Why do people use so many Bitcoin wallets? - page 17.

markus16

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Quote from: Corenin on September 24, 2016, 08:50:28 AM

Quote from: Nowl1935 on September 24, 2016, 08:48:08 AM

Quote from: justspare on December 10, 2015, 02:14:46 AM

Just wondering why people use so many Bitcoin wallets.

I think its because for security reason. Using different bitcoin wallet is much better than to put all your bitcoin in one Wallet. We all know that nowadays lots of hacker in this world. So if incase one of bitcoin wallet is being hacked, they will not lose all of their bitcoin because they put it in different wallet.

Yes having multiple wallets will reduce the risk of loosing them as there are many hackers who are keeping close watch on our coins, so even if something goes wrong with one wallet, the other wallet will take care of our coins.

there is wallet with security alert ? i mean in case of hacking or try to connect from differents ip or place ther warn you ?

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Quote from: Nowl1935 on September 24, 2016, 08:48:08 AM

Quote from: justspare on December 10, 2015, 02:14:46 AM

Just wondering why people use so many Bitcoin wallets.

I think its because for security reason. Using different bitcoin wallet is much better than to put all your bitcoin in one Wallet. We all know that nowadays lots of hacker in this world. So if incase one of bitcoin wallet is being hacked, they will not lose all of their bitcoin because they put it in different wallet.

Yes having multiple wallets will reduce the risk of loosing them as there are many hackers who are keeping close watch on our coins, so even if something goes wrong with one wallet, the other wallet will take care of our coins.

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Quote from: justspare on December 10, 2015, 02:14:46 AM

Just wondering why people use so many Bitcoin wallets.

I think its because for security reason. Using different bitcoin wallet is much better than to put all your bitcoin in one Wallet. We all know that nowadays lots of hacker in this world. So if incase one of bitcoin wallet is being hacked, they will not lose all of their bitcoin because they put it in different wallet.

markus16

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Quote from: helloeverybody on December 10, 2015, 02:16:32 AM

I wasnt aware they did. I only use 2. One on my pc and one on my phone.

Do you use 2 in case of hack ? or what is the reason pleasE?

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Quote from: purebitco on September 23, 2016, 02:07:45 AM

Probably for larger security. If one wallet will be hacked or he will lose passwords, he will still have other wallets so he will avoid losing all of his bitcoins, this is smart thing to do

I also agree with your opinion. It may be safer to make financial transactions, ie transfers to someone from another coin purse, rather than primary, which all coins are stored.

JITENDERPAR3

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Quote from: Carlsen on September 23, 2016, 02:07:36 AM

I think that people who are using bitcons often want to stay anonymous.
All transactions made by that wallet are recorded in the blockchain.
If you use just one wallet and you have bought something with your real name by using that wallet for sending the payment, your name will be forever combined with that specific wallet.
Using many wallets avoids that problem. Even if one would be connected to your name, the others still would not be.

you are right but still you need to see the the new updated version of blockchain where every adress became expired after single use . so there is no such reason to use for privacy purpose to use double wallet . multiple wallet are used only in that case for doubt when one wallet is not working then second wallet will be useful for that time .

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Quote from: purebitco on September 23, 2016, 02:07:45 AM

Probably for larger security. If one wallet will be hacked or he will lose passwords, he will still have other wallets so he will avoid losing all of his bitcoins, this is smart thing to do

This is what i am considering too but I am thinking that it has been done by many because they are thinking about the right allocation of their bitcoins.

Just like they are going to have their own bitcoin for trading profits, services and other profitable ways in bitcoin. So that they are going to have organized bitcoin wallets.

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Quote from: kidoseagle0312 on September 23, 2016, 10:38:37 PM

Quote from: justspare on December 10, 2015, 02:14:46 AM

Just wondering why people use so many Bitcoin wallets.

I usually used 2 bitcoin wallets such as bitcoin core and multi bit hd these two has no any controversy issues according to the bitcoin community. Also it is proven and tested where you can trust to use it.

I am thinking of doing the same thing you did as I am only using one bitcoin wallet to store my bitcoins. Each person have a unique reason for using many bitcoin wallet. Before I thought people who do have many bitcoin wallet doing illegal things like trading or selling illegal things. Cheesy

But now, reading through all the responses I learned something and maybe I will open a new account for bitcoin wallet.

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Quote from: justspare on December 10, 2015, 02:14:46 AM

Just wondering why people use so many Bitcoin wallets.

I usually used 2 bitcoin wallets such as bitcoin core and multi bit hd these two has no any controversy issues according to the bitcoin community. Also it is proven and tested where you can trust to use it.

pinkpanther03

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Quote from: justspare on December 10, 2015, 02:14:46 AM

Just wondering why people use so many Bitcoin wallets.
[/quote

I think for security purpose, And I don't see any wrong with that things. It's actually safe if we do that multiple bitcoin wallets. It has no different by putting savings in different banks.

purebitco

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Probably for larger security. If one wallet will be hacked or he will lose passwords, he will still have other wallets so he will avoid losing all of his bitcoins, this is smart thing to do

Carlsen

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I think that people who are using bitcons often want to stay anonymous.
All transactions made by that wallet are recorded in the blockchain.
If you use just one wallet and you have bought something with your real name by using that wallet for sending the payment, your name will be forever combined with that specific wallet.
Using many wallets avoids that problem. Even if one would be connected to your name, the others still would not be.

Seansky

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Some people use many bitcoin wallets because of some reasons. First of all, they do it sometimes so that they know what that bitcoin is for. They also do it for transactions maybe like the deposit address of trading sites like c-cex and poloniex they have different btc deposit address for every user. Some people just do it for anonymity so that no one can know what their main btc address is.

severaldetails

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Using many wallets is a security thing.
You want to be less traceable and reduce the risk of losing your money if one wallet gets hacked.
That can be achieved if you use more wallets. Of course it gets more complicated as well because you have to manage more wallets.

Wowcoin

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The reason why i used diferrent bitcoin wallet because in our local wallet they can detect if that money deposited is from gambling maybe you lost your account they can ban your account and your money can gone. So i used xapo and local wallet for safety.

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Quote from: drwtsn32 on September 23, 2016, 12:14:08 AM

Quote from: safari88 on September 22, 2016, 10:51:17 AM

I think the simple reason is to avoid hackers and store too much on a single bitcoin wallet. I was doing this.
Besides, some wallets can sometimes impaired. so when I needed it I could use another wallet to send.

I agree. By using more than a single wallet, we can somehow narrow down the amount of btc we could lose in case of any cyber attacks like hacking.
However, just what I said we can just narrow it down, but not prevent it. So still, using online wallets is dangerous.

That's right because attacking from the hacker is can come anywhere from. but we are decreasing the chance of our risk. but sometimes using a lot of wallets will not working if you're got the trojan is can steal your data. using offline wallet will always be best option in this time.

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Quote from: safari88 on September 22, 2016, 10:51:17 AM

I think the simple reason is to avoid hackers and store too much on a single bitcoin wallet. I was doing this.
Besides, some wallets can sometimes impaired. so when I needed it I could use another wallet to send.

I agree. By using more than a single wallet, we can somehow narrow down the amount of btc we could lose in case of any cyber attacks like hacking.
However, just what I said we can just narrow it down, but not prevent it. So still, using online wallets is dangerous.

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Quote from: yhlsqj on September 22, 2016, 11:30:55 PM

If you use only 1 wallet, hacker can steal all of your btc, if you have many wallets, hacker steals one, you can protect other wallets.

Don't put all eggs in a basket.

That's the usual reason behind, some people has so many wallets to spread their coins into it to make it safe...But sometimes other people use one wallet for each transaction that they made, for ease of recording of ins and outs of their coins...

yhlsqj

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If you use only 1 wallet, hacker can steal all of your btc, if you have many wallets, hacker steals one, you can protect other wallets.

Don't put all eggs in a basket.

ajun96

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Quote from: safari88 on September 22, 2016, 10:51:17 AM

I think the simple reason is to avoid hackers and store too much on a single bitcoin wallet. I was doing this.
Besides, some wallets can sometimes impaired. so when I needed it I could use another wallet to send.

yeah I think it is a possible reason many people understand, people do not want to lose all their money just because keep all their money in one place, because it is possible that a hacker could get into your wallet and take your money, so I thought of using a lot of purses can reduce the risk

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