Bitcoin Forum

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

there is no "account in BTC". if by any chance you mean multiple bitcoin addresses then it is because a bitcoin address is not like your bank account to be reused. you need to generate a new address for each transaction.
read more about it here: https://en.bitcoin.it/wiki/Address_reuse

unless by account you mean accounts on services such as coinbase which offer wallets then i don't know why or if they do that!

Multiple btc wallets you mean? I think for safety reasons.

What do you mean create more then one account in BTC? Wallet account? If you're asking why they create more than one wallet in BTC i think they do it for security purposes they didn't save all their BTC's in one place i think so that if the wallet get hacked or the wallet encounter a problem they have a backup wallet where some of their profits or bitcoins were stored. I also read a blogspot they said that you really need to make more than wallet for security purpose. But i think some of the businessmen create more than 1 BTC wallet to hide their money (i'm not sure in that i just read it somewhere in the forum) that they convert their money to bitcoins and create more than 1 account of wallet to hide their money

If you are pointing about creating more than bitcoin wallet, maybe there are features on other wallet that is present on other wallet especially web wallets. Since buying and selling bitcoin is less hassle way if exchanges will be used, people are choosing exchanges that is fit to them. Also creating other bitcoin wallet is a good way of not storing all bitcoin on one place.

If you are pointing about addresses, well most of the bitcoin users needs privacy that's why they are using multiple addresses in different transactions.

If you are pointing about bitcointalk forum account, obviously for a purpose of signature and bounty spamming.

You shouldn't put all eggs in one basket, people diversify to protect their assets.

We have different reasons why do we create more than one bitcoin wallet and my reasons are , I need to be more secured. One wallet for a large amount of bitcoin is not good. Because hackers will target your bitcoin wallet , They will focus hacking your bitcoin wallet if they know that they will gain a large amount of bitcoin in your wallet, Thats why it is good splitting your bitcoins into different wallets.

My wallets have their own uses. I have wallet in an exchange where I convert my bitcoin to fiat. An online wallet that I use for online purposes and to receive wages from signature campaign. And a secure desktop wallet where I store most of my bitcoin for long time holding. I do not know for others but these are the reasons I have multiple wallets.

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.

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.

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.

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).

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.

price is the big benefits to creating multiple bitcoin wallet.

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.

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.

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.

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.

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.  >:(

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."

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.

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.

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

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.

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.

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.

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

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?

Most is usually for other purposes. I personally have 4 wallets, 2 of which are for cold storage and the rest are for everyday spending and general shopping of games. It is also advisable to have multiple wallets and create multiple backups so that if in case one of your backups get compromised, you still have plenty of other backups to use. Also, having multiple wallets saves you from hacks. Putting all of your eggs in a single basket is never a good idea, too.

This is for the sake of safekeeping. Having a single wallet is prone to some uncertain events such as hacking and forgetting the private key or passphrase. So in order to lessen the casualties, some user distribute their coins on different wallets. This way, if a wallet was subjected to a disappointing event, then the user will lose only a portion of his coins and not the entire coins in possession. Some also use different wallets for different type of transaction so that confusion will not take place.

I think it is for safety purpose ,
There are different type of Bitcoin wallet some use bitcoin cold storage for keeping it for long time and I also use our local bitcoin wallet for cash out purpose,

people create more than one BTC wallet for security and anonymity reasons.like dont put all your eggs in a basket.there are 2 type of storage cold storage and online storage.cold storage use for long time holding bitcoin and online storage use for daily trading.some wallet provider have fees free transaction.like coinbase wallet fees free transaction you can send free coinbase wallet to coinbase wallet.

That is the main reason I too believe but then they can simply print the private key and they can rest assured that they can't loose their bitcoins.

I have been using two wallets since a long time, but that is actually a exchange, c-cex, they pay a good fee on withdrawals while they only charge 0.0002 so I use them for quick payments and for accepting money from clients I use xapo and blockchain, xapo is sometimes dangerous as they ask ID proofs.

I think they have their own reasons like the security and anonymity, I did create two bitcoin wallets so I can have two storages. I feel secured when I did that though my bitcoin is not that big amount I just feel so secure with it and if someone is tracking my wallet, they will be confused with the two accounts making it more private.

