Why do people use so many Bitcoin wallets? - page 22.

TastyChillySauce00

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Quote from: drwtsn32 on September 14, 2016, 05:33:28 AM

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.

Maybe you feel totally safe right now, but someday you will realize that. I'm sure of it.
I, too, use just one wallet for all my money but I know the benefits of having multiple.

actually having one wallet is enough and could be safe for your bitcoin if you could maximize your security and put all effort on it,even if you having multiple wallet but the security is low then it's useless,just enable any possible security such as 2fa,sms authentication,email auth,or whatever that make hacker feels the difficulties

drwtsn32

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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.

Maybe you feel totally safe right now, but someday you will realize that. I'm sure of it.
I, too, use just one wallet for all my money but I know the benefits of having multiple.

jacktheking

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I have created multiple wallets but I only uses two mostly - one personal, one for http://bitrevenues.com/. One of the reason why I have created so many Bitcoin wallets is because I want more anonymity. Another reason (which is the main cause) is because that my first Bitcoin wallet software (MultiBit) recommend me to create multiple Bitcoin addresses to keep track of who or which website send me the Bitcoin.

GermanFoobla

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People are doing this for the safety, they are thinking that its safer to just put in on a couple wallets so if your wallet gets hacked the hacker only has a small amount.
I must say it can be pretty safe its just a security measure you can take.

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We need online bitcoin wallets to convert bitcoin in money or just the opposite. Many people is using exchange websites for their bitcoin wallet but if you look at past, bitfinex was hacked and bitcoins in users wallet was stolen. This situation causes to not trust online bitcoin wallets but we need it to exchange bitcoin in money so people are using some wallet to store their bitcoin and some wallet to trade and etc but also some people are using it because they are afraid that if their computer or usb hard drive will be damaged than their bitcoin and bitcoin wallet will lost.

btc_enigma

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

BlockEye

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As the saying goes "don't put all your eggs in one basket" that way if 1 of the wallet got hacked, you still have other wallets where your Bitcoins are stored. In real life, you can also have different banks if you have a lot of money to store because in my country there is a limit of amount deposited in the bank that is covered by insurance in case anything happened to the bank.

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

Just wondering why people use so many Bitcoin wallets.

People make use of multiple wallets because it is allot saver to split your Bitcoin between those wallets so that it becomes a bit harder for hackers to take your Bitcoin.
If you have everything on one wallet then it becomes easy for them.

arseaboy

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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.

that's logically correct mate if you have multiple wallet you can segregate your btc to avoid losing everything if the web went down.

Xester

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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.

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Quote from: ChronoLite on September 11, 2016, 05:34:34 AM

Quote from: co5hike on September 11, 2016, 05:25:30 AM

Quote from: Zaun on December 10, 2015, 03:17:10 AM

I use multiple wallets because I think it's safer to have some bticoins spread out rather than have it all in 1 wallet, that's for online use of course.
Offline wallet is what I see as a savings account, I don't do anything with those.

Well its always good to have multiple wallets to reduce the risks of lossing the coins, as there are many hackers around who keep close watch on our coins, so if our coins are diversified in different wallets then it will secure our coins.

Don't put all eggs into one basket , protect your wallet from malware , or any trojan virus out there from malicious software , or unknown sites.
They will steal your money , as you said diversified your funds into different wallets is important to minimize the risk for being hacked.

you should use offline wallet which is also known as cold storage. and you don't really need multiple wallets to stay safe (diversify!) the only thing that is mandatory to learn is learning how to create that one cold storage wallet safely or instead if you are willing to spend some money you can buy a secure hardware wallet and be safe that way.

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Quote from: madwica on September 08, 2016, 12:51:11 AM

Quote from: poplolnman on September 08, 2016, 12:31:24 AM

Quote from: Sergiorr101 on September 07, 2016, 05:23:02 PM

Quote from: vasrasus on September 03, 2016, 05:40:23 AM

I only use 1 .and thinking of having anogher 1. maybe they plan there first to be there savings wallet. the othe the investment wallet and the others for gaming or trading. i just think so

i use only one bitcoin wallet too, i just dont need any more right now to be honest and i hope that i wont need it in the future too because it would be hard to find everything

in my opinion people should have two different bitcoin wallet, why? the one for large amount transaction with very high security and the other for your daily uses with normal security , it wouldn't be good if everytime you send the coin from one bitcoin wallet it's shown how many you have bitcoin and people could trace the owner and doing something bad.

Those users having multiple bitcoin wallet mostly they are gambler because some bitcoin wallet will get you banned if you received income from grambling, and also they want the services each bitcoin wallet.

not only gamblers who actively spend their bitcoin in daily basis , there a lot of people out there uses bitcoin as their digital currency to buy computer parts , digital games, gift cards , exchanging money and many more ! it's important to have an easy to use wallet for daily basis transaction , imagine if you used bitcoin core wallet to used daily.

