Hey guys, so I am a newbie and i saw some of members here have multiple bitcoin wallets , why is that? do i need to make multiple bitcoin wallets as a beginner ?
others have explained the difference between wallet and
BTC address so i am not getting into that.
but the only reason for having multiple wallets is the different usages you get from different wallets. for example usually people do it this way:
- a cold storage (1 wallet) like paper wallet to hold your main large amount of bitcoin in order to keep it safe
- a hot wallet (like desktop, phone or web wallet) in order to spend bitcoin daily and have it nearby, always accessible.
but remember having more wallets means having to remember more passwords for encryption, ... and that can be challenging.