Why do people use so many Bitcoin wallets?

[jacktheking]

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.

[drwtsn32]

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.

[TastyChillySauce00]

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

[phreaky]

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.

[sonnyacg]

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.

[fatima zuhra]

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.

[defined]

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.

[saiha]

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.

[Japinat]

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.

[dearbesz1219]

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.

[bhadz]

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.

[kamotequte]

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

[Yakamoto]

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.

[x4]

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

[Rostadom]

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.

[Viyamore]

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.

[Noctis Connor]

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.

[jakelyson]

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.

[amacar2]

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.

[marleybobthedog]

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.