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Author Topic: Does each platform have separate wallets?  (Read 34 times)
Rakanoth
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January 03, 2018, 11:39:19 AM
 #1

Hello,

I am totally new to this. So, my question is very noobish. I bought bitcoins from a platform in my country as other platforms outside my country does not accept my citizenship.

1.) If I want to transfer my bitcoins to my account in one of the exchange platforms (for example binance), do I give my bitcoin deposit address created on this platform as a destination address?
2.) If I buy a hardware wallet, will it have a separate bitcoin address?

Many thanks!
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aleksej996
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January 03, 2018, 12:07:39 PM
 #2

Wallets are collection of addresses and their private keys.
Usually people use different addresses whenever they can for privacy and security reasons.
Every platform will usually generate a new address for you where you can deposit your bitcoins.
Some platforms will allow you to import private keys, so you will be able to have the same address, but it is better to just generate a new one and send your bitcoins to it.

1.) I suppose, yes.
2.) I assume it would, but maybe some hardware wallets support importing private keys, but that defeats the purpose of hardware wallets usually, so you shouldn't do that. So I guess the answer is yes to this as well.
goldexp83
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January 03, 2018, 12:32:34 PM
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1. Not exactly: if you want to transfer your bitcoin to an exchange you will use their specific address.
2. Yes the hardware wallet will a specific address > no device, wallet, exchange can have the same address.

Good luck!

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suzanne5223
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January 03, 2018, 01:01:41 PM
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Firstly, you're welcome to the bitcoin world and your question is not naïve because everyone of us was once a newbie like you.

1) The above guys have answered the question #1 correctly. But most exchange usually switch their deposit address per transaction i.e they gave you another deposit address after a successful transaction.
2) Yes, each bitcoin wallet either hardware,web whatever have it own identified address because wallet are like your Bank account and you must avoid human error when using the wallet or else your coin will be stolen.

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January 03, 2018, 01:23:29 PM
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2. Yes the hardware wallet will a specific address > no device, wallet, exchange can have the same address.
That is not quite true... While it is unlikely (nearly impossible) that any two wallets will "randomly generate the same address", it is perfectly possible to have the same address in multiple wallets if you import or restore private keys/seed mnemonics from one wallet to another.

Put the same seed menmonic into a Ledger hardware wallet and a Trezor hardware wallet and they'll generate the same addresses... put your seed mnemonic into another wallet like Electrum and it will also generate the same addresses as the two hardware wallets... import a private key from one wallet into another wallet and they'll both have the same address etc.

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