bitcoin address question

[s1ncho]

Hi all,

There is a very simple question in my head about Bitcoin. I will be glad if someone can answer this.

Its about the Bitcoin address. It is stated that :

A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.

If each address can only be used for a single transaction how does one can receive more than one payments to his address.

Lets say I have a blog and I want to receive bitcoin donations to the address that I specified. Do I have to update the 30character code everytime that I receive a payment?

How does this work? Can somebody please explain.

Cheers

[1715161800]

1715161800

[okthen]

Where did you get that from?
Your address works exactly like your email address, you can use it as many times as you want without changing it.

[ranochigo]

Hi all,

There is a very simple question in my head about Bitcoin. I will be glad if someone can answer this.

Its about the Bitcoin address. It is stated that :

A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.

If each address can only be used for a single transaction how does one can receive more than one payments to his address.

Lets say I have a blog and I want to receive bitcoin donations to the address that I specified. Do I have to update the 30character code everytime that I receive a payment?

How does this work? Can somebody please explain.

Cheers

The key word here is 'should' it isn't necessary to change BTC address after receiving transactions. It is mainly used for promoting anonymity. A bitcoin address can be resused as much as you want if you have the corresponding private key.

[s1ncho]

Hi all,

There is a very simple question in my head about Bitcoin. I will be glad if someone can answer this.

Its about the Bitcoin address. It is stated that :

A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.

If each address can only be used for a single transaction how does one can receive more than one payments to his address.

Lets say I have a blog and I want to receive bitcoin donations to the address that I specified. Do I have to update the 30character code everytime that I receive a payment?

How does this work? Can somebody please explain.

Cheers

The key word here is 'should' it isn't necessary to change BTC address after receiving transactions. It is mainly used for promoting anonymity. A bitcoin address can be resused as much as you want if you have the corresponding private key.

Hey Thanks for the quick answers.

So how can I change my address in the wallet application? What happens to my previous address if I change after receiving a transaction?

Is it possible for a wallet application to hold several addresses?

[krigger]

Hey Thanks for the quick answers.

So how can I change my address in the wallet application? What happens to my previous address if I change after receiving a transaction?

Is it possible for a wallet application to hold several addresses?

Yes it is. You can use MultiBit.
https://multibit.org

[avatar_kiyoshi]

Actually you can take many transaction you want per address.
Are you used wallet which change if the transaction get max? What your wallet is?

[medUSA]

A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.

How does this work? Can somebody please explain.

When Satoshi designed bitcoin, he envisioned bitcoin addresses to be used only once.

There is a technical reason behind it: The security of an address is lowered after you have made an outgoing transaction from that address. A more knowledgeable member here can explain how exactly, but I believe it is about releasing a hash of your private key when you make transactions. To uphold the maximum security of an address, it is best that addresses are used only once.

Even with this "lowered security", your coins are still extremely safe from private key bruteforcing.

[NeuroticFish]

An important difference, however, is that each address should only be used for a single transaction.

Actually this is only helpful for bigger security and anonymity (if you do a lot of transactions), it's not a must.
Indeed, I heard about the possibility of exploits exactly for the case the same wallet is used many times.


I also use Multibit and never had issues.

Just make sure:

you save (print?) your public and private key somewhere (very) safe.
-or-
you save your .wallet file somewhere (very) safe.



A lot of people seem to forget to do this and cry half a year later when they cleanup, format or upgrade their computer.

[mlferro]

Hey Thanks for the quick answers.

So how can I change my address in the wallet application? What happens to my previous address if I change after receiving a transaction?

Is it possible for a wallet application to hold several addresses?

Yes it is. You can use MultiBit.
https://multibit.org

surely the multbit wallet is great for this.

[neurotypical]

What exchanges do in order to provide more anonymity and don't have a single address is generating random addresses when you click "deposit btc" so no one knows if you are depositing it in an exchange or sending it to someone other person or whatnot.

I would like something similar to receive donations.

