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Author Topic: Different wallets for each buying origin?  (Read 267 times)
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February 01, 2024, 12:00:36 PM
 #21

Separating your kyc and no-kyc coins in different wallets is basic knowledge. Understood.

But:
Do you also separate the "where you bought"? One wallet for each exchange/platform/vendor/seller?

I mean, do you have a separate wallet for each Hodlhodl, Bisq, Robosats, etc. at no-kyc?
And then at kyc: do you have a separate one for Relai, one for Kraken and so on?

In order not to mix the coins?


KYC exchanges have already generated addresses for each and every coin they list; you do not need to get separate wallets for each coin, provided that the coin is listed on the exchange you are using. All the coins will be in your exchange wallet; there is no need to mix them or separate them.

Non-KYC exchanges also have wallets; the difference between them and KYC exchanges is just the KYC, but they are centralized exchanges.

If you want to hold Bitcoin, use an open-source Bitcoin wallet like Electrum or BlueWallet; you just have to keep your private keys safe.

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February 01, 2024, 12:05:34 PM
 #22

Agree with post above that there is not much need to have separate wallet for each KYC exchange that you use. Though, it may helpful for account purposes and tracking of your coins, rather than mixing everything in one place.
Having separate wallet for non KYC exchanges isn't bad idea, but I think it's not must have thing for everyone. Personally, I have my BTC in several different wallets, but KYC/non-KYC isn't one of reasons why I do.

I think it's just best to mix them if you don't have much time to diversify them into other wallets but if you can easily do so, then it's preferable because it has lots of advantages and you can secure it more. One of the advantages is you can simply use one wallet for your main transaction on exchanges and others are for mere storage and there are many more usable that you can choose from. You just need to have some good memories because to separate your wallets you need to remember them well and not forget some important details on where you put them or you will gonna lose them forever just like what happened to others when doing it and they can't remember it anymore.

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February 01, 2024, 01:59:03 PM
 #23

There is no need to differentiate between KYC exchanges and non-KYC exchanges as the wallets are different and have different rules. No matter which exchange site you use they have different conditions to keep coins. When investing in currencies like bitcoin you must choose a good site so as not to fall prey to scams. Users find a secure wallet to manage their digital assets that includes functionalities such as deposit withdrawals and transfers between wallets.
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February 01, 2024, 02:15:06 PM
 #24

There is no need to differentiate between KYC exchanges and non-KYC exchanges as the wallets are different and have different rules. No matter which exchange site you use they have different conditions to keep coins. When investing in currencies like bitcoin you must choose a good site so as not to fall prey to scams. Users find a secure wallet to manage their digital assets that includes functionalities such as deposit withdrawals and transfers between wallets.
Don't mix exchanges and wallets at the same time, it will confuse other people.

If there's no difference between both of them, I don't see any reason why someone need to use no KYC exchanges since you need to overcomes both unfair rates and lack of liquidity.

You may have a problem with centralized exchange when it comes to trading big amount of money, source of your funds, and other thing that related to centralization.

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February 01, 2024, 09:04:45 PM
 #25

If you don't want to mix your coins from buying KYCed platform and non KYCed platform then having two wallet makes more sense than having one wallet for each platform you buy. If you don't want to mix funds from one platform with another then allocate one address for each platform and label it then use coin control while spending it which makes the funds from one address not to mix with others.









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February 01, 2024, 09:33:26 PM
 #26

Is there any need for this separation? Because if you are using No KYC wallet which is also known as non custodial wallet and you are buying form KYC wallet then I think you can only transfer nthe coins from the KYC which you bought to the non KYC wallet for the hodling. Keeping separate wallets for buying and hodling might even confused you and might cause lost of seed phrase.

One can only separate bitcoin wallet with altcoins wallet and if possible with separate buying, (centralized exchanges) by not to confuse yourself with the login details.









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February 01, 2024, 10:07:56 PM
 #27

Separating your kyc and no-kyc coins in different wallets is basic knowledge. Understood.

But:
Do you also separate the "where you bought"? One wallet for each exchange/platform/vendor/seller?

I mean, do you have a separate wallet for each Hodlhodl, Bisq, Robosats, etc. at no-kyc?
And then at kyc: do you have a separate one for Relai, one for Kraken and so on?

