Cold wallet versus hot wallets

[Josemendez]

When it comes to cryptocurrency storage , we need wallets to safely store our cryptocurrency. Many people prefer to use Hot wallet to cold wallet.

Cold wallet are those wallet that is not connected directly to the internet . They are connected only when there is need for transactions. It has two types paper wallet and hardware wallet. It's offline nature makes it difficult to be hacked.

Hot wallets are the ones we know such as trust wallet , coinbase , Luno , etc that is connected to the internet . It can easily be hacked by scammers ,since it is connected to the internet.

 

[Sake]

One day i would like to try these cold wallet.. maybe when i have a huge amount of crypto that i needed to keep safe. Right now cold wallet is not really a nessesary item to have for me.. but i wanted to ask what happens if somehow you break the wallet?

 

[ahmedo24]

It is very good to have both but if you don't have or hold very huge amount of coins you can stick to very reputable hot wallets like luno, Blockchain, trust wallet etc because they are highly secure. I am very optimistic most of the exchange platforms make use of cold wallet for safety reasons.

 

[Seun4luv]

One of the most popular kinds of cryptocurrency wallets is called a hot wallets. The deference between a how wallet and a cold wallets is that hot wallets are connected to the internet, while cold wallets are not.

 

[Donkiz]

Most people makes use of hot wallet because of the ease of having access to it whenever you want. As regards to hacking of hot wallets, I think that it's high-time cryptocurrency platforms introduced and make 2-factor authentication compulsory for every login, to help reduce the rate of wallet hack.

 

[Josemendez]

One of the most popular kinds of cryptocurrency wallets is called a hot wallets. The deference between a how wallet and a cold wallets is that hot wallets are connected to the internet, while cold wallets are not.

Actually cold wallets are also connected to the internet when there is need for a cryptocurrency transaction . After that it remains cold. The hot wallet are always connected to the internet . This is why it is not safe to use Hot wallets due to scammers.

 

[Ralphjoe]

Well the cold wallets are not popular for a reason I don't understand yet, infact this is the first time that I am hearing about them but the hot wallets are popular, well with this knowledge, I think I will start using a cold wallet from today.

 

[Ridorz]

Don't let me deceive my self, I do not really know or hear about cold wallet before if not now I heard it, the only wallet I Know is hot wallet you mentioned and it's the that I'm being using. You can prevent a fraudsters from hacking your wallet account by use a strong password.

 

[Adeyoola7]

Hot wallet refers to any cryptocurrency wallet that is connected to the internet. ... Cold storage refers to any cryptocurrency wallet that IS NOT connected to the internet. Generally cold storage is more secure, but they don't accept as many cryptocurrencies as do many of the hot wallets

 

[Chief]

Cold wallet is the beat because it helps to keep your funds from theft of hackers as opposed to hot wallets that make your funds prone to hacking. I advise you to opt for cold wallet as it is increasingly becoming popular.

 

[Nurudeen]

I think as an investor the best wallet to use is the hot wallet that is connected to the internet because if you have to make some transactions at any time it will be easy for you to do that and moreover if you are about to sell a coin when it's falling and your wallet is not connected to the internet there will be some serious problem

 

[Sehrish]

There are different choices of cold wallet, such as a hardware wallet or a paper wallet. You must push a button to complete a transaction, so hackers cannot take control. Hardware wallet access is locked behind a password or pin. In general, the funds stored on a hardware wallet are fairly accessible, as long as you have access to the wallet. Hot wallets are more common, but they are higher risk. There are a number of popular hot wallets for the Ethereum network which work on your web browser, such as MyEtherWallet. If you download a wallet to your desktop or your phone, that is also a hot wallet because it is connected to the internet.

 

[ahmedo24]

I think as an investor the best wallet to use is the hot wallet that is connected to the internet because if you have to make some transactions at any time it will be easy for you to do that and moreover if you are about to sell a coin when it's falling and your wallet is not connected to the internet there will be some serious problem

That's true with hot wallets you can easily get updates on the price of bitcoin though I think what most people does is to use the hardware wallets to store huge coins and the hot for minor transactions are monitoring.

 

[WhiteHouse]

The thing that matters is that a Cold Wallet ensures the private key disconnected typically with a subsequent factor like a pin code or biometric security.

Hot wallets are generally just programming and by configuration consistently associated.

Both are dépendant on securing a private key and despite the fact that equipment wallets are more secure on the grounds that less uncovered they are undependable in the sense they actually require the client to back up and keep « securely » his passphrase.

 

[Chumzy]

There are so many wallets these days that can help you collect and store your crypto coins. Cold storage are those that are stored in an external device out side your computer. Hot wallets are those that are store in the computer, online, and they are prone to hacking as compared to cold wallets.

 

[Josemendez]

Well the cold wallets are not popular for a reason I don't understand yet, infact this is the first time that I am hearing about them but the hot wallets are popular, well with this knowledge, I think I will start using a cold wallet from today.

The cold wallets are not popular because people do not use them that much , it is commonly used by Whales for securing their large amount of coins.
Secondly it is very costly ,thus people tends to avoid it .it also require a good knowledge to use it effectively.

 

[.V.]

Personally, I would use a cold wallet because it is more secure that hot wallet but the downside is that cold wallet does not accept as many cryptocurrencies as do hot wallets. Hot wallets are more suitable for larger businesses.

 

[Josemendez]

Personally, I would use a cold wallet because it is more secure that hot wallet but the downside is that cold wallet does not accept as many cryptocurrencies as do hot wallets. Hot wallets are more suitable for larger businesses.

Are you sure about this ? Based on what I read , cold wallets has not restrictions to the number of coins it can accept. It can accept as much as possible . The downside is basically it's cost , and operation demands a good knowledge ,in order to avoid losing the coins therein

 

[Royalty]

Hot wallets are digital cryptocurrency wallets, while cold wallets are physical devices that store cryptos inside of them. There are other types of wallets, but hot and cold ones are the most famous ones

 

[Abbas ali]

Hot wallet refers to any cryptocurrency wallet that is connected to the internet. ... Cold storage refers to any cryptocurrency wallet that IS NOT connected to the internet. Generally cold storage is more secure, but they don't accept as many cryptocurrencies as do many of the hot wallets