Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Wallets => Topic started by: Paglamon on February 22, 2021, 02:12:28 PM
-
Security is still the main concern in Crypto Industry, during the past couple of years we saw various Hacking, Theft or Even Exchange Shuts Down.
For an individual is keeping funds on exchanges or internet-connected wallets is no safer, we must have to know what is COLD & HOT Wallets are?
HOT Wallet: The Wallet which is connected to the internet is HOT Wallet, such as Exchanges, Web Wallet, MEW, etc. The main issue with these wallets is that these are highly accessible due to that chances of hacking are much.
COLD Wallet: The Wallet which is not connected to internet is COLD Wallet, you can say these are offline wallets, you can store your funds offline, such as LEDGER Wallet, Trezor Or Paper Wallet. Due to their offline nature funds are more secure in the respective ways.
Source: https://telemetr.io/uz/channels/1296362950-cryptotraderlibrary
[Sourced added]
-
I think you want to say Hardware wallet (Hot) Some believe in Cold wallet and some believe in Hardware wallet but personally, I feel secure with a hardware wallet for my holdings. I am using a hardware wallet for the last 3 years without any fear of hacking. Majorly people use Ledger Nano & Trezor but I use Trezor. Keeping coins on an exchange is riskier if you are planning to hold for long-term so better to keep in the secure wallet Even you can research what is the best wallet option for you.
-
This is a no-brainer. You can't expect someone with a portfolio running into millions of dollars to be faffing around with hot wallets. That's too damn risky. If I can have assets that costly, I can as well get a Nano Ledger and have peace of mind
-
Hot wallet isn't bad at all when it is just for a little fund but too dangerous for large amount of fund so there the part of cold wallet. It really has advantage when it comes to safety matters of holding large amount of fund and for long term holding.
-
hot wallets is like a debit card for me and cold wallet is like bank account. my choice is 100% cold.
-
You are right. We have to use Hot wallets to store small amount of our funds but not large amounts because we will be risking our funds. Cold wallets are the most secured for storing a large amount even if it's a long time holding.