How many bitcoin wallets do you have and why ?

[Soulver]

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

[achow101]

Every machine you want to store Bitcoin on should have its own wallet. If you have the same wallet on two machines, there can and will be a lot of problems.

What I believe you are asking is why people have multiple addresses. Addresses are different from wallets. A wallet is a collection of addresses.

The reason for having multiple addresses is to preserve privacy and security. It is not advised to reuse addresses since it both allows people to see how much money you have and reduces plausible deniability. By giving out different addresses for different payments, the people paying you cannot know for certain how much money you have. For security, if ECDSA happens to be broken, not reusing addresses helps protect your Bitcoin. The public key for an address is exposed when you send Bitcoin. If ECDSA is broken. then by the time your public key is exposed (and thus allowing attackers to find the private key to steal your Bitcoin), the Bitcoin is already gone from the address so there is nothing to steal.

[shorena]

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

First make sure you understand the difference between a wallet[1] and addresses[2]. You can have as many wallets as you like. You dont have to though. I have a main wallet, one on the phone, one on my laptop, an escrow wallet and another one on an offline system. Each for a different reason. The offline system is for long term, high security. The main wallet is for day to day transactions. The phone wallet is used when I know I will be able to pay with bitcoin in a store or trade face to face. The laptop wallet is somewhere between the main wallet and the phone wallet. The escrow wallet is solely used for funds I hold for someone else. This is mainly because I dont want that to get mixed up. I could do it within a wallet, but its easier that way.

[1] helps you secure and organize private keys
[2] are derived from the private key and used to receive bitcoin

[Hellacopter]

It's not essential to own so many wallets mate, if you have just one secured wallet, it's enough already.
Personally i use more than one because sometimes we need special wallets to make some deals

[Scorpion Fyllot]

If you have one BitCoin and you send half of it to someone else, the change will sometimes go to a new Wallet Address, so when you next send funds (in this example) to the person, they in turn will appear to have come from a different Wallet Address than the first transaction.  Doesn't happen all the time and I don't think it happens on all Wallets either.

[pocarime32]

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

No, i only have i online bitcoin wallet, blockchain, but i have many address to calculate my earnings that is from. i have 5 addresses in my bitcoin wallet.

[autumnraynefyr]

If you work with faucets, technically you will have many different wallets by nature, although you do not have complete control over faucet wallets, just the funds that eventually come to you, and even then, most times, they are held in escrow linked to the address you give them until you reach a payment threshold to avoid littering the blocks with nonsensical transactions. Personally, I don't really have other wallets besides my Xapo wallet and Electrum wallets. I do have funds in places like faucetbox and other places but those are really just temporary storage until I can reach the payout thresholds to get them.

[Posum578]

I have 2 wallet

1. Web wallet for easy use, cause i can use that wallet from my android app to send and receive money
2. Dekstop wallet, to store much bitcoin that i have

[Xanidas]

i have two 3 wallets, blockchain.info, mycelium and a local exchange wallet but i already stopped using blockchain.info wallet almost a year ago since i found out that web wallets are not safe. i am only storing my coins in mycelium and only transfer some to local exchange wallet if i need some fiat

[Strongkored]

I personally have a few wallet, which consists of :

1. Electrum (MAIN WALLET)
2. Blockchains.info
3. Coinbase
4. Some wallet from exchanger ( I suggest you do not save a lot of money in the exchanger wallet )

[pooya87]

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

others have explained the difference between wallet and BTC address so i am not getting into that.

but the only reason for having multiple wallets is the different usages you get from different wallets. for example usually people do it this way:
- a cold storage (1 wallet) like paper wallet to hold your main large amount of bitcoin in order to keep it safe
- a hot wallet (like desktop, phone or web wallet) in order to spend bitcoin daily and have it nearby, always accessible.

but remember having more wallets means having to remember more passwords for encryption, ... and that can be challenging.

[dinda22]

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

As a beginner you do not really must have a lot of wallets. but I use several wallets for security, so I do not put a lot of bitcoin on one wallet, and to avoid the bad things that happen. or when the other wallets impaired, and I could use another wallet.

[NorrisK]

I have multiple wallets for different purposes.

1. Trezor - Hardware wallet for safe storage and easy spending at the same time
2. Cold wallet - Second safe storage for a second part of my coins, like to spread things out.
3. Hot wallets - on my pc, laptop, phone for easy spending, low amounts only. If needed I trasnfer from trezor.
4. Exchange wallets - We can't fully get around them. Low amounts only.

For those using web wallets, please reconsider, it wouldn't be the frist time they run away.

[Mauser]

Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?

It depends on how many BTCs you have. If you only have a small number of coins I would recommend only using a online wallet. But if you store quit a lot of money in bitcoins you should definitely go for a desktop wallet.

It also depends on how you earn your bitcoins. If you are doing faucets it might be a good choice to make a new wallet at xapo as you can get instant withdraws on most sites.

[Crypt0nite]

Just sharing, personally I am holding a couple of wallets with each serving different purposes:

1. Desktop wallets (Main storage) - Make sure you have your keys or recovery phrase backup properly!
2. Phone wallets - Sync with my Desktop wallets
2. Exchange wallets (Web) - For trading purposes (low amounts only)

And no, it is not necessary to make multiple wallets as a beginner if you're holding a small amount

[SAMKUSH]

If you're talking about wallets, I have around 3, one of which is an offline one and two are online. Most of my btc is stored in the offline wallet and the online are used to send small transactions. If you're talking about addresses I have one main address I use for the offline and several for the online.

[olubams]

Every machine you want to store Bitcoin on should have its own wallet. If you have the same wallet on two machines, there can and will be a lot of problems.

What I believe you are asking is why people have multiple addresses. Addresses are different from wallets. A wallet is a collection of addresses.

The reason for having multiple addresses is to preserve privacy and security. It is not advised to reuse addresses since it both allows people to see how much money you have and reduces plausible deniability. By giving out different addresses for different payments, the people paying you cannot know for certain how much money you have. For security, if ECDSA happens to be broken, not reusing addresses helps protect your Bitcoin. The public key for an address is exposed when you send Bitcoin. If ECDSA is broken. then by the time your public key is exposed (and thus allowing attackers to find the private key to steal your Bitcoin), the Bitcoin is already gone from the address so there is nothing to steal.

I agree with what you said and in addition to that, it will even give the user the flexibility of dedicating each address for different purpose like one on bitcoin talk, another for claiming faucets, another for trading etc but all going into one wallet...

[JackJokasker]

you can try this


blockchain
Coinbase
Electrum (MAIN WALLET)
wallet from exchanger (not recomended )

[CoinBreader]

Don't trust any exchange wallet this may save you from some lost coins drama! Always use a desktop wallet or elec and get a spare wallet for cold storage (aka offline) if you want to carry BTC with you on the mobile always loaded it with what you need. Keep an eye on rooted phones not so safe usually

[propofol99]

At the moment I have just two.
I am new to all this stuff and already happy if I do not deposite to the wrong wallet.