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Note the title is a bit misleading. They say 650,000 users but the next sentence they state > "we crossed more than 650,000 consumer Bitcoin wallets" I'm not

Note the title is a bit misleading. They say 650,000 users but the next sentence they state > "we crossed more than 650,000 consumer Bitcoin wallets" I'm not familiar with their service but I have 20 or so wallets that I've accumulated over the past 20 months, so I'm guessing its entirely possible for a single user to have multiple wallets, infact its so common that I'd label it the norm. I wonder what percentage of their users, and wallets hold any bitcoins?

modeless 13y ago
You have 20 Coinbase wallets? Unlike regular bitcoin wallets, there's no reason to have more than one Coinbase wallet. A Coinbase wallet can have an unlimited number of Bitcoin addresses and it is generally tied to a real name with a bank account and/or credit card for purchasing and selling bitcoins.
- loceng 13y ago
  Probably to avoid people associating ownership to one person as easily?
  - modeless 13y ago
    If you're worried about the association of your wallet with your identity, then almost all of Coinbase's services are off limits to you. There would be little reason to create a Coinbase account.
  - nwh 13y ago
    Coinbase use things like font fingerprinting to identify their users. Having multiple accounts is useless.
- OafTobark 13y ago
  You don't really have a choice in some cases. Coinbase creates new wallets for referrals and maybe other transactions rather than use the existing wallet
  - modeless 13y ago
    I'm not sure what you're talking about. Coinbase does not create new wallets for any transaction. It creates new bitcoin addresses, but all addresses are contained in one wallet.
    - OafTobark 13y ago
      Fair enough. Wrong word usage but I think thats what the original commentator meant. If not, my fault. That said, unless you have multiple Coinbase accounts, then I fail to see how you could have multiple wallets if they are not synonymous with addresses
- BlackDeath3 13y ago
  What is the point of having multiples of any wallet? Which wallet would be less effective on its own? Don't they all produce a sufficient (indefinite?) number of pseudorandom addresses?
  - modeless 13y ago
    You might want multiple wallets for security reasons. For example, you could have one wallet on your phone for everyday transactions, and a separate wallet on a computer that's normally disconnected from the internet (a "cold wallet"). You can also store bitcoin wallets on USB keys or even on paper and put them in safe deposit boxes. https://en.bitcoin.it/wiki/Cold_storage https://en.bitcoin.it/wiki/Cold_storage Since all Coinbase wallets are the same in terms of security properties, there's no reason for an individual to have more than one Coinbase wallet.
    - BlackDeath3 13y ago
      Having hot wallets and cold wallets separated does make a lot of sense.
sprice 13y ago
From what I can tell as a Coinbase user, for someone to have multiple wallets they would need to have multiple user accounts. Ie: each user account has 1 wallet.
mrb 13y ago
You probably mean you have 1 wallet, containing 20 Bitcoin addresses. Not sure why Coinbase uses the terminology "consumer Bitcoin wallet", but it is pretty clear they mean "user accounts", where each account is associated to 1 wallet, each containing possibly multiple addresses.
- winthrowe 13y ago
  Presumably to differentiate them from "business Bitcoin wallets". https://coinbase.com/merchants https://coinbase.com/merchants

modeless 13y ago

You have 20 Coinbase wallets? Unlike regular bitcoin wallets, there's no reason to have more than one Coinbase wallet. A Coinbase wallet can have an unlimited number of Bitcoin addresses and it is generally tied to a real name with a bank account and/or credit card for purchasing and selling bitcoins.

loceng 13y ago
Probably to avoid people associating ownership to one person as easily?
- modeless 13y ago
  If you're worried about the association of your wallet with your identity, then almost all of Coinbase's services are off limits to you. There would be little reason to create a Coinbase account.
- nwh 13y ago
  Coinbase use things like font fingerprinting to identify their users. Having multiple accounts is useless.
OafTobark 13y ago
You don't really have a choice in some cases. Coinbase creates new wallets for referrals and maybe other transactions rather than use the existing wallet
- modeless 13y ago
  I'm not sure what you're talking about. Coinbase does not create new wallets for any transaction. It creates new bitcoin addresses, but all addresses are contained in one wallet.
  - OafTobark 13y ago
    Fair enough. Wrong word usage but I think thats what the original commentator meant. If not, my fault. That said, unless you have multiple Coinbase accounts, then I fail to see how you could have multiple wallets if they are not synonymous with addresses
BlackDeath3 13y ago
What is the point of having multiples of any wallet? Which wallet would be less effective on its own? Don't they all produce a sufficient (indefinite?) number of pseudorandom addresses?
- modeless 13y ago
  You might want multiple wallets for security reasons. For example, you could have one wallet on your phone for everyday transactions, and a separate wallet on a computer that's normally disconnected from the internet (a "cold wallet"). You can also store bitcoin wallets on USB keys or even on paper and put them in safe deposit boxes. https://en.bitcoin.it/wiki/Cold_storage https://en.bitcoin.it/wiki/Cold_storage Since all Coinbase wallets are the same in terms of security properties, there's no reason for an individual to have more than one Coinbase wallet.
  - BlackDeath3 13y ago
    Having hot wallets and cold wallets separated does make a lot of sense.

sprice 13y ago

From what I can tell as a Coinbase user, for someone to have multiple wallets they would need to have multiple user accounts. Ie: each user account has 1 wallet.

mrb 13y ago

You probably mean you have 1 wallet, containing 20 Bitcoin addresses. Not sure why Coinbase uses the terminology "consumer Bitcoin wallet", but it is pretty clear they mean "user accounts", where each account is associated to 1 wallet, each containing possibly multiple addresses.

winthrowe 13y ago
Presumably to differentiate them from "business Bitcoin wallets". https://coinbase.com/merchants https://coinbase.com/merchants