Cold wallet versus hot wallets

[Bookwormlux]

I use the hot wallets only and they are my most preferred option as using cold wallets would deprive me of the convenience the internet present.

 

[Nomad]

If you want to hold your crypto currencies for a long term, use cold wallet. Since cold wallets are not connected with the internet and you own the security keys, no one can hack into your wallet.

 

[HayKay]

Waoh. This is a new phenomenon that I'm just learning about thanks to this great forum of ours.
I like the idea of having such cold wallets - it would be perfect for holding long term assets. I'm definitely going to research more about this.

 

[Dagm1]

It is beneficial to have both, however if you do not have or keep a large number of coins, you should stick to extremely secure hot wallets such as luno, Blockchain, and TrustWallet. For security considerations, I am optimistic that the majority of trading platforms will employ cold wallets.

 

[greenie]

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.

 

[Sotherefore]

Hot wallet is what we are using over here including me, and some people that are using cold wallet are those people that have invested millions of dollars in cryptocurrency because it is the most secured one, well depending on the amount of money you invested, if you think you are risking so much on hot wallet you can up out for the cold one

 

[Smiles20]

The both of them are very important wallets to the cryptocurrency ecosystem. I would advise that you should use hot wallets if you have cryptocurrency that you will want to keep around for a long time instead of in an exchanger.

 

[Kaffyfolla]

A hot wallet is connected to the internet and could be vulnerable to online attacks — which could lead to stolen funds — but it's faster and makes it easier to trade or spend crypto. A cold wallet is typically not connected to the internet, so while it may be more secure, it's less convenient.

 

[Chibson]

if you have large amount of cryptocurrency it is important and necessary for you to use a cold wallet because they are very secure. They are not connected to the internet and it cannot be hacked.

 

[Shigobad2020]

I dont really know the meaning of cold wallet and hot wallet until i did my research and i realises cold wallet are meant for storing huge amount while cold wallet are for saving small amount .

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

 

[Chibson]

it is quite risky for you to store your cryptocurrency in online wallet if you have a lot of it it. it is better to use an offline wallet because it is safer and would keep your cryptocurrency safe.

 

[Smiles20]

Cold wallets are usually used if you want to be transit in but if you want to keep your paper currency for a long time and then you should definitely look for hot wallet

 

[Good-Person]

I would love to use a hard wallet, but right now I basically use software wallet in order to send and receive money. This is what I do because I do not plan to buy a hardware wallet right now. Software wallet is working perfectly for me.

 

[tyrim88]

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.

One of the things that makes the cold wallet very attractive is that there will come a time in your investment porfolio that you will naturally require a cold wallet to store your crypto,because of the safty measure.

 

[Danny4cash]

Cold wallet is the best because it's difficult to hack. I prefer it to hot wallet. However, a quick studying of statistics show that hot wallet is most used than cold wallet despite it being prone to hacking. What could cause this? I think hot wallet make transaction faster and love anything that's faster.