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Author Topic: A Comprehensive Guide On What is Cold Storage In Cryptocurrency.  (Read 3316 times)

Offline Paglamon

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TFAR = Thought Feeling Action Result, so Be carefull.     
So, you’ve bought Bitcoins and now ready to HODL it for a lifetime. But where? Where are you planning to keep your Bitcoin? If you are thinking to leave your coins into your exchange wallet, then you are attempting a mistake. No matter what the situation is, you should never leave your cryptocurrencies in the exchange wallet as they are highly risky of security breaches and bankruptcy. Moreover, they are software wallet and store your private keys on servers which make it easy for hackers to get access to your keys.

Now the question is where you should keep your Bitcoin, if not in an exchange wallet, not in software wallet then where? The answer is Cold Storage. Don’t go on the name, there’s nothing cold about Cold storage wallets or hot about hot wallets. These are basically two types of wallets in cryptocurrencies among which cold storage wallets are considered safe. Let’s know what is Bitcoin cold storage.
Don't sell bitcoin just hold, you want to more profit then hold btc.   
What's your opinion? 

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Offline JacobMichael

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Re: A Comprehensive Guide On What is Cold Storage In Cryptocurrency.
« Reply #1 on: August 11, 2020, 11:33:32 AM »
Once you have a cold wallet address, you can still receive money without being connected to the internet when someone sends it to you.

Offline TomPluz

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Re: A Comprehensive Guide On What is Cold Storage In Cryptocurrency.
« Reply #2 on: August 11, 2020, 03:57:23 PM »
Cold storage can be one of the most viable option if one is intending to hold Bitcoin. I am sure that there is a good number of holders who are into cold storage. Now, maybe it would be good to have a good guide on using cold storage. I am actually not so familiar with its details though I often hear of this in many forums and articles.

Offline Lillian

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Re: A Comprehensive Guide On What is Cold Storage In Cryptocurrency.
« Reply #3 on: August 11, 2020, 04:20:37 PM »
Bitcoin cold wallet is also a wallet used to trade Bitcoin, but you do not need to be connected to the internet to be able to trade, as it is used to store Bitcoin offline.

Offline NihonShoki

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Re: A Comprehensive Guide On What is Cold Storage In Cryptocurrency.
« Reply #4 on: August 11, 2020, 05:58:37 PM »
When using a cold wallet you have no intention of using regular expenses, but you can still receive money from others at any time. Cold wallet will not need to connect to the Internet directly because it is used to store Bitcoin offline. The security of the cold wallet will be higher than the hot wallet because if there is no connection between the cold wallet and the internet, hackers will not be able to steal money from your wallet.

Offline Lillian

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Re: A Comprehensive Guide On What is Cold Storage In Cryptocurrency.
« Reply #5 on: August 12, 2020, 04:44:01 PM »
A cold wallet is like a savings account. Cold wallet is the solution to store large amounts of money. Keeping large sums offline will ensure the money is not lost or stolen over the Internet.

 

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