WHAT IS HOT WALLET AND COLD WALLET ?

jseverson

hero member

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Quote from: chuang688 on June 04, 2018, 11:06:34 PM

Hot wallets can be used directly online, online at any time, and cold wallets are stored offline. Your operations will not be sent to the network. This will ensure that you will not be attacked by hackers and other bad guys to ensure security.

Operations? You probably mean private key. A wallet is only considered "cold" if its private key never touches an online device. Hardware wallets never let private keys leave the device itself, so it could be considered as such despite the ease of transacting with it. Generally though, a cold wallet typically refers to a wallet which is always offline and which you never spend from.

CryptoDave72

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A great piece of advice I was given when purchasing my Ledger Nano S is to only purchase it directly from the manufacturer. It cost a little more, but I definitely have peace of mind it hasn't been tampered with. If you decide to purchase a Ledger Nano S and not from the manufacturer, make sure you reset the device and create a new seed!

chuang688

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Hot wallets can be used directly online, online at any time, and cold wallets are stored offline. Your operations will not be sent to the network. This will ensure that you will not be attacked by hackers and other bad guys to ensure security.

kevinpeck

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This is an useful post. I actually had less ideas about wallet. But, got to learn a lot of things. Hot wallet seemed to be very interesting. People may have more interest in it.

goldminecrypto

newbie

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I agree with your statement and thank you for such a nice briefing about hot wallet and cold wallet. We should always try to use cold wallet to keep our wallet safe as it can be also used while offline.

greenvally

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such a helpful post man, you describe the topic very simple, i appreciate that man. very helpful post.

Darkfall

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Quote from: Fenya96 on June 02, 2018, 08:16:06 AM

Quote from: ?? on ??

That’s a very informative post. Yes, hardware wallets are safe. They are more secure and no one can hack it. I personally love using hardware wallets.

What kind of hardware wallet are you using? I am thinking about buying one, but can't decide between Ledger and Trezor. Ledger seems a bit more attractive to me, but I am open to any new suggestions.

Ledger Nano S user here, since I've got it I've had no problems at all and it's worked like a charm - no regrets at all.

However, if you are the paranoid type who wants maximum-overdrive-security, I'd actually recommend the Trezor as they seem to take bug reports a lot more seriously and are quicker to respond to them, also with Ledger you have to make do with Chrome apps to access your funds whilst with Trezor they are moving away (or have moved away?) to using Trezor Bridge.

But seriously, in the end you cannot go wrong with either. But I would said that Trezor has like a 1% lead over Ledger right now.

kma.deno

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You have described the terms properly. Hot wallet is the address that is operable in online and cold wallet is a totally offline address which works in offline with higher security.

cryptoroi

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You have explained well what hot and cold wallet are. I would like to add that what I could rlate is hot wallet is like a checking account and cold wallet is like a savings account.

pcfreak30

newbie

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I tend to pay from cold wallet still as my investment is only in the hundreds.

angelfaria

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Every investor use wallet for keep safe their coin. But sometimes peoples use offline wallet because these wallets are cheap from other hardware wallet. For this reason i think they raise their risk.

Fenya96

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Quote from: ?? on ??

That’s a very informative post. Yes, hardware wallets are safe. They are more secure and no one can hack it. I personally love using hardware wallets.

What kind of hardware wallet are you using? I am thinking about buying one, but can't decide between Ledger and Trezor. Ledger seems a bit more attractive to me, but I am open to any new suggestions.

Jendral22

newbie

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Although the offline wallet is good, but sometimes there are unscrupulous people who sell offline wallets for a cheap price, and that will definitely affect the level of security. Do you think every brand of offline wallets has different levels of security?

TRON0824

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there are asking What is Hot wallet And Cold wallet ?

To explain easily , hot wallet is the kind of account that's always connected online . example coinbase and wallet types used in exchanger like poloneix, bittrex, btc alpha etc.

Q:So then, how safe are hot wallets?

: The security of hot wallets is dependent upon the security habits of individuals and third parties. They are vulnerable to theft because they are constantly connected to the internet. As long as something is connected to the internet, it is vulnerable to attack. But keeping very small amounts of digital currency in hot wallets is fine because a hacker probably won’t waste resources trying to gain access to small amounts of money.

And the COLD WALLET

These are wallets that can be used offline ,
such as hardware wallets, desktop wallets and wallets with a private key and seed that you can write or print .

Hardware wallets are safe because when you make a transaction, they ask you to confirm each one by pressing a button on the device. They are pretty much hacker-proof. At least I’ve never heard of any being hacked before.

If you have more idea about wallets just comment here 👇👇👇 thank you .

Topic: WHAT IS HOT WALLET AND COLD WALLET ? (Read 222 times)