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Quote from: co5hike on September 11, 2016, 05:25:30 AM

Quote from: Zaun on December 10, 2015, 03:17:10 AM

I use multiple wallets because I think it's safer to have some bticoins spread out rather than have it all in 1 wallet, that's for online use of course.
Offline wallet is what I see as a savings account, I don't do anything with those.

Well its always good to have multiple wallets to reduce the risks of lossing the coins, as there are many hackers around who keep close watch on our coins, so if our coins are diversified in different wallets then it will secure our coins.

Don't put all eggs into one basket , protect your wallet from malware , or any trojan virus out there from malicious software , or unknown sites.
They will steal your money , as you said diversified your funds into different wallets is important to minimize the risk for being hacked.

Gustavv

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i have 3 bitcoin wallet blockchain xapo also circlepay
for signed message address i use blockchain choose xapo because its easy to use and no fee for sent btc
circle to manage my bitcoin sent receive it from my mobile device

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Quote from: Zaun on December 10, 2015, 03:17:10 AM

I use multiple wallets because I think it's safer to have some bticoins spread out rather than have it all in 1 wallet, that's for online use of course.
Offline wallet is what I see as a savings account, I don't do anything with those.

Well its always good to have multiple wallets to reduce the risks of lossing the coins, as there are many hackers around who keep close watch on our coins, so if our coins are diversified in different wallets then it will secure our coins.

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Quote from: diodio5 on September 11, 2016, 05:19:08 AM

Quote from: pearnapple on September 08, 2016, 08:01:55 AM

Quote from: Gaswuwade on September 03, 2016, 05:27:54 AM

IMO each wallet has advantages of it's own, And because of these advantages people use different wallet according to their needs, For example:

- Armory is secure, People with cold-wallets or big amount of BTC use it
- Electrum is fast, doesn't need to download the whole blockchain and PC based mostly
- Blockchain.info is fast and incredibly easy to use, suitable for beginners and small amounts of BTC

And the like, each wallet has an advantage of it's own.

thats true, people use different wallets because of a wide variety of reasons and i think it is not just because of anonymity

yeah I think everyone has different reasons why they have a lot of wallets. certainly not just for anonymity but may be more than that? perhaps for security. yeah a lot of people say to do not keep all your money in one place only

I think actually that is the main reason of security and second one comes of not to know others that which wallet of yours is having how much bitcoin with you. I have my online and desktop wallet online wallet i use for my trading and sports betting and desktop i keep for my investment, like this every one have their own options and it is good also.

diodio5

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Quote from: pearnapple on September 08, 2016, 08:01:55 AM

Quote from: Gaswuwade on September 03, 2016, 05:27:54 AM

IMO each wallet has advantages of it's own, And because of these advantages people use different wallet according to their needs, For example:

- Armory is secure, People with cold-wallets or big amount of BTC use it
- Electrum is fast, doesn't need to download the whole blockchain and PC based mostly
- Blockchain.info is fast and incredibly easy to use, suitable for beginners and small amounts of BTC

And the like, each wallet has an advantage of it's own.

thats true, people use different wallets because of a wide variety of reasons and i think it is not just because of anonymity

yeah I think everyone has different reasons why they have a lot of wallets. certainly not just for anonymity but may be more than that? perhaps for security. yeah a lot of people say to do not keep all your money in one place only

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There's a saying.
" Don't put all your eggs in one basket".

I think people with so many bitcoin wallet are the ones with lots of bitcoin. They need to scattered their bitcoin for security purposes.

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Quote from: serjent05 on September 11, 2016, 05:07:00 AM

One of the reason why people use so many bitcoin wallet because exchange does not share the same wallet. They have their own cold storage and have their own set of securities. Another reason when it comes to personal wallet is that, it is for security purpose, not putting all their BTC in a single wallet. So if they lost the pass key of one wallet, it will not compromise all his bitcoin holdings.

Yeah right this is what i do right now i am using 3 wallet. 1 wallet is online wallet which is i just use for daily spenses and 2 wallet is for desktop wallet for savings and keeping bitcoins for a long time. cause i have a dream that i want to happen in the future using bitcoin so i keep more bitcoins holding ir for a long time and use it for a right time.. once i am done in studying in marketing and seo.. i will start my business online.

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

Just wondering why people use so many Bitcoin wallets.

Each resource offers a variety of conditions and opportunities. If you have the safest purse on your desktop, then you can not use it anywhere else except at home. Therefore, the Internet should be other purse. And in the end for two. And if you think about the safety of several better than one.

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