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Author Topic: Is it dangerous to store all bitcoin in 1 address?  (Read 3053 times)
xenxen
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June 01, 2017, 06:48:47 AM
 #41

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

its up to you if how many addresses if you want as long as you remember all those password...yes it so risky to put your bitcoin in one address..maybe for hacking insident or wallet page problem also or what so ever...just like in  stock market dont put your egg in one basket..

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Mike Mayor
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June 04, 2017, 10:30:04 PM
 #42

Yes rather split your bitcoin up. This is so with anything in life. If everything is in one place and something bad happens it's all over and you screwed. If you split it up at least you don't lose everything. This is pretty much the main reason why banks were invented. To keep your money "safe".

Also you need separate wallets not addresses. One wallet can have many addresses.

Velkro
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June 04, 2017, 10:49:58 PM
 #43

If everything is in one place and something bad happens it's all over and you screwed. If you split it up at least you don't lose everything.
But u must know what you are doing. Because simple keeping your bitcoins on diffirent addresses doesn't mean they are split for a attacker. He can grab your bitcoins from all your addresses by keylogger, stealing your wallet with all addresses etc.
Its not only diffirent addresses but diffirent hardware to keep them on.
ophyrim
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June 04, 2017, 11:06:32 PM
 #44

Never put your all eggs in the same basket. Especially online wallets or website like Poloniex or Bittrex even 2FA is enabled. I don't trust them. If you trade, try to use more than 1 trade website. İf you just want to store your coins try to use hardware wallets.  1 address is secure enough for them if you are not paranoia. But for mobile and desktop wallet you also need more than 1 address.
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June 05, 2017, 01:27:08 AM
 #45

I dont know for me even if you divide it in multiple addresses it doesn't really matter if you're careless even if you store your bitcoins in many address it doesn't really matter if you're clicking malicious links all the time, downloading any kind of suspicious software that is offered by somebody that you dont know.
One wallet is actually enough with the right precautions and if you know how to protect yourself from the internet just avoid clicking suspicious links and secure your pc with a good anti virus or use linux instead for better security cause windows has a lot of vulnerability in the wild and always use vpn services, secure your network from intruders by filtering them.

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vh
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June 05, 2017, 06:14:57 AM
 #46

I dont know for me even if you divide it in multiple addresses it doesn't really matter if you're careless even if you store your bitcoins in many address it doesn't really matter if you're clicking malicious links all the time, downloading any kind of suspicious software that is offered by somebody that you dont know.
One wallet is actually enough with the right precautions and if you know how to protect yourself from the internet just avoid clicking suspicious links and secure your pc with a good anti virus or use linux instead for better security cause windows has a lot of vulnerability in the wild and always use vpn services, secure your network from intruders by filtering them.

I agree with this.

When I take a look at the coins in the top 100 addresses, 10K+ BTC each:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

It's easy to notice that some of those single address have existed since 2010.
The best gauge of danger stems from the realization of how secure your passwords and private keys really are.


cafucafucafu
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June 05, 2017, 06:21:27 AM
 #47

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

It's not just about dividing into different addresses. If you store an address safely then there is absolutely no need for further cold storage addresses. Sure it makes it safer, but by a tiny margin. If you are storing less than 1 btc there is really no reason to do it.

Try to keep your coins in different wallets altogether.

What I like to do is keep a few bit cents on blockchain.info for day to day btc transactions, keep around 20% of my coins in a desktop wallet and the rest in a trezor wallet.

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