Why do people use so many Bitcoin wallets? - page 14.

BitMaxz

legendary

Activity: 3472

Merit: 3217

Playbet.io - Crypto Casino and Sportsbook

Quote from: fireball4 on September 29, 2016, 06:53:05 PM

Quote from: haankoammu on September 28, 2016, 09:38:43 AM

Possibly because people use wallets because we prefer our bitcoins to be safe therefore using offline ones like armory and such...and there is a need for speed and fast transactions sometimes therefore using other wallets like blockchain/electrum and such.

well yeah i really like to use a lot of bitcoin wallets in my opinion because it allows us to keep bitcoins safe

Not only for bitcoin safe they are using many wallets to secured their original wallet which is main wallet where you can see all of your savings..
They are using many wallets to use for easy transaction and fast secured. they can also use bitcoin mixer but they have their own way to secured their funds.

fireball4

sr. member

Activity: 288

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

Quote from: haankoammu on September 28, 2016, 09:38:43 AM

Possibly because people use wallets because we prefer our bitcoins to be safe therefore using offline ones like armory and such...and there is a need for speed and fast transactions sometimes therefore using other wallets like blockchain/electrum and such.

well yeah i really like to use a lot of bitcoin wallets in my opinion because it allows us to keep bitcoins safe

Medow

sr. member

Activity: 357

Merit: 250

The most probable reason that comes to my mind is :For accepting payments from various people.
I mean suppose you are a exchanger then its easy to trace if different address each time.

Hugroll

hero member

Activity: 756

Merit: 500

cuz i guess having money in different wallets is safer than keeping all your eggs in one basket. incase one gets hacked the person wouldnt lose everything. i personally only use like 2 wallets.

rizkyhiw

legendary

Activity: 1484

Merit: 1004

Quote from: HarryKPeters on September 29, 2016, 05:14:23 PM

I think most people use more wallets because they don't want to have all risk in 1 copany. We have seen many scam companies the last couple of years. And people are fed up losing money, so they spread their risk.

this is one of many reasons , and people aware already about that
also some wallet did not provide easy access like bitcoin core which required to synced
and once you need a fast access wallet to spend it quiet frequently then you must have additional wallet
for me its the reasons why

useless4

sr. member

Activity: 389

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

Quote from: haankoammu on September 28, 2016, 09:38:43 AM

Possibly because people use wallets because we prefer our bitcoins to be safe therefore using offline ones like armory and such...and there is a need for speed and fast transactions sometimes therefore using other wallets like blockchain/electrum and such.

you are right, a lot of people use different wallets for different things and for their money to be safer

HarryKPeters

hero member

Activity: 896

Merit: 1000

Live Stars - Adult Streaming Platform

I think most people use more wallets because they don't want to have all risk in 1 copany. We have seen many scam companies the last couple of years. And people are fed up losing money, so they spread their risk.

BitsandBites

sr. member

Activity: 350

Merit: 250

Some people want to ensure their security due to the fact a lot of bitcoin wallets get hacked these days.
If you use bitcoin online wallet its better to spread your bitcoins.

Youresioure

full member

Activity: 162

Merit: 100

Reich mir die Hand

Quote from: ekaterina77 on September 29, 2016, 11:47:04 AM

Quote from: Youresioure on September 28, 2016, 04:13:29 PM

I read, people use more than one wallet. As I've written in my previous post, you could dedicate your wallets for sending and holding purposes, but you should take wallet management, as well, into your consideration. More wallets mean a bigger amount of private data to manage, which makes it more complicated. Let us not forget, wallets main function's to offer a (G)UI to manage your keys. We've to take care to keep the management part as simple as possible.

More wallets is more security. It always has been. Even with other currencies, I did well. Had more than purses for storage and operations. Interest on transfers is nothing compared to the danger.

More wallets could increase security because you could save your money somewhere else too in case one of the wallets get hacked, but if you check out the helping section, you can see how many times people come here with problems of forgotten wallet log in details and being locked out from their wallets. More wallets mean more log in data to save and store in security. That's also true in fiat... However, in bitcoin, you have the option to backup your private keys. People just often forget about it.

ekaterina77

sr. member

Activity: 255

Merit: 250

Quote from: Youresioure on September 28, 2016, 04:13:29 PM

I read, people use more than one wallet. As I've written in my previous post, you could dedicate your wallets for sending and holding purposes, but you should take wallet management, as well, into your consideration. More wallets mean a bigger amount of private data to manage, which makes it more complicated. Let us not forget, wallets main function's to offer a (G)UI to manage your keys. We've to take care to keep the management part as simple as possible.

More wallets is more security. It always has been. Even with other currencies, I did well. Had more than purses for storage and operations. Interest on transfers is nothing compared to the danger.

