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Author Topic: Pros and cons of using new Bitcoin addresses for each transaction?  (Read 34551 times)
iamgodsgod420
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October 01, 2016, 08:19:06 PM
 #81

I'm new to all of the bitcoin scene... I've seen documentaries on it and it caught my eye! as someone new to this whole world is there any advice anyone can give me before i try to receive or buy any coins for myself!! Huh any help would be great thank you!
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October 01, 2016, 10:59:30 PM
 #82

I'm new to all of the bitcoin scene... I've seen documentaries on it and it caught my eye! as someone new to this whole world is there any advice anyone can give me before i try to receive or buy any coins for myself!! Huh any help would be great thank you!
just try to buy a small amount of bitcoins and then do trading, you might get a lot of money i think

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October 01, 2016, 11:22:13 PM
 #83

The most bigger online wallets like xapo and blockchain recommend to change the address for each transaction for the security so it will be definitely good for us to change the address for each transaction otherwise they would not recommend that for us.

calkob
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October 01, 2016, 11:40:40 PM
 #84

using a new address for each transaction is meant to protect the identities of both the sender and the receiver.  satoshi wrote about it.

Backside walkaround
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October 01, 2016, 11:47:44 PM
 #85

basically the advantage of making a new address every time is anonymity.

when you don't want anyone (who knows your old address, typically customers or, if you made it public potentially everyone) to recognize you that is a basic step you have to do.

In my opinion there's no disadvantage except for the minimum raised work for clicking "new address".
The only exception here is if you want to run a static account (like when you post the address to get donations), because afaik you can't reuse an address once you got a new one.
This.  My phone wallet generates a new address for every transaction, which I think is cool but kind of unnecessary.  I'm not doing anything illegal and thus don't need as much anonymity as some might.  You see the wallet address I have posted in my profile, and I'd be just as happy if that was the only one I ever had to use.

If the original Backside walkaround can prove to me they are the old owner of this account, I can update the email address to the email address of their choosing.
Backside walkaround has lost access to their account as they used someone else's email address to sign up, and the owner of the email address got tired of random email notifications from this site after a few months and reset the password.
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October 02, 2016, 06:02:14 AM
 #86

I just have a few addresses I usually always use.
When I generate a new address, does that mean I have to put my funds first on the new address and make the real transaction then?
Would that mean I had to spend the transaction fee two times?

Intutan
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October 15, 2016, 06:01:59 PM
 #87

I just have a few addresses I usually always use.
When I generate a new address, does that mean I have to put my funds first on the new address and make the real transaction then?
Would that mean I had to spend the transaction fee two times?

The funds will stay in your old address. You create the new address is to receive the money, not spend.
krishna1
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October 15, 2016, 06:07:30 PM
 #88

if you use new bitcoin address for each new transaction then ofcource you will get privacy protection but it will cost much transaction fees because you have to pay for each address seperatly which in a single address case we pay it only once and lower than those

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October 15, 2016, 06:40:29 PM
 #89

I'm new to all of the bitcoin scene... I've seen documentaries on it and it caught my eye! as someone new to this whole world is there any advice anyone can give me before i try to receive or buy any coins for myself!! Huh any help would be great thank you!
The best way to learn is to learn at your own pace. So take your time, hang around on this forum for like a month or two so you will know your way around in the world of cryptocurrencies.

requester
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October 15, 2016, 06:54:26 PM
 #90

Pros
more privacy, helps us to remain undetectable

Cons
it's hard to detect whose address does that belong to
more possibility of getting scammed
more hassle with lot of address

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Superways
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October 15, 2016, 07:07:32 PM
 #91

I do not know about any harm for using new bitcoin addresses and I think it is much better for security as a number of exchanges and wallets are suggesting for to use new bitcoin addresses for each transactions. So it is for more security and people will not know about your wealth and will not try to hack your wallet.

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October 15, 2016, 07:46:12 PM
 #92

I do not know about any harm for using new bitcoin addresses and I think it is much better for security as a number of exchanges and wallets are suggesting for to use new bitcoin addresses for each transactions. So it is for more security and people will not know about your wealth and will not try to hack your wallet.
Yes, it has many good aspects on security perspective, one of the cons practically I am facing must be, when I have more address in multibit classic or electrum both the wallets go freezing.
So, managing more bitcoin address would be big challenging. I guess people just create new address and use then forget. But, no clear idea how many people are managing more bitcoin addresses.














 

 

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prabowo96
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October 15, 2016, 09:20:28 PM
 #93

I really don't like it, any people should have just one bitcoin address, I know a lot of people use it for anonymity but will be nice if someone create an altcoin that you have just one address and can't change it, it will avoid a lot of scams, bs and ponzi schemes.

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October 15, 2016, 09:56:49 PM
 #94

On xapo when I was picking the address it stated that after a transaction with this address they will change the address which for our bitcoins security so after that it is in my mind that it will be more secure to use different bitcoin addresses.
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October 15, 2016, 10:04:58 PM
 #95

On xapo when I was picking the address it stated that after a transaction with this address they will change the address which for our bitcoins security so after that it is in my mind that it will be more secure to use different bitcoin addresses.

Yes thats is the reason they provide and its not only Xapo but also blockchain.info that I use. It is of the opinion that when  you use just one address for all your transactions it makes it suspectible to hacking as a result of the value of transaction that will be carrying. So when an address is being used to receive Bitcoin, another one is generated for the next receipt but the disadvantage here is one for someone receiving small amounts get to pay more when sending payments because of the small amount spread in the account...

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zahra4577
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October 15, 2016, 10:07:26 PM
 #96

The most bigger online wallets like xapo and blockchain recommend to change the address for each transaction for the security so it will be definitely good for us to change the address for each transaction otherwise they would not recommend that for us.
I dont think there is any advantage of using new address for each transaction.The only reason when you want to keep your amount secret

Shiroslullaby
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October 15, 2016, 10:32:39 PM
 #97

I think for most people, using a few addresses is fine.
You can set one for storage, and a couple that you use to send coins in and out of.

The main reason to use only one address would be a charity taking donations or something like that.
You would want to promote the address and not have to change it every time you posted on a site or document.

Doamader
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October 15, 2016, 11:21:02 PM
 #98

Well i do have around 5 adress that are used, each one is related to something, soo i do know what it is as i had put the reference on them, both adress are into blockchain, soo i dont have to know 5 passwords differents, i do those just to know where the coins are coming, but if you just buy and sell or trade bitcoins one accounts will be enought, its just a question to let a note on the transactions.

MingLee
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October 15, 2016, 11:24:28 PM
 #99

Pros: You will give anyone tracking you an incredibly hard time, and they'll be hard-pressed to get a good read on what you're doing with your wallet, so it basically gives you a security advantage.

Cons: It might be hard to organize, depending on the wallet layout. Aside from that I can't think of a ton of cons.

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October 16, 2016, 02:39:20 AM
 #100

Pros: You will give anyone tracking you an incredibly hard time, and they'll be hard-pressed to get a good read on what you're doing with your wallet, so it basically gives you a security advantage.

Cons: It might be hard to organize, depending on the wallet layout. Aside from that I can't think of a ton of cons.

Actually, it's a lot better to organize. You can just label the address you used for that transaction and set it aside. You can always go back to it if you need it for bookkeeping. Unlike using the same address for multiple transactions, in which bookkeeping is a lot harder.

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