In order not to mix the coins?


You can always create wallets for anyone of the coin you want to hold buy the problem could be managing our seed phrase. There are people that had made the mistake mixing things and they could no longer get hold of there private keys because of too many wallets. Many of these coin you have mentioned could be built on different Blockchains. If so, you don't have to create different wallet for them especially if you a using a multisig wallets. You need to have a better understanding about how to manage your crypto assets so that you don't stress yourself trying to stay safe when you are doing it too much especially creating different wallets for each token you are holding.

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February 01, 2024, 11:21:31 PM
 #28

When the two mainnet coin wallets you buy from dex are rated and have a good rating for me it is safe. Indeed wallets with kyc support you get help from customer service like cex, but if the coin is the same of course I choose to stay in cex for trading without cross chain. both wallets have their own advantages and I still use for if one exchange does not support.

Speaking of two wallets that have the freedom of kyc tos you can mix with transactions on the mainnet even though it interacts a lot of dex and if you doubt you can make dab move the coin to 1 adrress as a shelter (only accept shipping) Maybe you will spend more time and the shipping fee will be doubled. Anticipation that you think is worth it, you can do because of your own comfort and peace of mind that requires your assets even if it is short-term.
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February 01, 2024, 11:40:49 PM
 #29

Wallet is just a collection of addresses, having a new collection won't help your privacy if your transaction history leaves a trail. For example, you create two wallets, but then send coins from these wallets to the same deposit address on some service. Instead you should focus on practicing coin control to make sure that you don't obviously link your coins.
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February 02, 2024, 02:51:14 AM
 #30

It seems a great practice, but not necessarily each time you buy or each time you send. You can actually categorize them. Other than the usual classification between daily or regular wallet where you keep small amounts and long term wallet where you keep the bulk of your funds, you can also classify funds based on whether they're used in centralized exchanges or mixers or decentralized P2P. You don't have to separate funds from Kraken and Binance for example. You can combine them as they're all coming from centralized exchanges. But you don't mix them with funds coming from Bisq for example.
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February 03, 2024, 10:36:18 PM
 #31

Wallet is just a collection of addresses, having a new collection won't help your privacy if your transaction history leaves a trail. For example, you create two wallets, but then send coins from these wallets to the same deposit address on some service. Instead you should focus on practicing coin control to make sure that you don't obviously link your coins.
Don't you think it's harder to track all your transactions when they all belong to one same wallet? Once you make one trasaction, the change of the input goes to one other address of your wallet, and you can easily forget where come from the funds of this address, when you want to them several months or years later. While if you use different wallets for different origins, you always know the primary origin of your funds. So I think it's a good idea to do such a thing. Even if it implies to have to manage more HD wallets seeds.

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February 03, 2024, 11:43:55 PM
 #32

Separating your kyc and no-kyc coins in different wallets is basic knowledge. Understood.

But:
Do you also separate the "where you bought"? One wallet for each exchange/platform/vendor/seller?

I mean, do you have a separate wallet for each Hodlhodl, Bisq, Robosats, etc. at no-kyc?
And then at kyc: do you have a separate one for Relai, one for Kraken and so on?

In order not to mix the coins?



You might have a newbie tag but right behind that tag is not a newbie in the tech. The OP is a highly sensitive point. To think that I have done loads of transactions and never considered the whether or not there is a KYC or non KYC requirement in the coins I have saved has not occurred to me yet.

Henceforth, I will look into it

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Gormicsta
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February 04, 2024, 10:58:57 AM
 #33

If you care about your privacy, then it's better to use separate addresses for KYCed funds and non-KYCed funds. So both funds won't mix with each other. If it is mixed, then it is easy to detect where all the funds are coming from or who owns them. If you are using multiple KYC exchanges,  you can use an address because it doesn't make any difference. I would advise you to always protect your privacy and don't mix KYC and non-KYC funds if possible.

Yes, using different addresses can help to maintain the anonymity and untraceability of your transactions. Not to mention, you should always verify the terms and conditions of each exchange you use as some may mandate you to use different addresses for KYC and non-KYC funds.
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