Youresioure

full member

Activity: 162

Merit: 100

Reich mir die Hand

I read, people use more than one wallet. As I've written in my previous post, you could dedicate your wallets for sending and holding purposes, but you should take wallet management, as well, into your consideration. More wallets mean a bigger amount of private data to manage, which makes it more complicated. Let us not forget, wallets main function's to offer a (G)UI to manage your keys. We've to take care to keep the management part as simple as possible.

~Bitcoin~

legendary

Activity: 994

Merit: 1000

Quote from: satmas on September 26, 2016, 02:55:47 PM

I currently use a couple of bitcoin wallets such as coinbase, bither, snapcard, and bit.ac. I htink that people use a lot o fbitcoin wallet sso taht they can't be traced as easily.

I don't think this could be the reason as using multiple bitcoin wallets doesn't protect your identity. Using different bitcoin address is enough to hide identity or to not get traced in future. Most people use multiple wallets just to spread their risk of lossing bitcoin when wallets go offline or hacked.

Bitstashers

newbie

Activity: 35

Merit: 0

Quote from: haankoammu on September 28, 2016, 09:38:43 AM

...because we prefer our bitcoins to be safe therefore using offline ones like armory and such...

Going to take a second opportunity in this thread to plug our beautiful laser etched BIP38 encrypted custom wallets.

BitStashers wallets are a perfect offline cold storage solution!

Check us out on facebook: https://www.facebook.com/BitStashers

haankoammu

member

Activity: 115

Merit: 10

Possibly because people use wallets because we prefer our bitcoins to be safe therefore using offline ones like armory and such...and there is a need for speed and fast transactions sometimes therefore using other wallets like blockchain/electrum and such.

praprata

sr. member

Activity: 420

Merit: 250

People want to secure them good and with multiple wallets you cannot lose all your coins at once so that is nice.
If you get hacked you do not lose everything.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: croutonhexagon on September 28, 2016, 05:23:49 AM

Because those who have huge amount of money they can't afford to store all the money in one wallet because of safely. And sime think that having many wallet well be easy to mage huge amount of money.

having many wallet is definitely not going to make you easier to manage the money,it'll be even more complicated than only having one wallet,you will need to open the various wallet even if you only want to check the amount that you're currently owning,the transaction history,or anything that having relation with the wallet

randy8777

legendary

Activity: 896

Merit: 1000

Quote from: bryant.coleman on September 28, 2016, 05:42:50 AM

Quote from: croutonhexagon on September 28, 2016, 05:23:49 AM

Because those who have huge amount of money they can't afford to store all the money in one wallet because of safely. And sime think that having many wallet well be easy to mage huge amount of money.

You are not reducing the risk in this method. You are just redistributing the risk here. Let's say that the risk of someone stealing your coins is 1 per 100 wallets per year. If you own only a single wallet, then there is a 1% chance of someone robbing you. However, if you own 10 wallets, then the chance grows to 10%. But the amount stolen get reduced by 10 times.

even if one of your wallet files gets taken by hackers, then they still can't do much with it when you have secured your wallet file with a lengthy passphrase. it gives you enough time to send these coins (with a clean pc of course) to a new wallet address just in case.

arseaboy

hero member

Activity: 644

Merit: 500

Quote from: Mastsetad on September 28, 2016, 03:21:10 AM

Quote from: Youresioure on September 27, 2016, 01:54:34 PM

I use different bitcoin wallets for different purposes. From an online wallet, I can do online transactions in the go. But an offline, hardware wallet is more secure so I can keep a part of my bitcoin to use in my online wallet and keep my other bitcoin as investment in an offline, hardware wallet.

Beside that, people use multiple wallets because they don't feel secure to keep all their coins in one wallet (if they have a lot) because it is internet and anything can happen any time, so splitting your coins into different wallets would be more secure for you.

i think you are right mate the reason of possible hacking is one of those many reason why we are using multiple wallet
we knew that internet is always not safe so better to do some split of our btc to make sure we still have just in case.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: croutonhexagon on September 28, 2016, 05:23:49 AM

Because those who have huge amount of money they can't afford to store all the money in one wallet because of safely. And sime think that having many wallet well be easy to mage huge amount of money.

You are not reducing the risk in this method. You are just redistributing the risk here. Let's say that the risk of someone stealing your coins is 1 per 100 wallets per year. If you own only a single wallet, then there is a 1% chance of someone robbing you. However, if you own 10 wallets, then the chance grows to 10%. But the amount stolen get reduced by 10 times.

croutonhexagon

full member

Activity: 238

Merit: 100

Because those who have huge amount of money they can't afford to store all the money in one wallet because of safely. And sime think that having many wallet well be easy to mage huge amount of money.

Topic: Why do people use so many Bitcoin wallets? - page 14. (Read 51715 times)