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Your questions about cryptocurrency answered

Balance difference between different wallets with the same key(s)?

Balance difference between different wallets with the same key(s)?

Can I use same private key on multiple wallets?

there can’t be multiple wallets from the same private key, you got something wrong. if the contracts of the tokens you are going to send support BatchSend method, this is the one you have to use to save gas.

What is the difference between private key wallet and Trading key wallet?

The fundamental technical difference between your Private Key Wallet and your Trading Account is that the Private Key Wallet is non-custodial, while the Trading Account is custodial. Your Blockchain.com’s Private Key Wallet is non-custodial. This means that Blockchain.com does not hold those balances for you.

Can 2 crypto wallets have the same address?

So how do wallets determine if an address belongs to you? They simply draw them at random. This means, of course, that two different Bitcoin wallets could theoretically generate the same address, and that the two owners could then spend the same funds.

What is the difference between a cold wallet and a hot wallet for storing Bitcoin?

A hot wallet is connected to the internet and could be vulnerable to online attacks — which could lead to stolen funds — but it’s faster and makes it easier to trade or spend crypto. A cold wallet is typically not connected to the internet, so while it may be more secure, it’s less convenient.

What is the difference between public key and wallet address?

The wallet address is mathematically derived from the wallet’s public key through a one-way function called “hashing”. The wallet address is a shorter representation of the public key’s final part and usually has a length of 160 bits.

Does each wallet have a private key?

A cryptocurrency wallet consists of a set of public addresses and private keys. Anyone can deposit cryptocurrency in a public address, but funds cannot be removed from an address without the corresponding private key.

What is the difference between Crypto wallets?

A cryptocurrency wallet refers to a program that allows an investor to store all their cryptocurrency. People can either opt for hot a hot wallet or a cold wallet. While a hot wallet stays online, a cold wallet stays offline. Most people prefer cold wallets since they are safer from hacking and other security risks.

Can one wallet hold multiple cryptocurrencies?

While some cryptocurrency wallets may only provide support for a single cryptocurrency, many are multi-asset solutions, allowing users to hold multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, among many others.

Can I reuse a crypto address?

The most private and secure way to use bitcoin is to send a brand new address to each person who pays you. After the received coins have been spent the address should never be used again.

What’s the difference between a hot and cold wallet?

A party maintains keys in 2 wallets. One of the wallets, referred to as the hot wallet, stores frequently used keys and is connected to the Internet. Another wallet, referred to as the cold wallet, stores infrequently used keys and is kept offline.

What is a hard wallet and cold wallet?

The main difference between the two wallets is that hot wallets are connected to the internet, while cold wallets are kept offline. That being said, hot wallets are so much less secure compared to cold storage.

What happens if you lose cold wallet?

As long as you have your wallet recovery seed, which can consist of 12, 18 or 24 words depending on the type of your cold wallet. The recovery in this case is easy. However, if you lose both your hardware wallet AND recovery seed, your eyes will be squirting tears like a fountain.

What is the difference between Bitcoin and Bitcoin wallet?

A Bitcoin wallet actually contains one or more private keys that allow you to sign transactions. These private keys are the mathematical proof that you indeed own a certain amount of Bitcoin. Think of these private keys as secret codes that allow you to spend that Bitcoin.

What is the difference between Coinbase and Coinbase wallet?

Coinbase.com stores your crypto for you after you buy it. You do not need a Coinbase.com account to use Coinbase Wallet. Coinbase Wallet is a self-custody wallet. The private keys (that represent ownership of the crypto) are stored directly on your device and not within a centralized exchange like Coinbase.com.

What is the difference between Bitcoin wallet and Bitcoin account?

The short answer is that they are two different things, with the address being the ID of where the Bitcoins are being held, while the wallet is program controlling the address and facilitating transfers to and from the address.

What happens if I send bitcoin to an old address?

Sent to cryptocurrency address

Due to the irreversible nature of cryptocurrency protocols, transactions can’t be cancelled or reversed once initiated. If you sent funds to the wrong address, you’ll need to contact the receiving party and ask for their cooperation in returning the funds.

