Cold wallet versus hot wallets

[Jimmie150]

Honestly speaking I just got to know the difference between cold and hot wallet right here. For me going by various explainatios cold should be much better in so many ways because the rate of scammers trying to rip people of is on the increase.

 

[Victor001]

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.

I can't say for cold wallet because I have not used it,but hot wallet any day any time. This wallet make transaction easy no too much stress,freedom from p2p. You can terminate your transaction anytime.

 

[Olubayo12]

no matter the type of wallet you choose you still have to be very careful that you do not lose your seed phrase or carelessly handle your cryptocurrency to avoid losing your coin to scammers who are always everywhere looking for anyone to cheat.

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.

 

[Henrywrites]

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.

It depends on the type of transactions that I am carrying out, but I will prefer hit wallets to the cold wallets. I have Trust Wallet and registered on Roqqu app which is all in a bid to have different preferences. Maybe, when I have a lot of Bitcoin to sell, I will look for having a cold wallet.

 

[Onachukwu]

A private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. The private keys are mathematically related to all Bitcoin addresses generated for the wallet.

Post automatically merged: Feb 13, 2021

A private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. The private keys are mathematically related to all Bitcoin addresses generated for the wallet.

 

[Olagunju Opeyemi]

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.

 

[Jomarie05]

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.

 

[Adebola]

This is thee covert first time i am hearing about cold and hot wallet. Please what are the examples of cold wallet and how can someone get one since it seems safer

 

[Dowenship]

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.

What i know they actually call this wallet is hard wallet and exchangers, the hard wallet is like hard drive while exchange wallet are like luno, binance and co...

 

[Kunkun]

I guess it's hot wallet I would prefer then since it's the most common type and the one I'm using at the moment coupled with a lot of investors too I know about are using the same

 

[Trexxxy]

Actually some of the coins you categorized under hot wallets will take some effort before being hacked. I didn't even know you could categorized them like that.

 

[Jlife]

I like a cryptocurrency wallet that is connected to the internet because I can easily send out cryptocurrency, you can use a wallet that is connected to the internet without being hack if you -take-all the preventive measure to prevent so.

 

[Kelly5]

You are right about the two wallets. But you must also know that the cold wallet if lost means your money is forever hone with it unlike the hot wallet where you can retrieve it back by the wallet seed phrase if you lost your password

 

[GIFTMICHAEL]

I know most people are more connected to the hot water wallet, than the cold water wallet due to their activities on the internet. The cold wallet is expensive than the hot wallet type, and also better with security.

 

[Nomad]

If you use crupto currency frequently, you will have to use hot wallets, however, if you use crypto currency as an investment and do not spend your crypto currency, you will have to use cold wallets.

 

[Justin]

Hot wallets are smartphone based and web based wallets, cold wallets are hardware wallets Hot wallets are connected to the internet, that's why they are considered less secure.

 

[Ub40]

I want to commend you for taking your time to put up such a long and useful information above. There are really so much to learn in this platform from different individuals from different regions other than making money. I now know the type of wallet that exist and their differences. Thanks for sharing.

 

[Lens]

Thanks for the thread. I have come across cold and hot wallet in a forum but I do not know the difference. I now know the difference between the cold and hot wallet but I prefer to use the hot wallet.

 

[eLdavis]

From your explanation and examples, hot wallets are more popular and commonly used than Cold wallet. How can one gain access to these cold wallet though? Is it free to use?

 

[Suba]

Crypto holders certainly have different purposes in using hot wallets and cold wallets, if hot wallets are only for storing small amounts of no more than 1000000, and in general crypto holders will have several hot wallets, because they will be easy to use for daily transactions, while Cold wallets are used to store large amounts of crypto and are rarely used because they are intended as long-term investments.