Pros
more privacy, helps us to remain undetectable
Cons
it's hard to detect whose address does that belong to
more possibility of getting scammed
more hassle with lot of address
Topic: Pros and cons of using new Bitcoin addresses for each transaction? - page 2. (Read 48792 times)
October 15, 2016, 01:54:26 PM
October 15, 2016, 01:40:29 PM
I'm new to all of the bitcoin scene... I've seen documentaries on it and it caught my eye! as someone new to this whole world is there any advice anyone can give me before i try to receive or buy any coins for myself!! 
any help would be great thank you!
The best way to learn is to learn at your own pace. So take your time, hang around on this forum for like a month or two so you will know your way around in the world of cryptocurrencies. any help would be great thank you! October 15, 2016, 01:07:30 PM
if you use new bitcoin address for each new transaction then ofcource you will get privacy protection but it will cost much transaction fees because you have to pay for each address seperatly which in a single address case we pay it only once and lower than those
October 15, 2016, 01:01:59 PM
I just have a few addresses I usually always use.
When I generate a new address, does that mean I have to put my funds first on the new address and make the real transaction then?
Would that mean I had to spend the transaction fee two times?
When I generate a new address, does that mean I have to put my funds first on the new address and make the real transaction then?
Would that mean I had to spend the transaction fee two times?
The funds will stay in your old address. You create the new address is to receive the money, not spend.
October 02, 2016, 01:02:14 AM
I just have a few addresses I usually always use.
When I generate a new address, does that mean I have to put my funds first on the new address and make the real transaction then?
Would that mean I had to spend the transaction fee two times?
When I generate a new address, does that mean I have to put my funds first on the new address and make the real transaction then?
Would that mean I had to spend the transaction fee two times?
October 01, 2016, 06:47:44 PM
basically the advantage of making a new address every time is anonymity.
when you don't want anyone (who knows your old address, typically customers or, if you made it public potentially everyone) to recognize you that is a basic step you have to do.
In my opinion there's no disadvantage except for the minimum raised work for clicking "new address".
The only exception here is if you want to run a static account (like when you post the address to get donations), because afaik you can't reuse an address once you got a new one.
This. My phone wallet generates a new address for every transaction, which I think is cool but kind of unnecessary. I'm not doing anything illegal and thus don't need as much anonymity as some might. You see the wallet address I have posted in my profile, and I'd be just as happy if that was the only one I ever had to use. when you don't want anyone (who knows your old address, typically customers or, if you made it public potentially everyone) to recognize you that is a basic step you have to do.
In my opinion there's no disadvantage except for the minimum raised work for clicking "new address".
The only exception here is if you want to run a static account (like when you post the address to get donations), because afaik you can't reuse an address once you got a new one.
October 01, 2016, 06:40:40 PM
using a new address for each transaction is meant to protect the identities of both the sender and the receiver. satoshi wrote about it.
October 01, 2016, 06:22:13 PM
The most bigger online wallets like xapo and blockchain recommend to change the address for each transaction for the security so it will be definitely good for us to change the address for each transaction otherwise they would not recommend that for us.
October 01, 2016, 05:59:30 PM
I'm new to all of the bitcoin scene... I've seen documentaries on it and it caught my eye! as someone new to this whole world is there any advice anyone can give me before i try to receive or buy any coins for myself!! any help would be great thank you!
just try to buy a small amount of bitcoins and then do trading, you might get a lot of money i think any help would be great thank you! October 01, 2016, 03:19:06 PM
I'm new to all of the bitcoin scene... I've seen documentaries on it and it caught my eye! as someone new to this whole world is there any advice anyone can give me before i try to receive or buy any coins for myself!! any help would be great thank you!
any help would be great thank you! September 14, 2016, 03:03:04 AM
I don't use a new address for every transaction, but I do change my address regularly. If you use Coinbase I relieve that it will automatically update your address to a new one, but the old address remains associated with your account so you can still receive any funds which are sent there in future. Of course Coinbase will still know of the link between your accounts, so it's not 100% evasive but harder to track through the blockchain.
The way I look at is that changing addresses is good for privacy, but unless you have a specific reason to try and evade tracing then just changing regularly is more that enough
The way I look at is that changing addresses is good for privacy, but unless you have a specific reason to try and evade tracing then just changing regularly is more that enough
September 14, 2016, 02:46:54 AM
using a lot of address is more secure and harder to track, for security reason generating new address every few transaction is better, the hacker also wont be to excited to try to hack your wallet if you only have few coins in 1 address, the cons is it hard to manage so many address and sometimes when you want to ask somebody to send something to your address you need to check your address again because its too many and too messy
I agree with that. I use one address for each transaction. So the amount in each address is quite small actually.
