1Referee
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August 28, 2016, 10:55:39 AM |
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I wasnt aware they did. I only use 2. One on my pc and one on my phone.
Yeah. There has been many topics like this and people say they use many wallets. So I was just wondering why they use multiple wallets. might be to spread the risk , if you get hacked on one you have money on the other wallets  If one of your wallets get hacked, then you haven't been using a strong enough passphrase to secure your wallet file, or you didn't have any security at all. This can be easily avoided by yourself and doesn't require you to split your coins into different addresses. Because if one of your wallet files gets emptied by a hacker due to its security being poor, then most likely the others will be at risk too. |
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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Whosdaddy
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August 28, 2016, 02:43:39 PM |
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Simple. Why do some people put their money in different pockets sometimes? It for safety issues in case someone pickpocketed you. I think it is a wise idea.
I think this is not only for this reason i think many reason here why they are using multiple wallet.. because there is some wallet that has restricted in gambling just like coinbase so you need other wallet to use it in gambling so that you can be still use your bitcoin in gambling site.. And many other things.. Yeah yeah many people use different bitcoin wallets with many purposes, there are people do that to play gambling with many wallets like you, there are some do that to have fully control bitcoin in many places, but I think the main reason is still securing money in many wallets which is better than holding it all in just one spot. Because when you leave your bitcoin in one wallet, it’s like you are risking it all in one hand. So why don’t divide it into many places, it’s safer. |
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coynedterm
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August 29, 2016, 10:41:20 AM |
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Just wondering why people use so many Bitcoin wallets.
May be they think that "this wallet is safe". Some other guy will think "np this wallet is safe, and it have lots of features". Ultimately I would suggest use only blockchain wallet, because that's official and died have smartphone app too. |
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Drelav
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August 29, 2016, 10:50:28 AM |
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For convenience and security.
E.g. multiple wallets (paper) for long term offline storage, a mobile wallet for easy small payments, and a hardware wallet for secure large payments.
You know its been discussed in some threads but seriously still confused. Well this quote always posted here:
'Don't put all your eggs in one basket'
Hope you got it.
There are different options depending on your situation:
Core: if you have the bandwidth and storage capacity to run it. You also support the network by running a node.
Ligthweigth: You don't run the full blockchain, but a "central" chain is used to save bandwidth and storage on your pc. Good if you have a low capacity machine/internet or just don't use bitcoin too often.
Than there are also different types of lightweights, all with their different options and security impelmentations.
All very good points. Thank you for helping me figure out my main point of why people use so many Bitcoin wallets. This is not the biggest story to tell about i know why people are using more and more bticoin wallets because if they have so many coins that are worth allot they dont want it in just one wallet do you only have one bank account or not no i dont think so that is why people have more wallets where they can put bitcoins on. |
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TastyChillySauce00
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Leading Crypto Sports Betting & Casino Platform
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August 29, 2016, 11:38:28 AM |
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Just wondering why people use so many Bitcoin wallets.
May be they think that "this wallet is safe". Some other guy will think "np this wallet is safe, and it have lots of features". Ultimately I would suggest use only blockchain wallet, because that's official and died have smartphone app too. blockchain.info is not officially developed by the one who create bitcoin or even the dev, i think the most trusted desktop wallet for now is the one which always popping out in the bitcointalk's header,it's bitcoin core but you need to download the whole blockchain to get synced and it's quite huge |
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BitcoinSupremo
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August 29, 2016, 11:49:28 AM |
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Its based on personal preferences. I use Electrum, Multibit Classic and Multibit HD on both my computers. I also use Bitcoin Core in my main computer. I have also online wallets but they are almost always empty because of their security flaws. The reason I use such a lot of wallets is I like to own more than 2000 Bitcoin addresses. I can use few addresses for a purpose, few others for a different one and so on.
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PieCrafted
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August 29, 2016, 12:04:00 PM |
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I think it's a good idea to use more than two bitcoin wallets. Diversification is always a good thing when money comes in to the picture. If you keep all your bitcoin in a single place, you are at high risk of loosing money. So instead of having only one wallet, it's wiser to use more than two wallets and keep portions of your total bitcoin in all the wallets.
This way you can save yourself in case of any unforeseen event.
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Gloiri
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August 29, 2016, 12:07:47 PM |
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At any one time i will have around 5 different btc wallet apps on my phone and a couple of desktop wallets and this still dosen't include a paper wallet here and there.
I dont have a lot of btc but what i do have is often send between my wallets to test different apps.
I also do this because not only does it spread the risk but lets say you have 0.001btc in 1 wallet and it disapears then you know your phone or computer has been compromised.
People are using different bitcoins wallets because if you think you have all of your money into your wallet and you lose it everything is gone. So they use more wallets. Then they have a backup as you know that is very clever. So you will say you have one bank account i would say consider to open a new one for your other money ! |
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lienfaye
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August 29, 2016, 12:45:22 PM |
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Saving bitcoin in many wallet is for security. And if you use many wallet you will know which is the best wallet to save bitcoin. For me the best wallet is blockchain.
