Why do people use so many Bitcoin wallets? - page 21.

Altynbekova

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Quote from: chixka000 on September 17, 2016, 01:12:19 PM

Quote from: croutonhexagon on September 17, 2016, 12:40:58 PM

It all depends on different taste of different user. Some might want yup use bitcoin daily some might want to store in cold storage so for various purposes we have various options.

True and aside from that the geographical locations also take high percentage for users who decide on what bitcoin wallet are they going to you. The better service in their place would be used of course than those lesser service for their place

From what I have heard you need to make a new address with every transaction. Something I am not doing but a lot of people are. If you are in need of many addresses having multiple wallets is a must. I use webwallets but also the bitcoin client for example.

chixka000

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Quote from: croutonhexagon on September 17, 2016, 12:40:58 PM

It all depends on different taste of different user. Some might want yup use bitcoin daily some might want to store in cold storage so for various purposes we have various options.

True and aside from that the geographical locations also take high percentage for users who decide on what bitcoin wallet are they going to you. The better service in their place would be used of course than those lesser service for their place

croutonhexagon

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It all depends on different taste of different user. Some might want yup use bitcoin daily some might want to store in cold storage so for various purposes we have various options.

marleybobthedog

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May be they have huge amount of coin and may be their requirements it's different which is fulfilled by various wallets. But i prefer pony blockchain because it's official and I have trust in blockchain . But people might have different goals and depending on their goals they user different wallets.

amacar2

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All wallets have their own feature and usuability as well as stability if you are using web wallets. Like blockchain have good web and mobile application for day to day use but for better protection electrum came into choice as they don't store any info in their server, so all the info is stored in software of the clients. And other wallets like HD wallet and multi sign wallet have their own usability, so i think there are many reason for anyone to use multiple bitcoin wallets.

jakelyson

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Quote from: kamotequte on September 16, 2016, 10:54:13 PM

protect yourself at all cost, on this case your coins. just having one wallet is very risky as you can lose all of them at once. there's no harm in having a back up storage

I am also protecting my coins by dividing it into different wallets. And aside from that, you can also minimize use of online wallets because they are more prone to hack attacks. Store most of your coins to a few cold wallets and use only online wallets for bitcoins you will use or spend more often.

Noctis Connor

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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 don't know why , or the reason why they are using lots of bitcoin wallet because of their business maybe? we can't judge them by just doing lots of bitcoin wallet it will make people to be confused on what wallet their use for their online gambling account and etc maybe is just because they have lots of bitcoin to stock.

Viyamore

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Quote from: Rostadom on September 17, 2016, 07:50:47 AM

People use many Bitcoin wallets because they believe that if ever a wallet of them gets hacked, they will not lose all of their coins. They will only lose a small percentage of it. Some people, on the other hand, use many Bitcoin wallets because he/she has a website that accepts Bitcoin deposits and every deposit address should be different in every user.

Exactly , we don't know the hackers move especially if the wallet of a user have many bitcoins it is hot on the eyes of hackers .making use of different wallet to scattered the bitcoins is much safer.
Gambling sites are also more often using different wallets cause some requires only one wallet address .
Also there are many bounty's there that using wallet address it is advantage for those who have many wallets its kind of making many accounts to earn much instead of only one.

Rostadom

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People use many Bitcoin wallets because they believe that if ever a wallet of them gets hacked, they will not lose all of their coins. They will only lose a small percentage of it. Some people, on the other hand, use many Bitcoin wallets because he/she has a website that accepts Bitcoin deposits and every deposit address should be different in every user.

x4

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

Just wondering why people use so many Bitcoin wallets.

My main reason is security, and as what others said don't put all your eggs in one basket, and that makes sense. Specially in our country we have a different web wallet which is exclusively only for our country and because online gambling is illegal in this country and this web wallet is being strict with all gambling sites and even an investment sites (including cloud mining sites)they ban the users which detected by then that the bitcoin they receive was from a gambling site, they close the account without further notice even you have a balance there. So we have to do is send the coins to example blockchain.info wallet from the gambling site and from blockchain.info also to this web wallet which is exclusively for our country

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Quote from: kamotequte on September 16, 2016, 10:54:13 PM

protect yourself at all cost, on this case your coins. just having one wallet is very risky as you can lose all of them at once. there's no harm in having a back up storage

It's the same as putting a ton of your money into a single investment on the stock market, it is risky and if something happens with it then there is a high chance that you can lose all of your money in one fell swoop. The big advantage of Bitcoin is, however, the ability to copy your investment so there isn't just a single record of it.

kamotequte

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protect yourself at all cost, on this case your coins. just having one wallet is very risky as you can lose all of them at once. there's no harm in having a back up storage

bhadz

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Quote from: Japinat on September 16, 2016, 08:34:10 PM

Quote from: defined on September 16, 2016, 03:06:18 PM

Quote from: btc_enigma on September 14, 2016, 04:45:46 AM

Diversify risk .. man ! Keep your money in several wallets

And do not keep the wallets all on the same computer. Offine storage, hardware wallets, paper wallets, and of course backups just in case a system breaks.

I agree, that is important to protect your assets because once it was hack you will never recover it because we have no insurance here not like in banks.

I agree that is why many are using bitcoin wallets and they portioning their bitcoin with a lot of bitcoin wallets for protection and security. But I guess the security of bitcoin wallets are already high and we don't have too use a lot of it. Maybe they just want to try how are the bitcoin wallet providers doing well and going to compare them.

dearbesz1219

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

Just wondering why people use so many Bitcoin wallets.

Maybe to secure their coins in the near future. Because They saw a vision into it like me, Bitcoin has a better future soon it will really rise up at the price we want it to be. Just don't use 1 wallet only, use many wallets were you think its safe to use.

Japinat

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Quote from: defined on September 16, 2016, 03:06:18 PM

Quote from: btc_enigma on September 14, 2016, 04:45:46 AM

Diversify risk .. man ! Keep your money in several wallets

And do not keep the wallets all on the same computer. Offine storage, hardware wallets, paper wallets, and of course backups just in case a system breaks.

I agree, that is important to protect your assets because once it was hack you will never recover it because we have no insurance here not like in banks.

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Quote from: fatima zuhra on September 16, 2016, 12:35:08 AM

i personally using only one but i think people us it because there have some more bitcoins and they use different bitcoins wallets for security reasons. so that some one may not hack their bitcoin wallet key.

Well maybe that is going to be the reason many people are using different and a lot more of bitcoin wallets. They want to protect their own identity even though they are already protected.

And if so, they also want to try different types of bitcoin wallets and I have done that before but since I am not convinced with the service of my old bitcoin wallet.

I stopped using it and shifted to blockchain and still I can be counted to those people who have bitcoin wallet.

defined

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Quote from: btc_enigma on September 14, 2016, 04:45:46 AM

Diversify risk .. man ! Keep your money in several wallets

And do not keep the wallets all on the same computer. Offine storage, hardware wallets, paper wallets, and of course backups just in case a system breaks.

fatima zuhra

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i personally using only one but i think people us it because there have some more bitcoins and they use different bitcoins wallets for security reasons. so that some one may not hack their bitcoin wallet key.

sonnyacg

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Quote from: Xester on September 14, 2016, 04:03:39 AM

I only use one bitcoin wallet. I have a friend who have a lot of bitcoin wallets like coinbase and xapo. He said he feels more safer if he have more wallet as he is afraid that his bitcoin wallet may be hacked. I do not know where did his thinking came from because I feel totally safe having one wallet. He said in case there is an instance atleast he have still some bitcoins on other wallet.

yes, I just used one of my bitcoin wallet today. I think your friend has a great idea to have multiple addresses bitcoin wallet. Friend you have concerns if only one wallet can be stolen by hackers. I've lost some experience satoshi from my wallet, either because the hacker or my fault.

phreaky

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They are thinking that its safer and for a part its also safer but I think if they can hack one account they can also hack another wallet account right ?
I think its better but the fact is that you should never put bitcoins into online wallets keep that in your mind.

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