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
Bitcoin addresses are disposable, but You can use them forever if You want.
If you are using a paperwallet, remember that if you spend money from that address, I will loose a bit of security.
All addresses are secured by SHA256, RIPEMD-160 and ECDSA, once you make the first transaction, you broadcast your public key which leaves you with ECDSA to secure your wallet. True that quantum computer
could break ECDSA but it wouldn't be the first target. If you look at some wallets for example onchain dice, they always reuse address and never get hacked. The other security concern is weak RNG which could be exploited once you make a transaction.