Can I use the same wallet address?

Absolutely, you can use the same bitcoin address for as long as you want. The wallet addresses given to you are tagged to your wallet I.D.

What happens if you send bitcoin to the same address?

If you’ve made two subsequent transactions to the same address that should not be a problem. Addresses can be used more than once to receive money. If you created two transactions that spend the same transaction outputs, there is no problem, because only one of them can confirm.

What is a Trading wallet?

Blockchain.com Trading wallet is a custodial wallet, where you can store crypto and perform functions such as buying, selling, swapping and sending crypto in less time and with fewer fees.

What is a trade wallet?

Broadly speaking, a blockchain wallet is a digital wallet that allows users to store, manage, and trade their cryptocurrencies.

How do I transfer from Trading wallet to private key wallet blockchain?

Navigate to your wallet’s dashboard and select the cryptocurrency that you wish to send from your Trading Account. The funds will reflect under Trading Account Balance. Select Send to My Wallet to have those funds sent to your Private Key Wallet for the currency selected.

What is a private wallet?

You are in control. While your Trading and Rewards Accounts are custodial, meaning you are storing your funds with Blockchain.com, the Private Key Wallet is non-custodial, meaning you own your funds at all times. This is the definition of “your (private) keys, your crypto.”

What happens when you transfer crypto to a wallet?

The coins exist on a blockchain and the wallet software allows you to interact with the balances held on that blockchain. The wallet itself stores addresses and allows their owners to move coins elsewhere while also letting others see the balance held at any given address.

What does a crypto wallet private key look like?

In Bitcoin and many other cryptocurrencies, a private key is a 256-bit number, however, this is not the format that it is displayed in. The 256-bit number is represented in hexadecimal- a simpler form. In the early days of Bitcoin you would have one private key that was associated with one public key and one address.

What is a wallet key?

A private key is a secure code that enables the holder to make cryptocurrency transactions and prove ownership of their holdings. Bitcoin keys specifically feature a 256-bit string displayed as a combination of letters and numbers.

Where is my wallet private key?

Navigate to the Google Play store and search Trust Wallet. Head to “Settings” and select “Wallets” from the menu provided. Tap the three-dot menu next to the wallet whose private key you want to retrieve. Press “Show Recovery Phrase” to display the phrase.

How do crypto keys work?

In cryptography, a key is a string of characters used within an encryption algorithm for altering data so that it appears random. Like a physical key, it locks (encrypts) data so that only someone with the right key can unlock (decrypt) it.

Do I own my keys in crypto?

Just remember that so long as you still hold the private keys to your wallet, you alone still own the present and future Bitcoin sent to any public address that your wallet generated. Just make sure to keep your Bitcoin private keys safe, secure, and private.

What is a hot wallet?

A hot wallet is a wallet that is always connected to the internet; they allow you to store, send, and receive tokens. Hot wallets are linked with public and private keys that help facilitate transactions and act as security measures.

Which crypto wallet is best?

Our Top Picks for the Best Crypto Wallets of July 2022

  • Coinbase Wallet – Best for beginners.
  • Electrum – Best for Bitcoin.
  • Mycelium – Best for mobile.
  • Ledger Nano X – Best for offline crypto wallet.
  • Exodus – Best for desktop.
  • MetaMask – Best for Ethereum.
  • Crypto.com – Best deFi wallet.

How many private keys are in a wallet?

1 user per private key (if you don’t share it or give access to your wallet) 1 or many private keys per user. 1 private key per address (otherwise collision).

What crypto wallets have private keys?

Try Ledger Nano S, a leading hardware wallet. Now, if you are thinking about what a hardware wallet is, then here you go. It’s a cryptocurrency wallet that stores users’ private keys in a secure and safe hardware device. Its main aim is to separate your easy-to-hack computer/smartphone from the private keys.

Can I use the same seed phrase for different wallets?

Multiple wallets can store the same recovery seed at the same time. Each hardware wallet can store only one sequence of BIP39 words at a time, but you can enter this same recovery seed into as many different BIP39 compatible hardware wallets as you like to access your funds from that wallet.