September 01, 2016, 08:07:11 AM
using a lot of address is more secure and harder to track, for security reason generating new address every few transaction is better, the hacker also wont be to excited to try to hack your wallet if you only have few coins in 1 address, the cons is it hard to manage so many address and sometimes when you want to ask somebody to send something to your address you need to check your address again because its too many and too messy
September 01, 2016, 07:31:33 AM
Can someone please give me a list of the pros and cons of using new Bitcoin addresses for each transaction? It seems very inconvenient to use a new address each time.
If you want to mange how many bitcoins do you have then you can't check from lots of addresses (checking in blockchain not through the wallet), a bit mess about which address is in which wallet or something like that. The pros is that you are less trackable but not 100%.
September 01, 2016, 07:21:27 AM
I used to have trouble managing payments to a service that used a new address every time. Seems to conflict with the idea of an address book. Imagine if everyone's phone number changed every call. Not too convenient.
Here's what I do now:
1. Copy the payment address.
2. Choose Send Coins in the client.
3. Choose Address Book in the popup.
4. Choose New Address.
5. Enter a name for this payee, and paste in the Bitcoin address. Use the same name for all payments to this payee. For example, I use MBC for all transfers to my mybitcoin.com account.
6. Click OK in the New Address window.
7. Click OK in the Address Book window.
8. The Pay To field now holds the payment address. Enter the amount and click Send.
This way the transaction in your wallet will show who it's for. It does add some extra steps though. I wish sites would give customers the option to reuse a persistent address.
Here's what I do now:
1. Copy the payment address.
2. Choose Send Coins in the client.
3. Choose Address Book in the popup.
4. Choose New Address.
5. Enter a name for this payee, and paste in the Bitcoin address. Use the same name for all payments to this payee. For example, I use MBC for all transfers to my mybitcoin.com account.
6. Click OK in the New Address window.
7. Click OK in the Address Book window.
8. The Pay To field now holds the payment address. Enter the amount and click Send.
This way the transaction in your wallet will show who it's for. It does add some extra steps though. I wish sites would give customers the option to reuse a persistent address.
Wow noted on this it will really help alot. Hope everyone can apply it to avoid scam or failures in transactions. Better really is to be responsible and provide self control and have sense of security
September 01, 2016, 07:11:26 AM
Thank you all for the great answers, very interesting. 
Is there any suggestions on what may be an all time favorite for some of the Old'Timers here to set up an account & or wallet ?
What you could do is just write down an old address so that if you ever need to give someone your address it is an old one that will still received BTC to you current wallet. Keeping many address has some proven advantages, still if you do not want mess up thing and you are a just a small bitcoiner with less activities, then few addresses are more than enough. Is there any suggestions on what may be an all time favorite for some of the Old'Timers here to set up an account & or wallet ? September 01, 2016, 04:20:30 AM
It can be a bit of a task if you use a different address each time you do a transaction. If you are the kind of person who deals with other persons a lot, then it might be to your benefit if you use so many of these wallets, just for security. I myself prefer only a few wallets to receive bitcoin, because I still have to transfer them to another master wallet, which entail extra costs on my part.
September 01, 2016, 03:18:55 AM
I prefer to have a designated address for each website I am dealing with listed under labels and such so I don't need to waste time figuring out which address is for which website. Having a different address for each TX sometimes gets messy if you want to keep track of your bitcoin finances but of course that improves your privacy.
This comes in handy for me too. I like not worrying about updating it as they always send the funds to my wallet, yet it is anonymous enough for me to just hand out to anyone if they wish to pay to that address. But managing multiple address in document as well in wallet is a bit worry here. My multibit wallet becomes slower in responses when ever I open the wallet with many addresses within it. September 01, 2016, 03:07:54 AM
I actually stopped thinking of the BitCoin adresses as my Account number, and started considering them a reference number for each transaction 
That is what I think and do. I create new address for every transaction so that I know who I receive the money from.
September 01, 2016, 02:43:42 AM
Thank you all for the great answers, very interesting. Is there any suggestions on what may be an all time favorite for some of the Old'Timers here to set up an account & or wallet ?
I think using coinbase would be great for you to learn how to use a wallet. It has a very simple interface and very good reputation for being secure. Try it out, there are even tutorials on how to set up your account! It is super simple! Is there any suggestions on what may be an all time favorite for some of the Old'Timers here to set up an account & or wallet ? Jump to: