If it belongs to a cold wallet device then I can use the address twice since it comes with the device and there is nothing I can do at that point.
But if it is a wallet that I created online, I will rather choose to use a new address any time I want to receive Bitcoin from a third party, this will give you more privacy and security compared to using the same old address all the time so we have to take note of that to know the we need to give up on the old address.
Topic: What if you plan to buy BTC for big money: Would you reuse a tested address? (Read 468 times)
February 02, 2024, 05:15:52 PM
February 02, 2024, 04:47:21 PM
This is obviously how plebs would think, probably because they are not yet familiar with the system and because you and your friends are scared that you might lose your coin if you send it to a new address that has not yet been used.
You can't really blame most newbies for this stereotyped mindset, I think that it's a healthy fear, because you don't want to lose your coins over what you're not very sure of. Infact some newbies will first receive crypto coins into a new wallet and then send it out, just to make sure that it works before endorsing it to hold their coins, especially when the money involved is much. The charade is not necessary but if it'll make a newbie without accurate knowledge to feel safer, then it's no harm to perform a trial test. Let him just keep the seed phrase in a secured location and never share the information with any of his friends.
February 02, 2024, 12:07:45 PM
I know the wallet I am using is not going to give me the wrong address but if that is my first 50K worth of BTC transfer then definitely I will go with the one I used to receive at least once but there is no loss in the privacy as long as the address you used to receive is not connected to anywhere that connects you to the KYCed service platform.
February 02, 2024, 11:39:10 AM
It is quite interesting to hear that there are a lot of different perspectives regarding this topic I would love to hear about those and really dive deep into why you guys think like that because personally I do not see the point of re-using an old address
I do know that in some cases people send out bitcoin to the wrong addresses and this could be terrifying especially if it is a large amount of money who knows if it will still come back to you, right? But i think the key here is just to recheck everything and make sure that your what you are inputting is correct
I do know that in some cases people send out bitcoin to the wrong addresses and this could be terrifying especially if it is a large amount of money who knows if it will still come back to you, right? But i think the key here is just to recheck everything and make sure that your what you are inputting is correct
February 02, 2024, 11:10:09 AM
Last night we (five friends) had a lively discussion about reusing receiving addresses. The consensus was: for small amounts, new (never used) addresses are the way to go. Especially to protect privacy.
Are you planning to buy bitcoin by collecting funds from five people and storing them at one address. If that is true then I think what you are doing will not be good because in the future there will be problems with assets because of the problem of sharing profits. If you use a certain wallet, privacy is not a problem because we do not require KYC so privacy is much safer.But what if you plan to buy BTC for a lot of money at once? Like 10,000 or 50,000 USD or even more?
Would you use an address twice to be 100% sure that the address works as expected and sends the BTC to your wallet? Would you perform a test transaction first and then reuse the address for the main purchase if the test is successful?
You should be more confident in the address you hold and if you think the address is no longer safe then replacing it with a new address is the best decision so that your assets don't just disappear. Usually, when we use an address to store Bitcoin assets, we must be quite careful and security issues are the main choice that we pay attention to because it would be a shame if we ignored security.Would you use an address twice to be 100% sure that the address works as expected and sends the BTC to your wallet? Would you perform a test transaction first and then reuse the address for the main purchase if the test is successful?
Doing a trial first is also good to ensure the level of security and if you are in doubt then the next step is to replace it with a new address. From what I know, people will definitely look at the security side of storing bitcoin because they will suffer quite a loss when the assets we own are lost due to hacking or something else.
February 02, 2024, 10:23:09 AM
Choosing whether to use new addresses every time you buy crypto is like picking your flavor. Some like the secrecy of a new address each round for that extra privacy kick. Others go with a test run – a small transaction to check if the address plays nice before the big spend. And then there are the easy-goers who trust their wallet's mojo to whip up secure addresses without bothering with the new address dance every time. It's all about what feels right in the crypto jungle
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February 02, 2024, 10:00:56 AM
If I was to hit alot of money and I'm going to buy bitcoin worth lots of money, like from $5000 and above, it's sure that I am buying this amount of bitcoin as investment for the future, I will preferably love to keep this bitcoin in an entirely new address, and I will love to do it in a way that the source through which the bitcoin came into that new wallet can't be traced, so, here is what I will do.
I will buy the bitcoin from the exchange normally, then I will withdraw the bitcoins to my private and previously used bitcoin address, after the coins arrive there, I will use mixing service to move the bitcoin to my entirely new bitcoin address, this way, any body looking at that address on the blockchain can't tell how or where the bitcoins in the wallet came from, or how it got there.