[ranochigo]

An important difference, however, is that each address should only be used for a single transaction.

Actually this is only helpful for bigger security and anonymity (if you do a lot of transactions), it's not a must.
Indeed, I heard about the possibility of exploits exactly for the case the same wallet is used many times.


I also use Multibit and never had issues.

Just make sure:

you save (print?) your public and private key somewhere (very) safe.
-or-
you save your .wallet file somewhere (very) safe.



A lot of people seem to forget to do this and cry half a year later when they cleanup, format or upgrade their computer.

The security part is pretty wrong. There is no advantages of reusing addresses for security, it is more for privacy. Also, I assume you are talking about the possibility of quantum computers breaking Bitcoin's ecdsa but it would be useless as the SHA256 would still be secure. Even if it is developed, we can still fork to another algorithm. There are other better things to do than to attack Bitcoins when quantum computers are built.

[NeuroticFish]

The security part is pretty wrong. There is no advantages of reusing addresses for security, it is more for privacy. Also, I assume you are talking about the possibility of quantum computers breaking Bitcoin's ecdsa but it would be useless as the SHA256 would still be secure. Even if it is developed, we can still fork to another algorithm. There are other better things to do than to attack Bitcoins when quantum computers are built.

No, I know that you need huge power for that and not achievable.
I talked about the fact that ECDSA requires a random number for each signature. If this random number is ever used twice with the same private key it seems that it can be recovered.

[fildza]

I want to receive bitcoin donations to the address that I specified.

You said want to use that address for receive donation right ? So it better only use same address and if you want make it more fun, you can use changetip donation button. They have add-on that you can put on your blog that show how many tip you already earn

[yenzae0215]

Lets say I have a blog and I want to receive bitcoin donations to the address that I specified. Do I have to update the 30character code everytime that I receive a payment?

changing BTC address often is not required it is just for security reasons.. you can use a single address for 1 year if you want or until you quit using BTC as currency, depends on the likes of you

[ajareselde]

Hi all,

There is a very simple question in my head about Bitcoin. I will be glad if someone can answer this.

Its about the Bitcoin address. It is stated that :

A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.

If each address can only be used for a single transaction how does one can receive more than one payments to his address.

Lets say I have a blog and I want to receive bitcoin donations to the address that I specified. Do I have to update the 30character code everytime that I receive a payment?

How does this work? Can somebody please explain.

Cheers

Nobody is forcing you to change address each time you use it, i know i dont. Any transaction that is made to your address will be credited without exception, it is only advised that
you dont use the address multiple times due to privacy issues, but if ure running a blog , there is no need to hide your transactions.

It is best, imho, to use different addresses for various different incomes, so that you know statistics of your earning, and to keep track of transactions easier, but each and every transaction, to any of the addresses will be credited to your main balance.
Hope that explains a bit.

cheers

[leex1528]

You can reuse the same address as many times as you want.  One thing that confused me when I started was doing certain transactions will actually create a Bitcoin address for you depending on your wallet you use.  I was using Coinbase at the time and I was really scared that someone was actually creating the address for me and had access to my account.  This is not the case if you run into that, it is perfectly normal.

[fildza]

You can reuse the same address as many times as you want.  One thing that confused me when I started was doing certain transactions will actually create a Bitcoin address for you depending on your wallet you use.  I was using Coinbase at the time and I was really scared that someone was actually creating the address for me and had access to my account.  This is not the case if you run into that, it is perfectly normal.

If talk about coinbase I still remember the early time I use bitcoin at coinbase. The address keep changing and make me scare if the btc go to the old address and I lost it

[MegaHustlr]

When bitcoin was designed/Created  by Satoshi , the main purpose was to anonimity , so if you use it once , it's better .
But you can always use it as amany times you like or just have many address's in a single wallet .
You can also label each BTC address seperately as per your need

[manwithat]

You can use it many times.

[okthen]

OP, where did you get the info from?
Just thinking it might erroneously inform others, would be nice if it was changed.