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Is it okay to have multiple cryptocurrency wallet

Aragon05

Aragon05

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It's okay to have multiple cryptocurrency wallet depending on your needs and preference for example if you are holding different cryptocurrencie you might want to use different wallet to keep them organized and separate also holding all your cryptocurrency in one wallet can be risky having multiple cryptocurrency wallet can help mitigate risk because if one wallet is compromised the others remain secure.
 
There is freedom for us to use as many wallets as possible, but later it will be difficult for us to store passwords and keywords. Moreover, many cryptocurrencies have their own wallets, such as Bitcoin, Doge, Tron, ADA, etc. or you can also use a cold wallet to store large amounts of crypto.
 
It is possible to have multiple wallets but managing more than 3-4 wallets can be difficult. Many of the companies are closing down and the wallet owner has to withdraw the money in the wallet before the specified date.
 
Many crypto wallet providers have closed, such as the official Dogecoin wallet which has also closed so we have to export the private key to another wallet. In fact, yesterday Coinbase would also close my account if I didn't verify my address by Oct 31, luckily I opened Coinbase before the end date, so I could verify it. So we have to open our wallet frequently to get information.
 
It is mandatory to have multiple crypto wallets, since the crypto world is full of hackers its better to have more than one crypto account so you can use one for a site that you don't have any idea and one for holding all your moneys safe from hackers and from losing it.
 
neku said:
It is possible to have multiple wallets but managing more than 3-4 wallets can be difficult. Many of the companies are closing down and the wallet owner has to withdraw the money in the wallet before the specified date.
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Yeah some times it is very difficulty to handle more than two crypto wallets, some times we forget that we have wallet on those sites, but i think 2 wallet is mandatory, one for holding one for receiving coins from sites we don't know.
 
I don't think it's essential to have several wallets, but it's true that it's advisable to have them, since diversifying your funds will give you extra security, for example, against attacks.
 
eLdavis said:
The most important thing is that you are able to manage all wallets. As long as you can manage and keep them safe, there is nothing wrong in having multiple ones.
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Yeah, you are right the hardest thing about having multiple crypto coins wallet is that managing all of those crypto wallet that we have is very hard, and it needs some active mind and remembering which is which is bit harder.
 
To me that just brings too much of responsibility and a lot of effort is required to keep track of all your accounts . Why not just have one account that you can easily keep track of.
 
There is nothing wrong in having multiple cryptocurrency account, is actually fine and it helps to stay safe a little in case of account hacking
 
muhammed001 said:
There is nothing wrong in having multiple cryptocurrency account, is actually fine and it helps to stay safe a little in case of account hacking
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Agree, there's no harm in having lots of crypto wallet accounts, so we can differentiate which one is more comfortable and safe and we can also choose a low transaction fee.
 
On a recent Bizdustry update people to create at least one other wallet rather than Binance because I think due to the travel rule all withdrawals to Gate Io Kucoin Kraken Binance Huobi and all these wallets does no longer work means cash out to Exodus or Trust Wallet then forward later to Binance. Means yes.
 
neurosurgeon said:
To me that just brings too much of responsibility and a lot of effort is required to keep track of all your accounts . Why not just have one account that you can easily keep track of.
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There are many risks of using only one crypto wallet, the crypto world is full of hackers and using your one wallet to link with many online platforms and airdrop websites have the risk of tracing ack your account and losing your money.
 
Crypto wallets are just like fiat money electronic wallets. You can have e wallets from as many electronic banking app as possible. The key thing is that you are safe. You can have crypto wallets from as many wallets providers as possible.
 
Its actually better to have multiple cryptocurrency wallets for security purposes. Incase one is hacked or compromised, you still have assets safe on your other wallets.
It's good to keep it to a number you can comfortably manage though.
 
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