One of the main features of cryptocurrencies is their anonymity. You can send your wallet address to anyone without fear of revealing your identity. Nevertheless, despite the inherent security of blockchain technology, hackers continue to develop various ways to access your wallet address and steal your cryptocurrency assets. As a result, the question arises: Is your wallet address safe in public?
The short answer is; Yes, it is. Crypto addresses are similar to your bank account number. Typically, your funds are safe in the bank even when your account number is posted publicly, as the transactions on the account are exclusive to you and the bank. However, it is not the same with crypto addresses. Transactions on the blockchain are visible to the public, and all activities can be monitored.
Basically, your crypto address is a string of letters and numbers representing a virtual wallet that allows cryptocurrency to be sent and received. As a result, you have to share either publicly or with whoever you have to receive tokens from. As much as there is no direct risk attached to sharing your wallet address publicly, you are at the risk of being exposed to hackers who can see your transactions and the available balance in your crypto wallet. However, the only way a hacker can steal your digital assets is if your crypto wallet password has been compromised or you publicly display your private key.
However, suppose you run a business where you must share your wallet address with the public. In that case, you don't always want your clients or the public to see your business's transaction history by inspecting your wallet address on the blockchain. Therefore, you need to always put out a new wallet address for every transaction, which keeps your transaction details exclusive from the public.
Why You Should Not Share Your Wallet Address In Public
Even though it has been said that your assets cannot be stolen by having your wallet in public, it is not safe if you conduct high-volume transactions or are a business person. In these cases, you risk becoming a target for hackers who can publicly view your transaction history and details on the blockchain.
When you make your wallet address public, you risk jeopardizing your identity. Hackers can keep an eye on your investments, track your transactions, and link it to the social media platforms you've shared, which may reveal information about who you are. Hence, the public knowing what you are worth through inspecting your wallet address on the blockchain is dangerous, as this puts you on the spot, and hackers can plan a focused social engineering attack on you.
Another important reason you shouldn't publicly share your wallet address is that hackers could send you a transaction with malicious intent. For instance, you could receive a transaction that seems to come from a reliable source but is malware or a virus. As a result, this can either get your wallet compromised or your entire asset all cleared out.
Therefore, you shouldn't publicly share your wallet addresses unless you are conducting a fundraising effort in which you accept donations from the general public and are required to be transparent and accountable for every dollar.
How To Create a New Wallet Address For Every Transaction
You keep prying eyes at bay when you share a different wallet address each time you want to do a public transaction. This is because the wallet address will not reveal your previous transaction history, which protects your identity and prevents your investments from being tracked. In addition, generating a new address for your transaction will protect your privacy every time you receive funds, and no one can associate the address with you by checking the transaction details on the blockchain.
So, once you log in to your crypto wallet, you can generate a new address by selecting the particular crypto token you want to share the address publicly.
For instance, you want to receive USDT from a public source.
- Select USDT from your wallet and select the network.
- From the wallet dashboard, you can see all information about your transaction, including a QR Code for your convenience.
- Refresh the wallet address with the icon to the left of the QR Code. (Marked in red in the image below)
- Confirm the action, and the wallet address will change immediately!
You can proceed to share your new wallet address publicly and change it anytime you need to do another transaction.
However, you should note that the previous wallet address will no longer be valid after the change. Make sure you do not share the old address for a deposit, as this may result in the permanent loss of assets.
Now you understand why you should not publicly share your wallet address. That said, you should be careful where you share your wallet address, especially on unauthorized public domains. So, to protect your privacy, you should always use a new wallet address for transactions, especially public transactions.
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