0

I'm a Laravel developer and I have a project in exchanges field. I need to know how can I generate deposit address for per coin belongs to per user. I want to do this in secure way and I need to best suggestions. Is HD wallets best choice for this situation? Do all coins have HD wallets?

Improve this question

1 Answer 1

Reset to default
1

According to https://bitcoin.org/en/glossary/hd-protocol

Definition

The Hierarchical Deterministic (HD) key creation and transfer protocol (BIP32), which allows creating child keys from parent keys in a hierarchy. Wallets using the HD protocol are called HD wallets

So this allows you to create lots of addresses just from a Master Key

Are they secure?

As far as you don't leak your mnemonic, all your addresses are safe

Do all coins have HD wallets?

HD wallets provides you a way of managing the addresses more efficiently and easily. So coins don't have wallets, addresses managed by those wallet can hold coins

Hope this was helpful!

Improve this answer
8
  • Thank you for your response.As you said: "So coins don't have wallets" I confused about addresses for alt coins or Eth coin or ripple and others. Do I need to generate address to get coins and alt coins, right? or you mean bitcoin address can hold and receive all coins? I mean assume a person wants to send me ETH or others, and I have to give my ETH address,right?
    – Hamid Naghipour
    Commented Mar 5, 2020 at 6:03
  • 1
    Yes, different types of coins have different addresses and those addresses can only hold the supported coins. So ETH address can only hold ETH and related alt coin while BTC address can only hold BTC and related alt coins and so on...
    – Hackeerrrr
    Commented Mar 5, 2020 at 6:05
  • 1
    This line is not true 'So I think all coins don't have HD wallets'. HD wallets just provide you the addresses which are related to certain blockchain and that addresses can store the coins of only that blockchain only. So for example a typical BTC address looks like : 3PbJsixkjmjzsjCpi4xAYxxaL5NnxrbF9B. It can hold any coins which use btc technology. LIkewise a typical ETH address looks like : 0xb46a3Cc3A5a247A831484e1D6aC6d8Fd25B804eE. It can hold any coins using ETH technology. So HD wallets can be used to create addresses of any blockchain and are not limited to just BTC
    – Hackeerrrr
    Commented Mar 5, 2020 at 6:16
  • 1
    (iancoleman.io/bip39), (ethereum.stackexchange.com/questions/70017/…), The first link will cover everything in terms of concepts and all but hd wallet creation depends on programming language as well. So its hard to provide a link for the same reason.
    – Hackeerrrr
    Commented Mar 5, 2020 at 6:30
  • 1
    BIP is Bitcoin Improvement Proposal, so it provides with different proposals to improve bitcoin. BIP32 shows how to implement HD wallets and so that is important for your work and BIP44 as well. So BIP is overall improvements of Bitcoin and HD wallets are part of those
    – Hackeerrrr
    Commented Mar 5, 2020 at 6:32

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.