Quote from: Rose_btc on June 12, 2019, 08:56:08 AM

Is this the only method that can be used or any other method where I can use 1 wallet for multiple addresses?

This is not the only way. I started my crypto journey by reading about wallets. Let me share what I have read.

You can do in HD wallets as well. HD wallets are basically the the advanced version of deterministic wallet.

Deterministic wallets which are also called seeded wallets are wallets where private keys are derived from a common key. Also, one way hash function is used while deriving these private keys thus, the private key can never get back you seed. If you have backed up the seed you can easily recover your wallet. This is the biggest advantage of deterministic wallet over the non-deterministic wallet.

HD Wallets As I mentioned above HD are the advanced version of deterministic wallet. The HD wallets have tree structure that is a parent key can drive child keys and the child keys can generate grand children key and this keeps on creating in a tree fashion.

There are muliple uses of HD wallets:

One is recovery like Deterministic wallet
You can allocate the different branch of of sub-keys to different purpose
Also, one can create public key with accessing to private key increasing the securite concerns (even I am exploring more about this feature so, unable explain in detail)

The hardware wallets like trezor and Ledger are HD wallets.