access to a wallet address, you must have either the private key or the seed phrase, a watch only address cannot sign a transaction but can create a transaction but without the private key, it's meaningless because you need to access it.

Sending a transaction to different wallet doesn't mean you will pay fees for all the transaction. If you make the 5 transaction in a single batch, you will pay the fee in a single transaction but if you send bitcoin independently, you will pay for each and it will cost you more.

while using the same address multiple times is ok, make sure to check whether the address you put was correct when making withdrawals especially if you are just copy-pasting the withdrawal address. there is malware that when you copy a wallet address and paste it, it will show an entirely different wallet address, so be cautious.

You will not use your asset by continuing to use the same address unless you paid the wrong address where you received it or made a mistake with the complete address. every human error mistake when making a transaction will leave your BTC float and it's not the same as the banks that you can report because Bitcoin is decentralized so take care when making a transaction. Beside from it is when you lose your electrum address you will lose your asset too when the hacket gets compromised with your wallet.

The Bitcoin address on Electrum is yours because you own the private key, you can send Bitcoin whenever and however much you want without anyone being able to limit it. If the benchmark is in terms of privacy, I admit it is not safe, but as long as you never share your Electrum private key with anyone, the Bitcoin stored in it will always be safe. You certainly have your own comparisons in assessing security and privacy. When you are told you cannot do something, you have to find out why it is prohibited, then you can compare the two.

I've seen many people using Electrum wallet and yet loose their bitcoin after which they got attacked, you cannot have a security practice through the use of various wallet addresses just as electrum wallet has it, that is just for privacy sake, but does not covers the reason why your coins shouldn't be stolen or you under attack with the use of electrum wallet when you're not making the safety practices.

To understand about effects of address resuse and why you should use change addresses, read.

• Privacy-o-meter for Bitcoin Transactions
  
  • Full introduction
• Coin analogy
• Who Needs Bitcoin Change Addresses Anyway?

It's true that your Bitcoin is safe in one wallet, so far you're  the sole custodian of your none custodial wallet, then there's nothing to worry about, problems can only arise when either your password or seed phrase is lost or compromised, so I you can use it for withdrawal as many times as possible. Using multiple addresses can be for security reasons where you don't want others to know the total amount of BTC that you own, so you split them into different wallets. It's ok to have multiple wallets, especially if the person has a lot of BTC, because you never really know who to trust among those that might know your crypto worth, also to minimize the chances of scammers to steal all your Bitcoin in one wallet.

When I started reading your post, even though it's not very long, I didn't understand what you were getting at. But yes, your allegory once again made me laugh because you are right: sometimes it is difficult to explain a real threat to people so that they understand everything, and it is easier to scare them in another way. And this will only be for the good.

It is safe to withdraw funds on the same wallet address; you can withdraw them as many times as you want, but the main feature of multiple wallet addresses is to provide security and privacy, because many people want more privacy as they don't want to receive there funds in a single wallet. Keeping funds in a single wallet will also decrease privacy and anonymity. But I guess you are already using Binance, which is a centralized exchange, so you won't care about anonymity.

No you don't have to pay transaction fee for five different address, but the transaction fee will be higher if you use a single wallet address, It is due to the size of transaction. Besides, an electrum is a good wallet, but if you want to reuse the same wallet address, then go on and reuse it. But if you still doubt us, which is not a bad thing, then I prefer you to withdraw less funds, just to test out this theory.

It is not true.

You don't lose your bitcoins because you reuse your address for deposits or withdrawals.

You only lose your bitcoins if you lose access to your Bitcoin wallets, don't have backup for recovery or if you store your bitcoins on a centralized exchange andcan not withdraw.

Resue Bitcoin address is bad for your privacy because it will link many In and Out transactions from that address so other people can trace that address, many transactions and guess what you are doing.

Wherever you are comfortable sending your funds, either you use one single wallet address or more it doesn't matter. With the fees today, do you think that you're fine to send it in multiple addresses?

If you are sending most of your binance fund to the same address, soon it's going to make more inputs and larger size when you are about to withdraw all at once for which will increase the fee. But it doesn't matter, always choose the time when mempool is asking not that much for the fees.

thnx for the explanation guys so its just about privacy but since im withdrawing from binance which is KYC exchange
i think it doesnt matter if i use one single wallet since using multiple wallets will just increase the transaction fees if i
want to withdrawal everything from multiple wallets 

It is not possible to lose your btc even if you use the same address for withdrawal. The cause of losing btc is when someone having access to the address you use for withdrawals. The thing that people use different addresses is for privacy and many people don't want other people to know how much they own. If you are known to have lots of balance then it is more likely to get targeted by scammers or maybe someone near you who also knows about crpyto. By doing what you ask is only displaying your transactions in public and that's all.

