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Why Bitcoin Records Have Multiple Receiving Addresses (Number of Bitcoin Wallet Addresses)

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Why do Bitcoin records have multiple receiving addresses? Why do Bitcoin record

Why Bitcoin Records Have Multiple Receiving Addresses (Number of Bitcoin Wallet Addresses)

Why do Bitcoin records have multiple receiving addresses? Why do Bitcoin records have multiple receiving addresses?

According to statistics from Bitinfocharts, Bitcoin generates a new receiving address on average every 10 minutes. Each receiving address can receive up to one transaction (about 3 BTC) at most.

If this number doubles or more, the quantity may increase in a short period of time.

However, when we observe the two main nodes on the Bitcoin network, we find that there are many incompatible relationships between these wallets, which makes them unable to interact. Additionally, some users may need to use multiple wallets to send and receive funds or store funds in a separate wallet to share information with other addresses. As a result, multiple Bitcoin wallets have emerged, causing communication problems between multiple accounts.

Here are several reasons.

1. Exchanges are usually popular by providing different payment services. Most people believe that they can already accept Bitcoin payments, but there are still some companies that refuse to support this solution. Due to the lack of a unified exchange rate, customers often have to choose the most favorable price to purchase cryptocurrency instead of fiat currency. 2. Exchanges generally rely on custodial institutions to maintain the security of their assets, as they provide functions such as billing, bank transfers, and custody for enterprises.

3. Since exchanges themselves have strong security, they must bear all risks; 4. Both parties to the transaction must confirm whether their platforms comply with anti-money laundering rules to prevent hackers from invading; 5. Due to the large volatility of Bitcoin prices and the ease of being stolen; 6. The emergence of blockchain technology has reduced transaction costs; 7. For Bitcoin, anyone can extract funds from a wallet by verifying the transaction process.

Number of Bitcoin Wallet Addresses

According to reports, BitInfoCharts data shows that the number of Bitcoin wallet addresses holding over 100 million USD worth of BTC has reached nearly 100,000. The largest 10 million wallet addresses are located in San Diego, California, USA. As of the time of publication, this number is 289 million USD; the second largest 20 million wallet addresses are supported by the Royal Bank of Canada, accounting for 19.8% of all wallet addresses (approximately 1.3 billion USD). In addition, the number of wallet addresses holding more than 0.1 Bitcoin is also increasing rapidly. As of June 30, 2021, BTC worth 59,700 USD has been transferred from Coinbase to exchanges such as Huobi, Binance, and OKEx (cryptoslate).

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