Features

Wallets

Coming soon: Hardware wallet or xPub connectivity.

What is a watch-only wallet?

A watched wallet is a bitcoin wallet feature that only utilizes public keys, allowing you to receive bitcoin and monitor the activity and balance of a specific wallet address without having control over the funds stored in that address.

Why would I set up a watch-only wallet?

Watched wallets are helpful for various reasons:

  • Monitoring funds: You can keep track of incoming transactions and verify that expected payments have been received.
  • Auditing and accounting: Businesses and organizations can use watch-only wallets to keep tabs on specific addresses for financial tracking and compliance purposes.
  • Keeping watch over a friend or family member's funds: By setting up a watch-only wallet, you can help ensure a friend or family member's financial well-being and provide assistance if needed. This can be particularly useful for parents looking out for their children's financial activities or for helping elderly family members manage their assets.

Is there any risk in using a watch-only wallet?

Using a watch-only wallet is generally low-risk, as it only allows you to observe and monitor transactions. However, if anyone obtains access to your Coinbits account, your list of watch-only wallets will tie public bitcoin addresses to your identity.

How do I create a watch-only wallet?

To create a watch-only wallet, click on "Wallets" in the dashboard sidebar. You’ll be taken to the Wallets page. Select “Add Watched Wallet”. A pop up will appear asking you to enter a bitcoin address, or public address, and name it. You will also be given the option to receive updates any time the wallet's balance changes. Click continue and you’re all set.

Can I have multiple watch-only wallets?

Yes, you can add multiple addresses as watched wallets.

Updated on:
February 17, 2024