Bitcoin address is also commonly referred to as wallet address, public wallet or deposit address. They all mean the same thing. This is the address you give to those who need to send you funds.
Can you reuse Your Bitcoin address multiple times?
The answer is a definite yes.
There is no limitation or restriction on how many times you can reuse your bitcoin (BTC) address for all your transactions.
Here are the reasons you need to know to understand why this is so.
How many multiple different Bitcoin addresses can you have?
It depends on the type of cryptocurrency wallet you are using.
Using a software or hardware bitcoin wallet, you can always generate multiple wallet addresses to give to different people to send you funds. The hashing algorithm used to make bitcoin addresses typically use the Secure Hash Algorithm (SHA-256) and the RACE Integrity Primitives Evaluation Message Digest (RIPEMD160).
A typical Bitcoin address is within the range of 26 to 35 alphanumeric characters long. It is unique in that string of characters begins with either 1, 3 or bc1. Therefore, if the bitcoin wallet uses the RIPEMD160 hash function, there will be 2^160 Bitcoin addresses. To put that into context, there are about an estimated 2^63 grains of sand in the world.
If you use a bitcoin wallet from a cryptocurrency exchange like Binance, Coinbase or KuCoin, you will most likely have only one (1) BTC deposit wallet.
Should you reuse your Bitcoin address?
Yes and no, and it depends on your personal preferences.
If you use one (1) single bitcoin address for all your transactions, i.e. sent and received, the main advantage is that it is straightforward to audit and track all your transactions since you only need to input your wallet address into a blockchain explorer and you can easily see them all. The downside is that all your records are viewable by everyone since the bitcoin blockchain is transparent and visible to all by its design. Furthermore, it is easy for most software and hardware wallets to generate a brand new address for each different transaction. Therefore, even when sending to the same person, you can always use separate addresses for each transaction.
The main advantage of using different bitcoin addresses for different transactions is your privacy and your decision not to let anyone know how much you have. When we give someone our bitcoin address to send us funds, they can quickly check our balance via the blockchain. If privacy is your primary concern, you will use different addresses each time for security reasons. The downside of this is, of course, accountability and tracking issues. You will need to rely on your wallet’s history logs to determine which bitcoin address is involved in sending or receiving a particular transaction.
How many times can you reuse a Bitcoin address?
There is no limit to the number of times you can reuse your Bitcoin address. You can use it for as long as you want. In addition, there are no crypto wallet limitations or crypto exchange limitations on the number of times you can reuse your Bitcoin address.