I use multiple bitcoin wallets because I want to secure my bitcoins. I know there are a number of issues often occur with a wallet like hacking are other ways of losing it. So if I will have a number of wallet and if I would lose one of them then I will not lose and of my bitcoins because I have distributed all of my bitcoins in different wallets.

i think different people have different reason for that. may be some people just want to use different wallet for different purposes, for example a person will like to use separate wallets for signature campaign, trading, gambling and for spending bitcoin.

I have only one wallet, but multiple addresses. I've never had the need for multiple wallets and one is much easier to manage. Some wallets allow you to create multiple users within one program, so you can have many separate wallets and all are easy to access. The main reason why people are using multiple wallets is because wallets can be tracked with wallet explorer. Sometimes you don't want your addresses to be linked together.

Many people are creating more than one wallet for them to explore and to try what institutions are compatible to them.And having more than one wallet is not a ao airious matter

I have several wallets for different purposes, which I took the time to set up several years ago. Wallets for buying/selling, wallets for trading, plus more secure offline wallets to store(hoard) the majority of my coins.

Actually as I have been gathering bitcoins since before I got married, I have a small proportion in a wallet my wife can see, and a large amount of hoarded coins my wifey doesn't know about. I cannot wait one day to tell her about it..... or if she dumps me, she wont haha. I was thinking of starting a thread about this, if anyone has a crypto stash hidden from their partners??  ;D

I have multiple bitcoin wallets I used for trading and for holding. Having more than one bitcoin wallets has less risk. Hackers are out there so if you store all your bitcoins in one wallet risk is very big. You might want to store it on paper wallet or hardware wallets when you are holding it for a long term.

because each wallet has its own advantages there are those who have more security there is also wallet with a small transaction fee. actually there are different goals such as to facilitate in managing their bitcoin and there is a purpose to store their bitcoin if one of the btc wallet in the hack.

I use different wallets because:

1. As a precaution. Handling all your transactions with just one bitcoin address is too risky. Since I use online wallets only, the risk is high, so different wallets on different wallet providers.

2. Fee. Too many small transactions to a single address will pile up the inputs and end up with a high fee for outgoing transactions especially if you are using a blockchain wallet.

3. Fee less transaction. Xapo to Xapo, Coinbase to Coinbase.

And just for fun a couple of custom personalized addresses.

may be they fear of lossing their money if one company run away then one would there at least one would there. and some people have lot of money and they might think that if one wallet gets hacked then one will be there to save him. but personally i had not seen anyone using multiple wallets and i myself use only one wallet and i have very little amount so i don't have to worry about lossing my bitcoin and hackers would not try my account to hack i know , just kidding. may be the benefit is that when we have to open our wallet in public then we might lose privacy in opening our wallet in public because other people would then see ones total bitcoin and his privacy would then get exposed. And in order to use a wallet in public he would prefer to keep low balance and in his private account he prefer to keep high amount for trading and other business purpose.

I also use several wallets for a different purposes and each has its own benefit in it. Well for me it is because of fees transaction.
Some wallet didn't use fees for trasnsaction with the same wallet. Also, I use different wallet for trading and for holding my btc.
Especially for holding, I use wallet that makes it easier to connect it with my local bank account.

Maybe they scarred to hack their account that's why they make multiple account to spread their savings into different account. Also, maybe they make to secretly hide their savings to their family.

i see two benefit, or maybe 3, the first oen is that with a new wallet you are without a doubt more anonymous, than running with the same wallet with multiple address

because two wallet are not linked with between other, hidden address are still linked, but not all of them are showed on blockchain info

second one is that the transaction size may be smaller for the beginning, because there is less imput and output

third point is that for cold storage having many wallet holding few bitcoin is safer, when you need to load them to use those bitcoin, your risk is lower, in case of infection

I agree with you but I also think they create multiple wallets out of curiosity to test the strength and security of the others that they've heard of and so it gets them to spread their investments until the final determination of their preferred wallet.

Security, Privacy and convenience. These are probably the most major causes for that. Keeping multiple wallets in multiple programs and PC's help in security.
regarding privacy, since BTC is open and anyone can see the TX's, having multiple wallets making it harder to link addresses with each other to you.
Regarding convenience, having a web wallet like BC.info makes conducting transactions easier while a wallet like Armory is useful for large long-term holding, so having a wallet in each does serve a purpose.