Multiple ERC20 tokens in one ethereum wallet

[Axel8]

This question may have been asked elsewhere but I haven't been able to find it and hopefully this is the correct place to ask. If not forgive me.

I know you can have multiple ERC20 tokens in one ethereum wallet, but is this wise to do? Should I be transferring each token to its own ethereum address? I've been trading the older cryptocurrenies (bitcoin, ether, litcoin, etc.) but I am now looking at a few tokens to purchase and have successfully participate in a couple of airdrops and I am trying to figure out the most prudent thing to do. It's obviously easier to track them holding them in one wallet. It may not make a difference either way but any thoughts would be appreciated.

[chaosfourever]

I do this with myetherwallet. I mean I don't have too many tokens that are work much right now. Maybe over time I would change them around, but for now its not worth it to split them up.

[Emperor of Man]

I don't think that can cause any special problems. Keep them all in a wallet of your choice if that's your preferred method. 

[BTCMILLIONAIRE]

This question may have been asked elsewhere but I haven't been unable to find it and hopefully this is the correct place to ask. If not forgive me.

I know you can have multiple ERC20 tokens in one ethereum wallet, but is this wise to do? Should I be transferring each token to its own ethereum address? I've been trading the older cryptocurrenies (bitcoin, ether, litcoin, etc.) but I am now looking at a few tokens to purchase and have successfully participate in a couple of airdrops and I am trying to figure out the most prudent thing to do. It's obviously easier to track them holding them in one wallet. It may not make a difference either way but any thoughts would be appreciated.

There are pros and cons to both methods.

If you send each token to its own wallet, you will lose less money if you lose access to an address through hacking or simply losing the private key. However, the more tokens you have the more difficult it will become to keep track of all your private keys, so it might become easier to lose access to some of your wallets.

On the other hand, keeping all tokens on one address would mean that you lose all your funds if you lose access to your private key or fall victim to a hack or phishing attack. But it's also easier to keep track of a single wallet.


Depending on how much you're investing (and on how you are planning to deal with taxes), you might want to consider a mixed approach.

[styca]

If it's just ERC20 airdrops, then it's probably fine to keep them all in one place. All you need to disclose to participate in the airdrop is your Eth address, then there's no problem with security. For peace of mind though you could move any Eth and larger amounts to another wallet and just keep the airdrops together as these are generally low value.

[billyj111]

This question may have been asked elsewhere but I haven't been unable to find it and hopefully this is the correct place to ask. If not forgive me.

I know you can have multiple ERC20 tokens in one ethereum wallet, but is this wise to do? Should I be transferring each token to its own ethereum address? I've been trading the older cryptocurrenies (bitcoin, ether, litcoin, etc.) but I am now looking at a few tokens to purchase and have successfully participate in a couple of airdrops and I am trying to figure out the most prudent thing to do. It's obviously easier to track them holding them in one wallet. It may not make a difference either way but any thoughts would be appreciated.

Of course, you can keep them on Myetherwallet.com. Yes, send all these tokens to the purse of the ethereum.

[tyuner4]

I agree that it is easier to track the ERC20 tokens if you keep them in the same wallet. But there is risk of losing all of the tokens if the wallet got hack or if you lose access to it. My opinion is to get a hardware wallet to solve this risk, and you only need to take care of one set of seed words.

[throwmeupsideup]

This question may have been asked elsewhere but I haven't been able to find it and hopefully this is the correct place to ask. If not forgive me.

I know you can have multiple ERC20 tokens in one ethereum wallet, but is this wise to do? Should I be transferring each token to its own ethereum address? I've been trading the older cryptocurrenies (bitcoin, ether, litcoin, etc.) but I am now looking at a few tokens to purchase and have successfully participate in a couple of airdrops and I am trying to figure out the most prudent thing to do. It's obviously easier to track them holding them in one wallet. It may not make a difference either way but any thoughts would be appreciated.

If you keep that wallet safe, of course it's wise to do. Otherwise would be a big mess

[Sasuke102001]

You can keep many tokens in your same wallet. My etherwallet has many different types of tokens at the same time like I have 4 different types of tokens. And I prefer all the tokens at the same place if they are in different wallets it becomes quite difficult for me to remember each wallet and the tokens. It is actually your preference if you want to keep your tokens at the same place or not.

[TimtheYoutuber]

I personally use myetherwallet, works very nice

[Agozyen]

This question may have been asked elsewhere but I haven't been able to find it and hopefully this is the correct place to ask. If not forgive me.

I know you can have multiple ERC20 tokens in one ethereum wallet, but is this wise to do? Should I be transferring each token to its own ethereum address? I've been trading the older cryptocurrenies (bitcoin, ether, litcoin, etc.) but I am now looking at a few tokens to purchase and have successfully participate in a couple of airdrops and I am trying to figure out the most prudent thing to do. It's obviously easier to track them holding them in one wallet. It may not make a difference either way but any thoughts would be appreciated.

As long as it's not a Parity wallet...  If you keep a backup of your Keystore and are using strong passwords you should be fine.  The problem with multiple addresses or wallets is that over time you could lose track of coins.  I have nine so far associated with me ETH address.  I've been on an Airdrop bender lately.

[jmigdlc99]

Yes you are right in saying that it is, obviously, more convenient to keep it in a single wallet. With regards to security, it will be the same as if it were any other regular wallet with bitcoins or ethereum on it. It will be safest if you keep it in cold storage by printing a paper wallet. People keep millions and billions worth of dollars in cold storage paper wallets. You should be fine doing the same with tokens. Nothing really unconventional.

[Axel8]

I appreciate everyone's responses. Since I keep everything in offline wallets it appears to me that there is no reason to put tokens in separate wallets. I figured this, but it never hurts to get a second option. No one can afford to make mistakes. Thanks!

[Razerglass]

Erc20 tokens can be linked to single ethereum wallet,so no need to overthink things. Ethereum contract addresses can be changed by smart hackers during transaction,my advice is to check contract addresses before sending single penny to other address. Maybe that is the reason why livecoin exchange doesnt accept eth by contract address.

[sanbashiyi]

keep multiple ERC20 tokens is no problem and would help you easily to use and tranfer . but it is not safe if your wallet private key stolen

so if you have big value tokens i suggest you can hold it in different address , that can project you won't losing all if happen

[John Lemon]

I don't think that cause any problems, just open as much as Myetherwallet you need if you want to feel safer.
Parity has a lot of problems recently, but MEW doesn't get affected.

[BTCMILLIONAIRE]

I don't think that cause any problems, just open as much as Myetherwallet you need if you want to feel safer.
Parity has a lot of problems recently, but MEW doesn't get affected.

OP already said he's using offline wallets, which are much safer than MEW. I'm personally too paranoid to even use MEW myself.

[John Lemon]

If you don't have 6 figures I think there's no need to be too paranoid about that. MEW is safer than exchanges. Offline wallets are good only if you hold for long time. I actively send my altcoins to exchanges when I trade, so I have to use a practical way.

[GetOutOfMyLife]

Keep them on one place is so convenience to trade or send for someone . I dont want use offline wallet, so expensive to own.

[BTCMILLIONAIRE]

Keep them on one place is so convenience to trade or send for someone . I dont want use offline wallet, so expensive to own.

The $100 or whatever a hardware wallet cost are very cheap if you have any substantial amount of money in crypto. Hardware wallets are different from offline wallets by the way.