Yes, you will come to know what is the best if you try different wallet. i also use few wallets and because of that i know what is the best suits me. its also for the safety of my bitcoin so its fine to be choosy. |
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airsounds
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August 29, 2016, 03:10:03 PM |
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Simple. Why do some people put their money in different pockets sometimes? It for safety issues in case someone pickpocketed you. I think it is a wise idea.
I think this is not only for this reason i think many reason here why they are using multiple wallet.. because there is some wallet that has restricted in gambling just like coinbase so you need other wallet to use it in gambling so that you can be still use your bitcoin in gambling site.. And many other things.. of course there actually are a lot of reasons why people would use a lot of bitcoin wallets, like safety or privacy, i think it is really possible |
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prtty2gal2
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August 29, 2016, 03:40:36 PM |
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Saving bitcoin in many wallet is for security. And if you use many wallet you will know which is the best wallet to save bitcoin. For me the best wallet is blockchain.
Yes, you will come to know what is the best if you try different wallet. i also use few wallets and because of that i know what is the best suits me. its also for the safety of my bitcoin so its fine to be choosy. Many different wallets for many purposes and for security. Hardware wallets for long-term safe keeping. Online wallets for small and frequent fee-free transactions. You can not just settle for only one wallet because if you lose that very wallet, then all of your bitcoins are gone. |
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randy8777
Legendary
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August 29, 2016, 03:52:54 PM |
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Saving bitcoin in many wallet is for security. And if you use many wallet you will know which is the best wallet to save bitcoin. For me the best wallet is blockchain.
Yes, you will come to know what is the best if you try different wallet. i also use few wallets and because of that i know what is the best suits me. its also for the safety of my bitcoin so its fine to be choosy. Many different wallets for many purposes and for security. Hardware wallets for long-term safe keeping. Online wallets for small and frequent fee-free transactions. You can not just settle for only one wallet because if you lose that very wallet, then all of your bitcoins are gone. you don't purely need hardware wallets for long term storage. something simple as a paper wallet does the work also in a very good manner. just make sure you seal it in plastic, and you're ready. |
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lavapits
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August 29, 2016, 06:54:32 PM |
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they usually use it in order to get some privacy, i think it is the best way to do that
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Meuh5598i
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Merit: 110
#epigencare #ICO https://ico.epigencare.com/
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August 29, 2016, 07:23:02 PM |
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If you store your bitcoin in one wallet and its gets hacked then they have all your bitcoins at once.
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Vikingr
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August 29, 2016, 10:03:53 PM |
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they usually use it in order to get some privacy, i think it is the best way to do that
Yeah doing that is the best way with that we will not lose all of our money if anyone of them gone crash or if any online wallet gone down, and if someone will hack one of them we will still have our money in our other wallets. |
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oblivi
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August 29, 2016, 11:15:16 PM |
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I think having too many wallets creates some sort of mental stress due having several points of failure (assuming you keep different passes and different amount of coins).
Just make backups on a lot of places.
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RoseMann
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August 29, 2016, 11:47:57 PM |
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It's not difficult at all to manage multiple bitcoin wallets and it prevents you from getting screwed if you're compromised. Ever hear of the phrase don't keep all your eggs in one basket?
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maydna
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August 30, 2016, 12:17:46 AM |
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for me, i am personally not put all my bitcoin in one place, i spread it in many place to just in case if something happen, then i still have back up bitcoin in another wallet. and i suggest you do the same. and don't forget to make high level security that only us will know.
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lavapits
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August 30, 2016, 12:23:37 AM |
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Saving bitcoin in many wallet is for security. And if you use many wallet you will know which is the best wallet to save bitcoin. For me the best wallet is blockchain.
Yes, you will come to know what is the best if you try different wallet. i also use few wallets and because of that i know what is the best suits me. its also for the safety of my bitcoin so its fine to be choosy. Many different wallets for many purposes and for security. Hardware wallets for long-term safe keeping. Online wallets for small and frequent fee-free transactions. You can not just settle for only one wallet because if you lose that very wallet, then all of your bitcoins are gone. you don't purely need hardware wallets for long term storage. something simple as a paper wallet does the work also in a very good manner. just make sure you seal it in plastic, and you're ready. well but hardware wallets are way better to be honest thats why i choose them instead |
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ajun96
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August 30, 2016, 12:47:47 AM |
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Saving bitcoin in many wallet is for security. And if you use many wallet you will know which is the best wallet to save bitcoin. For me the best wallet is blockchain.
Yes, you will come to know what is the best if you try different wallet. i also use few wallets and because of that i know what is the best suits me. its also for the safety of my bitcoin so its fine to be choosy. Many different wallets for many purposes and for security. Hardware wallets for long-term safe keeping. Online wallets for small and frequent fee-free transactions. You can not just settle for only one wallet because if you lose that very wallet, then all of your bitcoins are gone. you don't purely need hardware wallets for long term storage. something simple as a paper wallet does the work also in a very good manner. just make sure you seal it in plastic, and you're ready. I think it should not be too confused to save bitcoin safely. You do not need to turn it into a paper wallet. you just need to put it into the wallet as usual and add some authentication. I think with that you do not have to worry about the security and you do not need to use a lot of wallets |
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