Security, Privacy and convenience. These are probably the most major causes for that. Keeping multiple wallets in multiple programs and PC's help in security.
regarding privacy, since BTC is open and anyone can see the TX's, having multiple wallets making it harder to link addresses with each other to you.
Regarding convenience, having a web wallet like BC.info makes conducting transactions easier while a wallet like Armory is useful for large long-term holding, so having a wallet in each does serve a purpose.
Topic: Why do people create more than one BTC wallet ? (Read 1693 times)
Maybe they scarred to hack their account that's why they make multiple account to spread their savings into different account. Also, maybe they make to secretly hide their savings to their family.
I agree with you but I also think they create multiple wallets out of curiosity to test the strength and security of the others that they've heard of and so it gets them to spread their investments until the final determination of their preferred wallet.
i see two benefit, or maybe 3, the first oen is that with a new wallet you are without a doubt more anonymous, than running with the same wallet with multiple address
because two wallet are not linked with between other, hidden address are still linked, but not all of them are showed on blockchain info
second one is that the transaction size may be smaller for the beginning, because there is less imput and output
third point is that for cold storage having many wallet holding few bitcoin is safer, when you need to load them to use those bitcoin, your risk is lower, in case of infection
because two wallet are not linked with between other, hidden address are still linked, but not all of them are showed on blockchain info
second one is that the transaction size may be smaller for the beginning, because there is less imput and output
third point is that for cold storage having many wallet holding few bitcoin is safer, when you need to load them to use those bitcoin, your risk is lower, in case of infection
Maybe they scarred to hack their account that's why they make multiple account to spread their savings into different account. Also, maybe they make to secretly hide their savings to their family.
I also use several wallets for a different purposes and each has its own benefit in it. Well for me it is because of fees transaction.
Some wallet didn't use fees for trasnsaction with the same wallet. Also, I use different wallet for trading and for holding my btc.
Especially for holding, I use wallet that makes it easier to connect it with my local bank account.
Some wallet didn't use fees for trasnsaction with the same wallet. Also, I use different wallet for trading and for holding my btc.
Especially for holding, I use wallet that makes it easier to connect it with my local bank account.
may be they fear of lossing their money if one company run away then one would there at least one would there. and some people have lot of money and they might think that if one wallet gets hacked then one will be there to save him. but personally i had not seen anyone using multiple wallets and i myself use only one wallet and i have very little amount so i don't have to worry about lossing my bitcoin and hackers would not try my account to hack i know , just kidding. may be the benefit is that when we have to open our wallet in public then we might lose privacy in opening our wallet in public because other people would then see ones total bitcoin and his privacy would then get exposed. And in order to use a wallet in public he would prefer to keep low balance and in his private account he prefer to keep high amount for trading and other business purpose.
Why do people create more than one BTC wallet ? What are the benefits of it ?
I use different wallets because:
1. As a precaution. Handling all your transactions with just one bitcoin address is too risky. Since I use online wallets only, the risk is high, so different wallets on different wallet providers.
2. Fee. Too many small transactions to a single address will pile up the inputs and end up with a high fee for outgoing transactions especially if you are using a blockchain wallet.
3. Fee less transaction. Xapo to Xapo, Coinbase to Coinbase.
And just for fun a couple of custom personalized addresses.
Why do people create more than one BTC wallet ? What are the benefits of it ?
because each wallet has its own advantages there are those who have more security there is also wallet with a small transaction fee. actually there are different goals such as to facilitate in managing their bitcoin and there is a purpose to store their bitcoin if one of the btc wallet in the hack. Why do people create more than one BTC wallet ? What are the benefits of it ?
I have multiple bitcoin wallets I used for trading and for holding. Having more than one bitcoin wallets has less risk. Hackers are out there so if you store all your bitcoins in one wallet risk is very big. You might want to store it on paper wallet or hardware wallets when you are holding it for a long term.
Why do people create more than one BTC wallet ? What are the benefits of it ?
I have several wallets for different purposes, which I took the time to set up several years ago. Wallets for buying/selling, wallets for trading, plus more secure offline wallets to store(hoard) the majority of my coins.
Actually as I have been gathering bitcoins since before I got married, I have a small proportion in a wallet my wife can see, and a large amount of hoarded coins my wifey doesn't know about. I cannot wait one day to tell her about it..... or if she dumps me, she wont haha. I was thinking of starting a thread about this, if anyone has a crypto stash hidden from their partners??
Many people are creating more than one wallet for them to explore and to try what institutions are compatible to them.And having more than one wallet is not a ao airious matter
I have only one wallet, but multiple addresses. I've never had the need for multiple wallets and one is much easier to manage. Some wallets allow you to create multiple users within one program, so you can have many separate wallets and all are easy to access. The main reason why people are using multiple wallets is because wallets can be tracked with wallet explorer. Sometimes you don't want your addresses to be linked together.
I use multiple bitcoin wallets because I want to secure my bitcoins. I know there are a number of issues often occur with a wallet like hacking are other ways of losing it. So if I will have a number of wallet and if I would lose one of them then I will not lose and of my bitcoins because I have distributed all of my bitcoins in different wallets.
i think different people have different reason for that. may be some people just want to use different wallet for different purposes, for example a person will like to use separate wallets for signature campaign, trading, gambling and for spending bitcoin.
I use multiple bitcoin wallets because I want to secure my bitcoins. I know there are a number of issues often occur with a wallet like hacking are other ways of losing it. So if I will have a number of wallet and if I would lose one of them then I will not lose and of my bitcoins because I have distributed all of my bitcoins in different wallets.
I think they have their own reasons like the security and anonymity, I did create two bitcoin wallets so I can have two storages. I feel secured when I did that though my bitcoin is not that big amount I just feel so secure with it and if someone is tracking my wallet, they will be confused with the two accounts making it more private.
The very first reason is probably because people simply do not want to keep all their savings in one purse. If suddenly one of their wallet is broken, then the remaining coins remain intact on other accounts
That is the main reason I too believe but then they can simply print the private key and they can rest assured that they can't loose their bitcoins. I have been using two wallets since a long time, but that is actually a exchange, c-cex, they pay a good fee on withdrawals while they only charge 0.0002 so I use them for quick payments and for accepting money from clients I use xapo and blockchain, xapo is sometimes dangerous as they ask ID proofs.
people create more than one BTC wallet for security and anonymity reasons.like dont put all your eggs in a basket.there are 2 type of storage cold storage and online storage.cold storage use for long time holding bitcoin and online storage use for daily trading.some wallet provider have fees free transaction.like coinbase wallet fees free transaction you can send free coinbase wallet to coinbase wallet.
Why do people create more than one BTC wallet ? What are the benefits of it ?
I think it is for safety purpose ,There are different type of Bitcoin wallet some use bitcoin cold storage for keeping it for long time and I also use our local bitcoin wallet for cash out purpose,
Why do people create more than one BTC wallet ? What are the benefits of it ?
This is for the sake of safekeeping. Having a single wallet is prone to some uncertain events such as hacking and forgetting the private key or passphrase. So in order to lessen the casualties, some user distribute their coins on different wallets. This way, if a wallet was subjected to a disappointing event, then the user will lose only a portion of his coins and not the entire coins in possession. Some also use different wallets for different type of transaction so that confusion will not take place.
Most is usually for other purposes. I personally have 4 wallets, 2 of which are for cold storage and the rest are for everyday spending and general shopping of games. It is also advisable to have multiple wallets and create multiple backups so that if in case one of your backups get compromised, you still have plenty of other backups to use. Also, having multiple wallets saves you from hacks. Putting all of your eggs in a single basket is never a good idea, too.
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