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Author Topic: Transfer from Coinbase to Ledger Nano S  (Read 120 times)
dongwe
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January 27, 2019, 10:32:12 AM
Merited by LoyceV (1)
 #1

Hello everybody,

I’m a novice and I need your help.

I transferred my balance from Coinbase to Nano S.

This is the transaction:

https://www.blockchain.com/btc/address/3DzRuPeNTtZ9Yotuf6SDCJF2Lnt1h3gqpy

First question: why are there two outputs? Who is bc1qqr593lnax0lj46w0lyaalh80kmy9s67uxdm8ep that received

0,09 BTC?

Second question: does the public key/address change everytime after a transaction or does it remain the same?

Thank you for your help.

Marco
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January 27, 2019, 12:07:29 PM
Merited by bones261 (2), Jet Cash (2), LoyceV (1), o_e_l_e_o (1)
 #2

That's probably the change adress belonging to coinbase.

You see -- coinbase didn't have an input that was EXACTLY 1.01515817BTC, so they had to spent a bigger input. It's simply their "change", their leftovers, which are "send" back to them.

-- Google it for  a more detailed explanation, https://support.exodus.io/article/109-what-are-change-addresses

Quote
Second question: does the public key/address change everytime after a transaction or does it remain the same?
With most wallets it probably does change. I'm not entirely sure if this is the case for the ledger, but i wouldn't be surprised if it was.

This is to preserve your privacy a little bit more. (Although in most cases (consolidation of funds/spending multiple UTXOS) it won't do that much.)


If you use the same address each time you receive funds, it becomes easy for anyone to track your entire payment history. This method of address generation improves privacy by automatically presenting you with a new address when you’re expecting payment.

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January 27, 2019, 01:38:32 PM
 #3

Quote
Second question: does the public key/address change everytime after a transaction or does it remain the same

Ledger Nano S is a HD wallet, so yes, it will generate a new receiving address derived from the extended public key each time.
You can use any generated address for multiple transactions though.

The purpose from generating different addresses is to provide more privacy by making tracking your transactions harder.

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January 27, 2019, 02:13:26 PM
 #4

Yes, like the other members said before me, every time you click on Receive within your Ledger Live application, a new address will be generated. Make sure you verify the address and check that the address on the Ledger Live app is the same as the one that is shown on your Ledger device screen.
You can use the same address for multiple transactions but it is better to create a new one for every transaction that you receive. 

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January 27, 2019, 06:21:34 PM
 #5

Thank you for the help guys.

Now it's clear!

Marco
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