Regularly accessing a live wallet (one with the private keys) just to check your balance increases the risk of theft of your private keys. Thus, watch only wallets are an ideal way to track blockchain transactions or your Bitcoin address balance.Īlso, watch only wallets increase security. This is because only public keys are used to create such wallets. Thus, they only allow you to track Bitcoin transactions or check your Bitcoin address balance.Īs the name suggests, watch only wallets cannot spend funds on the addresses they track. Why Should I Use a Bitcoin Watch Only Wallet?Ī watch only wallet is one which is in read-only mode.
This is an overview of what we would be discussing.
MY ETHEREUM WALLET HOW TO
We also guide you step by step on how to create a watch only wallet. In this article, we would discuss what watch only wallets are, their use in helping you track Bitcoin transactions or check your Bitcoin address balance. We would highlight differences with other major cryptos too. Note: while this article discusses Bitcoin, the concept is applicable to other cryptocurrencies. Wouldn’t it be great to have a way to track your Bitcoins? Just like how you track fiat using bank statements, you can track Bitcoins using watch only wallets. Most people have the bulk of their funds held in cold storage.
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