I have sent 3 amounts of Reddcoin to my Reddcoin wallet, using the 3 receiving addresses provided by my Reddcoin wallet. I want to send some more Reddcoin to my wallet but the advice on my wallet is ‘These are your Reddcoin addresses for receiving payments. It is recommended to use a new receiving address for each transaction’ My question is- where and how do I obtain a new receiving address? Or does it just mean use one of the 3 receiving addresses provided by my wallet but make sure you switch addresses each time you send?
Hi there - it is recommending that you use a brand new one for each transaction, so if you’ve already sent to those 3 you need to create a 4th, 5th, etc. as you send more in.
You can get a new receiving address by going to:
File - Receiving Addresses
And then you click the +New button at the bottom of the window that appears. That should generate a new one for you.
Thanks for the advice akcov68. I understand now. However I was a bit impatient and made two more transactions using 2 addresses again from my original 3 addresses provided by my Reddcoin wallet. The transfer went fine and the coins are now showing in my wallet. I have backed them up as well. However since some of the transactions are showing the same receiving address, does that mean that they would not restore correctly from a backup? If so, should I send my reddcoin back to the sending address and then resend them back to wallet using new addresses ?
They should restore fine.
The reason it is recommended to create more than one receiving address is really for privacy and security reasons. Every address you see in the core wallet that you create to receive Reddcoin is a public address that can be shared for people to send Reddcoin to.
Each of those public addresses has a matching private address stored in your wallet.dat file. Actually, each of the addresses could be considered a mini-wallet - like an individual paper wallet. All of them combined are in your core wallet - like a group wallet. If you were to ever get hacked while doing a transaction and someone gets ahold of one of your private keys, then they’d only be able to take the Reddcoin you have on that one private key - not on all of it across all of the keys.
The exception to this is that if your wallet.dat file falls into the wrong hands. You want to keep that backed up and secure as it has all of your private keys and your access to your coins on the blockchain.
Now, I don’t think it would make sense to create separate addresses for a bunch of small Reddcoin transactions - maybe have a separate key for set amounts, and then create a new one once you hit a certain amount.
ALSO - since the Reddcoin blockchain is public, anyone can look up one of your public keys to see how many RDDs you have associated with that key and view all of your transactions to and from that key (this goes for every public blockchain). So if you’d like to keep your RDD wealth a bit more private, then storing your coins across multiple addresses is the best way to go.
Thanks akcov68. By the way, how can people look up your public keys?