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Is there a limit on the number of private/public key pairs one can have inside a wallet? For instance if I have, say, a 1M transactions could I have a million unique bitcoin addresses...each address created with a different private key?

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As far as I know there is no limit of keys you can keep in Bitcoin-Qt. Beware though that Bitcoin-Qt only creates 100 addresses in advance with default settings and you should create backups at least every 100 transactions, or set it to generate more private-keys in advance.

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