I will buy the bitcoin from the exchange normally, then I will withdraw the bitcoins to my private and previously used bitcoin address, after the coins arrive there, I will use mixing service to move the bitcoin to my entirely new bitcoin address, this way, any body looking at that address on the blockchain can't tell how or where the bitcoins in the wallet came from, or how it got there.
February 02, 2024, 09:52:07 AM
This is obviously how plebs would think, probably because they are not yet familiar with the system and because you and your friends are scared that you might lose your coin if you send it to a new address that has not yet been used.
You can't really blame most newbies for this stereotyped mindset, I think that it's a healthy fear, because you don't want to lose your coins over what you're not very sure of. Infact some newbies will first receive crypto coins into a new wallet and then send it out, just to make sure that it works before endorsing it to hold their coins, especially when the money involved is much. The charade is not necessary but if it'll make a newbie without accurate knowledge to feel safer, then it's no harm to perform a trial test. Let him just keep the seed phrase in a secured location and never share the information with any of his friends.
February 02, 2024, 08:25:59 AM
I might use several addresses and send some Bitcoin to several addresses. I will not save all Bitcoin in one address because it's a risk. Storing the Bitcoin in many addresses, especially at the new wallet address, can eliminate my concern.
Yeah obviously bro I agree with you that storing Bitcoin into one address/wallet can cause in danger because, obviously, if a hacker assesses your address, there is no hope of escape. Therefore, I personally kept all of my funds, including Bitcoin, in different wallets so that I could avoid myself from risk. I have 4 wallets, and there are different funds in each wallet At the same time, Bitcoin itself has been diversified i.e. it has been distributed in 2 wallets.Moreover, these people should also be advised not to keep Bitcoin in a wallet, If your portfolio is large, it means you have to create a separate wallet for Bitcoin because nowadays hackers are trying to get rid of you and your bitcoin Stolen And hackers are trying to find addresses that contain Bitcion and try different methods with it. They write down your address in from on-chain data of Blockchain and create fake addresses that are similar to your address, and send them to you. That is, they make the starting 4 figures and the ending 3 figures the same as your address and try to steal Bitcoin by sending the rest fake and up.
January 28, 2024, 09:44:46 AM
I might use several addresses and send some Bitcoin to several addresses. I will not save all Bitcoin in one address because it's a risk. Storing the Bitcoin in many addresses, especially at the new wallet address, can eliminate my concern.
I may use the address I used to store only a small amount of Bitcoin. It will depend on each person, and if we care about the security of our Bitcoin, we will look for ways to secure it. The way we use it may be different from what other people do.
You need to adjust to the conditions that exist in you. We can only suggest what we can because we don't do how you want to save the bitcoin. You need to consider how you will save the wallet, whether it's a hardware wallet or a software wallet that you install on a computer or smartphone.
I may use the address I used to store only a small amount of Bitcoin. It will depend on each person, and if we care about the security of our Bitcoin, we will look for ways to secure it. The way we use it may be different from what other people do.
You need to adjust to the conditions that exist in you. We can only suggest what we can because we don't do how you want to save the bitcoin. You need to consider how you will save the wallet, whether it's a hardware wallet or a software wallet that you install on a computer or smartphone.
January 28, 2024, 04:34:16 AM
If the address in question belongs to me I don’t see any reason why I should not use it twice beside when they talk about address use and reuse for privacy shake it’s on the aspect of receiving payment from different place or one place multiple times this will bridge your privacy.
On the aspect of me creating new address and buying large amount of bitcoin I will have to try the address out even when I know everything is correct there is no harm in having extra security measures so I can send first and see if it will get to the destination before I can proceed with the rest.
On the aspect of me creating new address and buying large amount of bitcoin I will have to try the address out even when I know everything is correct there is no harm in having extra security measures so I can send first and see if it will get to the destination before I can proceed with the rest.
January 28, 2024, 01:39:09 AM
But what if you plan to buy BTC for a lot of money at once? Like 10,000 or 50,000 USD or even more?
Would you use an address twice to be 100% sure that the address works as expected and sends the BTC to your wallet? Would you perform a test transaction first and then reuse the address for the main purchase if the test is successful?
but there is nothing wrong by doing that. receiving multiple transaction in one address is completely fine.
Or would you trust the wallet's algorithm and use a new address, even if you buy for a lot of money?
wallet algorithm doesn't have to do anything with bitcoin transactions. they are all done by blockchain. if the address is correct then yu'll receive the funds for sure. just double check the address before giving that to anyone to send you money. January 27, 2024, 09:52:30 PM
Would you use an address twice to be 100% sure that the address works as expected and sends the BTC to your wallet? Would you perform a test transaction first and then reuse the address for the main purchase if the test is successful?
