Why do people create more than one BTC wallet ? - page 2.

Kusheez

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Quote from: bncbnc on June 14, 2017, 12:45:26 PM

Quote from: halych on June 14, 2017, 12:21:43 PM

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

yes that is very right. to me in fact most of the people are using online wallet, which may not be so much secure, therefore when people have more bitcoin in their wallet then there is more risk of losing their money, therefore most of the people distribute their money in different wallet, where they feel a little safe. to me I am using different wallet for different purposes. for signature campaign and for spending money I have separate wallet which mostly use for spending btcoin, while for trading I have another wallet, which I only use for trading and holding bitcoin for investment purposes.

I heard that if you want to remain anonymous, you should change your address every once in a while, but hiwnis this possible? If everybody switched wallets wouldn't we run out of possible keys because they all got used up? Will people have wallets that other people are currently using, O mean, will the same wallet be registered in two different clients?

LodisMcguire

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For me,it's to use for different purpose,my first wallet is to save my earning such as from trading,sign camp and give away
the other is to save my coin that i buy personally using fiat,everyone have a different reason,but mostly it's for separating their earning

bncbnc

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Quote from: halych on June 14, 2017, 12:21:43 PM

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

yes that is very right. to me in fact most of the people are using online wallet, which may not be so much secure, therefore when people have more bitcoin in their wallet then there is more risk of losing their money, therefore most of the people distribute their money in different wallet, where they feel a little safe. to me I am using different wallet for different purposes. for signature campaign and for spending money I have separate wallet which mostly use for spending btcoin, while for trading I have another wallet, which I only use for trading and holding bitcoin for investment purposes.

choppork

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The short answer: is because they can.

The long one: You're actually not anonymous in bitcoin, but rather pseudonymous. You can have as much wallet as you want. Most people don't want to be traced online and so they create multiple wallets. I have a wallet that's for transactions on Facebook, and then a wallet for the payments here on bitcointalk. I really prefer having them separated since I want the balance to be separated as well. It's not that hard to create a wallet.

I've created numerous amount of wallet just because I get this feeling that someone has found the seed of my previous wallet. I create a new wallet, transfer all the funds of my previous wallet to that, and then place the new seed somewhere safe. A new wallet means new seed and let's say someone actually have the seed of my old wallet, I'm already safe from any of his attacks. He'd have to find my new seed again.

Baofeng

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Quote from: Tej7701 on June 14, 2017, 07:40:08 AM

Why do people create more than one BTC wallet ? What are the benefits of it ?

You don't want to put your eggs in one basket. So you have to make different wallet in case you lost your seed or password or even a hacking. Others for simple account. Maybe one account is for paying or making transactions, while other btc is for receiving only. Of course, for privacy and security purposes as well.

halych

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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

Gaaara

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Quote from: Tej7701 on June 14, 2017, 07:40:08 AM

Why do people create more than one BTC wallet ? What are the benefits of it ?

The security purposes, you get advantages from lessining the risk of taking all your money from a hacker and some reason are that they wanted to join a signature campaign with two accounts because if the manager noticed that you're using 2 bitcoin accounts with their campaign you might get a red tag or be permanently banned for their campaign, by doing this ther income wll become twice as much.

michkima

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A lot of reasons to be honest.

1. Anonymity
2. Easier management of funds
3. Separation of identities
4. Special transactions

Well, now that you think of it, there are so many that I may have not listed here. It varies per person and per need of that person generating more than one address/wallet.

skorupi17

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Having multiple Bitcoin wallet is a form of assurance for users. If you manage to lost your private key or someone hacked into your wallet, you will not lose all of your assets. Just a portion of your Bitcoin will be lost. This is a good practice for users who holds large amount of Bitcoins. It is really up to the user but all must say "safety first."

Kprawn

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Some people create more than one BTC address/wallet to prevent "dust" from accumulating in 1 wallet/address. The "dust" will increase the

miners fees, when you want to use those coins later on. You can also create several Bitcoin paper wallets to store your coins in different locations

or simply use some for "Honey traps" <--- Leaving them on your computer with a few Satoshi's to see if someone try to steal them. Once they

are emptied, you know someone has access to your computer. Angry

Barcode_

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If a person prefers to use online wallet to store his bitcoins, it would be better to create multiple bitcoin wallet for keeping his bitcoins split into many different wallets, because you don't get access to your own private keys in online wallets, so even if one company does shut down their website and ran off with everyone bitcoins, he would not lost all his bitcoins because of this.

Obito

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Quote from: Tej7701 on June 14, 2017, 07:40:08 AM

Why do people create more than one BTC wallet ? What are the benefits of it ?

Well, because I do believe that "don't put all of your money in just one basket". It is better to diverse your money so that even if one of your wallet has been scam you have stored bitcoin on other wallet. Even though that wallet has a good security still you can't guarnatee that your money is safe. Hence, I would prefer to diverse it.

Catmony

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Its like sharing the risk of losing all you have, as most of the web wallets are not quite secure it is always advised to have bitcoin wallets in multiple sites so that when one will shut down or have some problem you can access some part of your bitcoin. However I only have one web wallet in blockchain.info which I use as hot wallet and have one paper wallet which is completely offline so that I can use it as cold wallet.

Gaff

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Just in my humble view, I guess people who are into dual BTC wallet or multiple BTC wallet are those who are having trouble on their money which is intended only for a particular thing. For example,the person has difficulty in budgetting so in order for him to spend it or save it easily he has to partition his money using multiple BTC wallet. Not only for that purpose but also the security of his money that is something confidential especially those members in the family.

rakesh889

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price is the big benefits to creating multiple bitcoin wallet.

gilangIDR

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Quote from: Tej7701 on June 14, 2017, 07:40:08 AM

Why do people create more than one BTC wallet ? What are the benefits of it ?

Everyone wants their bitcoin safe. So smart people usually divide some of the funds they have. So that the total bitcoin owned can not be known by others. Certainly can maintain the security as well as the privacy of bitcoin owners. The use of multiple wallet accounts in my opinion is very important to be applied to everyone.

buwaytress

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Apart from the obvious security and anonymity reasons people have already mentioned, I personally like creating different wallets (or at least different addresses) for the various different types of payments I make/receive.

This is purely administrative from a personal point of view. My main wallet (Electrum) is for large, significant transactions. Even within that, each address is assigned a purpose so I can easily do minor bookkeeping.

I also have a wallet within an exchange to store Bitcoins I intend to cash out. This allows me to immediately sell it when I need it, while saving on fees sending from my personal wallet (so I save some time and a bit of satoshi).

agentx44

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Quote from: Tej7701 on June 14, 2017, 07:40:08 AM

Why do people create more than one BTC wallet ? What are the benefits of it ?

I think people create many btc wallets because they are creating multiple accounts here in bitcointalk to earn more. And i think they create more than one btc wallet for there safety because people nowadays are afraid to be scam so if you have many btc wallet it's okay to be scam in a single wallet because you have plenty more wallets.

malikusama

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People create more than one wallet due to security reasons. People don't want to save all bitcoins in a single wallet because risk is high here, they distribute there bitcoins in different wallets so that if any one of their wallet have been compromised they don't lose there overall money.

ocid

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Some people have a reason they use more than one bitcoin wallet for security so that their money can be hidden in different wallets so they have a balance reserve that they have, Some even do more than one transaction so they can make more than one bitcoin purse they have for the needs of various types of transactions.

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