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Why Does Your Bitcoin Wallet Address Keep Changing?
Getting started with Bitcoin can be a scary and intimidating avenue to pursue, with so many technical aspects to understand it can quickly become frustrating for those who aren't technically inclined. If you're a "normie" getting started with Bitcoin and you've set up a wallet address and performed a few transactions, you may have found a startling discovery, the wallet address you used previously no longer displays in your wallet.
For most of us, our default reaction is "I am being hacked", but this is far from the case, in fact, its a security protocal built into the Bitcoin network.
Why Bitcoin Addresses keeps changingWhen you send funds from your Bitcoin wallet, the specified amount of funds are sent to the intended Bitcoin address, while the remainder of the funds stored in the sending bitcoin address is sent to what is referred to as a "change" bitcoin address associated with the same bitcoin wallet.
The change is not available to spend until the bitcoin transaction gets confirmed on the bitcoin network (funds get delivered to the intended address).
This may sound a bit complex but allow me to break it down in a more practical manner. Consider the example of taking a $20 bill out of your wallet to pay for a $5 cup of coffee. You would give the $20 to the cashier, and the cashier would give you back the $15. While the $15 belongs to you, it is not available for the time it takes the cashier to give you back your change, which is what happens when the address change happens.
Note: Change addresses work the same way on the Bitcoin Cash network.
Do wallet address changes happen for all cryptocurrencies?While you may notice that your Bitcoin and Bitcoin cash addresses change every time you receive funds, other cryptocurrencies don't apply the same rules. In the case of Ethereum address will not change.
When using a specific cryptocurrency, its essential to do your research and know precisely how each one works to ensure you don't end up sending funds to the wrong address.
Should you be panicking?
There is no need to be alarmed by this. These automatically generated addresses after every transaction are done to protect your privacy so that a third-party can not view all other trades associated with your account only by using a blockchain explorer to look-up an address they know to be yours.
What happens to the previous addresses?All addresses generated for your account will remain associated with your private key account forever. They are safe to re-use to receive future payments, but for the prior stated reasons, we recommend using a unique address for all transactions.
Tell us your story
Have you started using Bitcoin? How have you found managing and transferring your funds? Let us know in the comments.
Are you looking to promote your business?
South African finance businesses can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online.
Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions. If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you want to know more about cryptocurrency, don’t be shy we’re happy to assist. Simply contact us
If you found this post helpful and have a few more minutes to spare, then head deeper down the rabbit hole with the following articles about cryptocurrency
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- How To Earn Cryptocurrency With Your Photographs
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- How To Earn Cryptocurrency Using Your WordPress Site
- How Travel Bloggers Can Earn Cryptocurrency
- How To Earn Cryptocurrency For Freelance Work & Micro Jobs
- How To Earn Cryptocurrency By Running Ads on Your Site
Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.