To protect your privacy, the BitPay wallet generates new addresses automatically after you use a bitcoin address one time.
All bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. For these reasons, bitcoin addresses should only be used one time and users must be careful not to disclose their addresses. When addresses are re-used, they allow others to more easily and reliably determine that the address being used is yours.
When creating a new wallet, you have the option to enable the single address option. The single address option can only be done when initially creating a wallet. An existing regular (non single-address) wallet cannot be forced to use a single address. In other words, a regular wallet cannot be “converted” to a single address wallet.
The single address feature will force the wallet to only use one address rather than generating a new address each time. This can be useful for donations or other scenarios where transparency is important.
These are some use cases where transparency might be relevant:
- Private Equities
To create a single address wallet, follow these steps:
- Open the BitPay App
- Click the gear icon (top-right corner)
- Scroll down the menu and click +Add Wallet
- Click Basic Wallet
- Select the currency
- Enter a wallet name
- Click Show advanced options
- Enable Single address (see below)
- Click CREATE