No, you will never lose any funds if you use the same wallet address. You will only lose funds if you are careless or fall a victim of scammers. There are people who have their wallets from like 5 years ago, and they still actively use it. The better reasons to change wallet address is for privacy. It will be more difficult for someone to track you and your funds if you use many wallet addresses, but with just one wallet address, it’s just like a single book where you flip to the next page and learn everything.

When I was young, we were taught based on superstitiousness. We were told stories such that the consequences were exaggerated. When we remember the exaggerated consequences, we chose not to commit the crime. We were told not to walk at night because it is only the spirits that walk at night, if we do, we will be struck down. Because of fear, we agreed and didn't walk in the night. Not playing in the night saved us many things as injuries, no stealing which is normally done in the nights and lots more.

So, it is advised not to reuse address, but in order to make you adhere to this advice, you were told that you will lose money which many people doesn't want to.

Privacy wise, yes, it is not safe. However, you won't lose your funds unless if you go your seeds or private keys compromised which all comes down to one's personal security.

It may not be necessarily 5 times, but the transaction fee will quite significant compared to if it was just spending from one address. This is because with each input added into the transaction, the transaction size increases, leading to an increased total transaction fee.

You can play around with this tool - https://jlopp.github.io/bitcoin-transaction-size-calculator/

You aren't going to pay transaction fees five times, but once. The fees that you are going to pay will be calculated based on the inputs and outputs you have in one transaction, which makes up the virtual bytes. Having said that, you must not use all the inputs you have in your wallet in one transaction (if you don't want to), use wallets that have the coin control and address freeze feature, so you would be able to manually select the inputs you want to spend or freeze the address you don't want to spend from.

No.

Take this scenario: just like you have your bank account number and you can use it to deposit money to your account any time you want, that's how you can also use one Bitcoin address to deposit Bitcoin multiple times, and the coin will just arrive in your wallet. Bitcoin addresses can change after each withdrawal, but that doesn't mean you cannot reuse your address again if you want. You can use one address as many times as you want, but as far as I know, the reason why the address keeps changing is for an increase in your privacy, so that your transaction cannot just easily be tracked through the Bitcoin blockchain.

Sending your bitcoin to five addresses means you are creating five outputs, which means from one input, the fee is going to be high, and when you want to spend all this BTC together in the same transaction, it will be five outputs into one input. That's if you also want to send it all back to one wallet, but if you are sending to multiple addresses, the higher the wallet, the higher the input, and so is the fee that you are likely to spend.
 
You can't lose your BTC for using an address over time, but you are reducing the privacy of your coins as you are likely going to be linked to that address by your first sender or receiver, if need be.

That is false  you won't lose your Funda by reusing the same address.

It is just bad for privacy, as your address balance is public.


You are correct. It isn't exactly 5 times, but is is almost that.

Every transaction you receive is an UTXO. You need to pay for each utxo you transfer. However,  the calculation is not that simple and it also depends in how many outputs (destination addresses) you want to send your coins to.

It is just for privacy reason and nothing more. It is not about security.

You can send bitcoin to five addresses, but you will need more fee to spend the coins, especially if you want to spend the coins at ones. Some people that want privacy prefer to use different addresses. In the time the fee is very high like this, just withdraw to one address.

You can enable Tor on Electrum for anonymity. But as you are using an exchange, know that your coin can be traced to you. I mean through the exchange as you do KYC on the exchange.

But in short, your security is not affected because you send your coins to a single address.

Hi guys
im withdrawing btc from binance to my electrum wallet but i heard here that its not safe
to reuse the same withdrawal adress and that could make you lose your btc is that true
reddit com/r/Bitcoin/comments/8x4a6n/should_i_use_the_same_address_when_withdrawing/

according to what i know wach btc adress on electrum has a private key so its impossible
to lose your btc if you deposit multiple times to the same adress right?
also if i have like 0.10 BTC on electrum but this btc split to 5 adresses doesnt that mean in
order to spend this 0.10 i need to pay the transaction fees 5 times since i need to send 0.02 five times?