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Why Do I Have One Wallet Address For Multiple Networks in Best Wallet?
Why Do I Have One Wallet Address For Multiple Networks in Best Wallet?

Learn why you only have one wallet address for 3 different crypto networks in Best Wallet.

Updated over a week ago

Seeing your Best Wallet address remain the same across BNB Smart Chain, Ethereum, and Polygon networks might seem confusing at first.

There's a simple explanation behind it. Let's dive into why this is the case and what it means for you as a user.

What does EVM mean?

Best Wallet supports three blockchain networks: BNB Smart Chain, Ethereum, and Polygon.

These networks are all compatible with the Ethereum Virtual Machine (EVM), which is a core component of the broader Ethereum ecosystem.

EVM is a global, decentralised virtual machine that executes smart contracts and runs decentralised applications (dApps).

EVM compatibility means that these networks can understand and execute the same type of code and share similar infrastructure. This extends to the way wallet addresses are generated and managed.

One address, multiple networks

Since BNB Smart Chain, Ethereum, and Polygon are all EVM-compatible, they use the same cryptographic methods and address formats.

This is why your Best Wallet has just one address that is valid across all these networks.

Here's what this means for you:

  • Simplified Management: You currently only need to manage one Best Wallet address for multiple assets across these networks, making it easier to keep track of your funds and transactions.

  • Seamless Transactions: When receiving crypto, all you will need is to share your one Best Wallet address. That means you can receive a wide range of tokens on BNB Smart Chain, Ethereum, and Polygon to just one address.

  • Enhanced Security: By using one address across multiple networks, you reduce the risk of human error, such as sending funds to the wrong address. It also makes it easier to secure and back up your wallet.

This also means that as Best Wallet adds more networks that are EVM-compatible – such as the Optimum, Avalanche, and Arbitrum networks – you will be able to receive even more cryptocurrencies to your one Best Wallet address.

How to use your multi-network address

When you select one of your Best Wallets, you will be presented with that wallet’s public address. This is just the address you share with people and can be publicly viewed on blockchain explorers.

Note: Although each network shares the same wallet address, you still need to ensure you are sending and receiving tokens on the right network. You can't send a token built on BNB Smart Chain via Ethereum. Doing so may result in failed transactions or lost crypto funds.

You will also have different wallet addresses for each wallet you have in the Best Wallet app. This means any new wallet you create in Best Wallet will have a completely different wallet address to your main wallet.

Things to remember:

  • Select the Correct Network: Before receiving funds, ensure that the sender is using the correct network (BNB Smart Chain, Ethereum, or Polygon). While your address is the same across these networks, the actual blockchain processing your transaction must match the currency being sent.

  • Double-Check Details: Always double-check the address before sharing it or sending funds. A small mistake can lead to lost assets.

  • Understand Network Fees: Each network has its own transaction fee structure (also known as gas fees). Be aware of these fees when sending or receiving funds, as they can vary significantly between networks.

Why does Bitcoin have a different wallet address?

Whilst Best Wallet doesn’t currently support Bitcoin, it will soon. Bitcoin isn’t EVM-compatible and therefore will have a completely separate address from your other Best Wallet address.

What happens if someone sends a non-compatible cryptocurrency to my Best Wallet address?

If a non-compatible cryptocurrency is sent to your EVM-compatible address, the transaction will likely fail or result in lost funds.

So, if someone tried to send Bitcoin to your current Best Wallet address, the transaction would most likely fail or the $BTC tokens lost.

It's crucial to communicate with the sender to ensure they are sending a compatible cryptocurrency on the correct network.

Is it safe to share my wallet address?

Yes, it is completely safe to share your public address with others when you want to receive funds. However, it's not good practice to share your wallet address publicly on social media.

Additionally, never share your private keys or seed phrases, as they provide full access to your wallet.

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