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Question: Would you reuse a receiving address, if you plan to buy BTC for a lot of money?
No, never!
Yes, if I buy for 10k USD or more.
Yes, if I buy for 25k USD or more.
Yes, if I buy for 50k USD or more.
Yes, if I buy for 100k USD or more.
Yes, if I buy for 250k USD or more.
Yes, if I buy for 500k USD or more.
I don't know, just show my the results.

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Author Topic: What if you plan to buy BTC for big money: Would you reuse a tested address?  (Read 386 times)
btc78
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February 02, 2024, 04:39:10 PM
 #41

It is quite interesting to hear that there are a lot of different perspectives regarding this topic I would love to hear about those and really dive deep into why you guys think like that because personally I do not see the point of re-using an old address

I do know that in some cases people send out bitcoin to the wrong addresses and this could be terrifying especially if it is a large amount of money who knows if it will still come back to you, right? But i think the key here is just to recheck everything and make sure that your what you are inputting is correct

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jrrsparkles
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February 02, 2024, 05:07:45 PM
 #42

I know the wallet I am using is not going to give me the wrong address but if that is my first 50K worth of BTC transfer then definitely I will go with the one I used to receive at least once but there is no loss in the privacy as long as the address you used to receive is not connected to anywhere that connects you to the KYCed service platform.









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South Park
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February 02, 2024, 09:47:21 PM
 #43

This is obviously how plebs would think, probably because they are not yet familiar with the system and because you and your friends are scared that you might lose your coin if you send it to a new address that has not yet been used.


You can't really blame most newbies for this stereotyped mindset, I think that it's a healthy fear, because you don't want to lose your coins over what you're not very sure of. Infact some newbies will first receive crypto coins into a new wallet and then send it out, just to make sure that it works before endorsing it to hold their coins, especially when the money involved is much. The charade is not necessary but if it'll make a newbie without accurate knowledge to feel safer, then it's no harm to perform a trial test. Let him just keep the seed phrase in a secured location and never share the information with any of his friends.


When in doubt it is preferable that newbies are more cautious than usual than the other way around, this way they can at least convince themselves that what they are doing is right and do not worry about those coins they are holding for the long term, as we have seen many horror stories of people that did not verify their download, sent their coins to that wallet and only realized their coins have been stolen months after the fact, and in some cases they kept losing money as they kept sending money to the compromised wallet before they realized what happened.

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February 02, 2024, 10:15:52 PM
 #44

If it belongs to a cold wallet device then I can use the address twice since it comes with the device and there is nothing I can do at that point.

But if it is a wallet that I created online,  I will rather choose to use a new address any time I want to receive Bitcoin from a third party,  this will give you more privacy and security compared to using the same old address all the time so we have to take note of that to know the we need to give up on the old address.
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