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Author Topic: The best cryptocurrency wallet to use between cold and Hot wallets.  (Read 185 times)
SOKO-DEKE (OP)
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September 25, 2022, 09:38:35 AM
Merited by Symmetrick (3), fillippone (2)
 #1


I discovered that the majority of us newbies are unaware of the distinctions between the two types of cryptocurrency wallets, hot and cold wallets, and which one is the best to use, so I decided to share my thoughts with them. As we all know, wallets play critical roles in protecting our cryptocurrencies.

A cryptocurrency wallet is a device or program that enables users to send, receive, and store fund.

Let see the difference  hot and cold wallet and where is best to be use.

HOT WALLET
A hot wallet is one that is online, quick and easy to use for bitcoin trading or spending, but it is also vulnerable to cyberattacks, which can result in lost or stolen bitcoins, for example. Edge wallet, coinbase, and Metamask

COLD WALLET
A cold wallet is one that is not connected to the internet, such as paper, USB, and other computer storage facilities where the private key can be kept, such as CDs.

Wallet selection
It is entirely up to you to choose the best crypto wallet for yourself; however, if you intend to hold Bitcoin, it is best to use a cold wallet. However, if you are the type who spends all of your time on your phone, it may be best to keep some cryptocurrency in a mobile wallet.

Also make sure the wallet is non-custodial wallets that you always retain the private key, and  you have total control over you fund.

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September 25, 2022, 09:48:30 AM
Merited by pooya87 (2)
 #2

Also make sure the wallet is non-custodial wallets that you always retain the private key, and  you have total control over you fund.
This is true, but take note that being non-custodial isn't enough. You should use a non-custodial and open-source wallet.
If the wallet isn't open source, you don't know how the keys have been generated and whether you are the only one who has access to the keys or not.
For example, trustwallet is a non-custodial wallet, but since it's close source, I wouldn't recommend it.

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September 25, 2022, 09:50:30 AM
 #3

A hot wallet is one that is online, quick and easy to use for bitcoin trading or spending, but it is also vulnerable to cyberattacks, which can result in lost or stolen bitcoins, for example. Edge wallet, coinbase, and Metamask
The reason you can just get a hardware wallet instead if you are the type that makes frequent transactions. For online wallet, I will prefer Electrum which is open source and not a web or web extension wallet.

A cold wallet is one that is not connected to the internet, such as paper, USB, and other computer storage facilities where the private key can be kept, such as CDs.
But know that the ones that are generated on perfectly airgapped device should be regarded as cold wallets.

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September 25, 2022, 10:45:00 AM
 #4

The best is the crypto wallet that you fully understand, because otherwise every wallet can be a big risk, regardless of whether it is hot, cold, or open source. A person who downloads a desktop/mobile wallet, installs it on his device without verifying the files and saves his seed in an inappropriate way (cloud, e-mail, plain text file on the computer), is certainly exposed to a much greater risk than a person who buys a hardware wallet and creates his own crypto wallet but repeats the mistake of saving backup.

Both users are therefore exposed to similar risks, the latter perhaps less so because they take advantage of hardware wallets, but in the end both of them do not understand how to achieve security and protect themselves from hackers.

A properly made cold wallet is the only correct way to store larger amounts, and any of the hot wallets that have a good reputation can be used for everyday transactions.

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September 25, 2022, 11:07:46 AM
 #5

Recommending newbie to use cold wallet without giving complete explanation to make cold wallet e.g. paper, USB and other computer storage are pointless. Most of newbies who mostly use hot wallet to hold their coins are because there's lack of explanation how to create secured cold wallet or they don't have any idea how to create it.

Paper wallet sound to be easy to create since there's a paper wallet generator out there, but it's very insecure and that's paper wallet might be compromised.

That's why it's the best for newbies to bought a hardware wallet e.g. trezor or ledger since they don't need to follow complicated step to have a cold wallet.

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September 25, 2022, 05:59:34 PM
 #6

Either cold or hot wallets the greater risks that are after crypto wallet users are still present and will always be present, there are different types of hacks and yes hot wallets easily get hacked or compromised because we use them more than cold wallets, spending here and there and once your address if released to the public you can be targeted.

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September 25, 2022, 06:54:55 PM
 #7

Well for personal purposes I always prefer Electrum wallet I have used this wallet for a while now and I am still using it and with my security sensitivity high I haven't had any problems with it. At a point I have done some business on Coinbase but I never for once felt safe in there. The chances of attack there are high.

So my key advice on selecting a wallet is.
#It has to be in your control. You own the private keys you own the wallet.
#Transactions has to be fast and easy
# low to moderate transaction fees

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hosseinimr93
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September 25, 2022, 08:43:46 PM
 #8

low to moderate transaction fees
Non-custodial wallets don't charge any fee for the transactions. So, it doesn't make sense to say that I select a wallet with low fee. You should use a wallet which allow you to set the fee and estimate the required fee rate well. Your suggestion (electrum) is surely a good option.

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examplens
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Your Privacy Matters


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September 25, 2022, 09:59:08 PM
 #9

A hot wallet is one that is online, quick and easy to use for bitcoin trading or spending, but it is also vulnerable to cyberattacks, which can result in lost or stolen bitcoins, for example. Edge wallet, coinbase, and Metamask
The reason you can just get a hardware wallet instead if you are the type that makes frequent transactions.

using the hardware wallet is not overly complicated at all, even for multiple daily uses. I really don't see a serious reason why it would be complicated to insert the third option between cold and hot wallets if there is already a simpler and more universal solution.

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BitcoinBarrel
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September 26, 2022, 02:49:09 PM
 #10

I like Exodus wallet for every day transactions.

For cold storage, I prefer a Paper Wallet or storing the Private key offline in a secure location.



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khaled0111
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September 26, 2022, 11:40:53 PM
 #11

spending here and there and once your address if released to the public you can be targeted.
It is called public address for a reason! It's meant to be shared publicly with others and when you send or receive any transaction, that transaction will be saved on the blockchain and your address will be visible for everyone.
This is something you can't avoid but it's more of a privacy concern than a security risk. This is why it's recommended use a new address for each transaction.
...
There are many guides on how to set up and use a cold wallet but, unfortunately, most newbies don't read.

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alik111
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September 27, 2022, 06:31:08 PM
 #12

Obviously when it is about security always Cold wallets are much safe than hot wallets.But hot wallets are very easy to use because they are user-friendly and in online you can create hot wallets. They also called online wallets.
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September 27, 2022, 07:09:50 PM
 #13

^^
That's true especially for those who don't know how to secure their devices against malware and cyber attacks.
But you should keep in mind that there are different types of online or hot wallets. There are web wallets and software wallets and custodial and non-custodial wallets.
You should avoid web wallets and custodial wallets at all costs.

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