Question about bitcoin wallet address

dillpicklechips

hero member

Activity: 994

Merit: 507

Quote from: HCP on June 20, 2017, 05:52:49 AM

Mycelium autogenerates new addresses when the previous address is "used" (ie. it receives funds). This is to prevent "address re-use" as it is generally considered to be a "Bad Thing"™... generating new address for each transaction "helps" with privacy for yourself and others sending/receiving coins to/from you.

Anyway, this is why you see "contains 2 private keys"... you have the private key for the address in the "Output" section (this was the 1st private key in your Mycelium wallet). When that address received your initial deposit, Mycelium automatically generated the next private key and matching address.

If you send coins to the current address that shows in your balance (or receive) tab... you will find that Mycelium will generate a 3rd private key... and the address showing on your balance (and receive) tab will change again.

This will occur whenever the most recently generated address receives coins for the first time. If you send more coins to the 1st address, Mycelium will not generate another address.

Not actually considered to be a "Bad Thing nor it is for security but rather than for privacy thats is people will not be able to snoop regarding your balance(s).

To OP,

This only happens when you use an HD wallet. You can try researching the difference between HD wallet and classic wallet though the HD wallet has just been explained above and classic wallet just having a single address. You read it right, HD wallet is comprised of multiple addresses.

HCP

legendary

Activity: 2086

Merit: 4316

Mycelium autogenerates new addresses when the previous address is "used" (ie. it receives funds). This is to prevent "address re-use" as it is generally considered to be a "Bad Thing"™... generating new address for each transaction "helps" with privacy for yourself and others sending/receiving coins to/from you.

Anyway, this is why you see "contains 2 private keys"... you have the private key for the address in the "Output" section (this was the 1st private key in your Mycelium wallet). When that address received your initial deposit, Mycelium automatically generated the next private key and matching address.

If you send coins to the current address that shows in your balance (or receive) tab... you will find that Mycelium will generate a 3rd private key... and the address showing on your balance (and receive) tab will change again.

This will occur whenever the most recently generated address receives coins for the first time. If you send more coins to the 1st address, Mycelium will not generate another address.

NozzaC

newbie

Activity: 8

Merit: 0

Looking at my wallet (it's Mycelium but I don't think this matters). In the Accounts section it says "Account 1, contains 2 private keys"

In Balance it shows Account 1 and the Account 1 address + QR code and then the balance.

The Transactions there is the transfer I used to get the coins to the wallet.

This all makes sense. But drilling into the transaction I lose my understanding. In there, there are two sections: Input and Output with two address keys both are different to the address in the Accounts/Balance sections.

If I put my "Account 1" address into Coinbase I see no balance. But if I put the Output address key into coinbase I can see the correct balance. Why isn't my Account address linked directly with my coin balance. If THE Account 1 address that isn't my bitcoin address then what exactly is it?

Topic: Question about bitcoin wallet address (Read 721 times)