I think this is very necessary if you make transactions with large amounts of money. In fact, the fee is not worth much compared to the amount you send. If something goes wrong, we will regret it if we lost lots of money instead of small amount of the fee. I have seen many cases of people being sent to the wrong address or network the first time, not to mention you can get a virus and the address is changed when you paste the address. It can be said that there are countless reasons and risks to lose money if you only deposit once. Currently, I always do transaction twice to ensure safety with any transactions. Transaction fees are getting cheaper and cheaper, so don't regret it, and especially in a cyberspace full of risks, double checking is extremely important necessary
January 26, 2024, 06:57:18 PM
Wow, so many answers! Thanks to everyone so far. I need to dig through all of this, so many good thoughts and explanations! It will probably take me a bit to process it all!
But I'll be back!
That's fine.But I'll be back!
Take your time and take the process fun as there's no need for you to rush with this matter of reusing or not your btc address if ever you'll buy with your money.
What's important is you know how to keep yourself safe from all of these purchases and you know how to keep the important details only to you. If you've got more questions or follow ups, everyone is going to be just here answering your queries.
January 26, 2024, 06:23:07 AM
Wow, so many answers! Thanks to everyone so far. I need to dig through all of this, so many good thoughts and explanations! It will probably take me a bit to process it all!
But I'll be back!
But I'll be back!
January 26, 2024, 12:22:00 AM
I had this fear also back in the day. The way I worked around it was, I would basically sign offline a test message and see if the signatures matched, if they did then it means the coins can be spent.
Another method is just use one address and see if it work to send it back and if it does then send everything else to the next address in your wallet. I understand how you feel, you don’t want to HODL for 10 years only to find out you can never spend this money.
Another method is just use one address and see if it work to send it back and if it does then send everything else to the next address in your wallet. I understand how you feel, you don’t want to HODL for 10 years only to find out you can never spend this money.
January 25, 2024, 04:53:43 PM
But for the sake of your anonymity then just have to choose another address with that private keys that you own.
Using fresh addresses is good for privacy, but just that alone does not make you anonymous. Even the BTC blockchain is public and transparent and then if you send your funds into centralized exchanges, you obviously no longer have any privacy to protect. If you want anonymity or a much better privacy, you must first be running your own node, once you connect to third party servers, the host already has information about your IP and your BTC address, you must also use p2p exchanges and privacy solutions like CoinJoin implementations.
I agree, solutions like that will increase your privacy.I have used my wallet address many times. If the amount was more than $15,000-30,000, then I will create a new address.
Well, it does not really matter at all but on this case just as what everyone is telling. You do what makes you feel safe and private. January 25, 2024, 08:54:04 AM
I have used my wallet address many times. If the amount was more than $15,000-30,000, then I will create a new address.
January 25, 2024, 08:45:52 AM
Op there is no need to test your wallet or address and there is no need to use new address for the transaction or the investment. If you trust the wallet you are using then there is no need to use another one. Just use it if you know that the wallet is secure and has not been compromised. Even the large transaction you can still reuse of the old address but it you want to change it because of privacy then that is your personal decision because nobody knows how you have been using the old address.
January 25, 2024, 08:33:19 AM
Last night we (five friends) had a lively discussion about reusing receiving addresses. The consensus was: for small amounts, new (never used) addresses are the way to go. Especially to protect privacy.
But what if you plan to buy BTC for a lot of money at once? Like 10,000 or 50,000 USD or even more?
Would you use an address twice to be 100% sure that the address works as expected and sends the BTC to your wallet? Would you perform a test transaction first and then reuse the address for the main purchase if the test is successful?
Or would you trust the wallet's algorithm and use a new address, even if you buy for a lot of money?
Fun fact: there were 5 of us and it felt like 8 different points of view! :-)
But what if you plan to buy BTC for a lot of money at once? Like 10,000 or 50,000 USD or even more?
Would you use an address twice to be 100% sure that the address works as expected and sends the BTC to your wallet? Would you perform a test transaction first and then reuse the address for the main purchase if the test is successful?
Or would you trust the wallet's algorithm and use a new address, even if you buy for a lot of money?
Fun fact: there were 5 of us and it felt like 8 different points of view! :-)
Why do you think you have to test an address? All addresses work. It's not like some addresses magically don't work well.
But you should not reuse addresses after you've sent a tx FROM that address. So make an address, and send as much bitcoin as you want to it, whether its a little bit or you are buying "big money", doesn't matter, if you are accumulating over time you can keep sending money to that address.
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