Hot/Cold wallet

[Rustam Meraj]

I hope you really understand the concept behind cold wallet and hot wallet. Cold wallet is a wallet that is not connected to the internet and as such, it helps you protect your private keys from been access from the internet, no internet means no malicious activity and hot wallet is wallet that you frequently connected to the internet. It can be your hardware or your software wallet but you can switch from a hot wallet to cold wallet.

However, you can always used a hardware as both hot wallet and cold wallet. You can create two seed phrase in one hardware wallet where you can be using one for hot wallet and one for cold wallet. The hot one might not necessary makes your private key online but you might risk been attack by malicious contacts interactions especially when you signed transaction always on your wallet but the cold one will remain inaccessible as long as you don't use it to execute smart contracts.

I agree which you have described about cold wallets and hot wallets. It is important to know difference to keep your private keys safe. Cold wallets are not online so they are safer from hackers. Hot wallets are easier to use but riskier. I like idea of using one wallet for both hot and cold storage with separate codes for each. This way we can keep our keys safe and still use our wallet. But we should be careful with hot wallets as they can still be attacked. Cold wallets are safest for long term storage.

[hd49728]

I like idea of using one wallet for both hot and cold storage with separate codes for each.

I hope you understood what you wrote and expressed your idea correctly through writing because this sentence is non sense.

Hot wallet and cold wallet are different like you shared your thinking in other sentences but what does it mean in this sentence?

"Using one wallet for both hot and cold storage with separate codes for each", what?

One wallet with separate code?
One wallet for both hot and cold wallet?

[AlphaBoy]

Even though they are expensive, cold wallets are way better and safer. It's almost impossible to hack a cold wallet, as it's a physical wallet that goes offline.

Hot wallets are a type of online cold wallet. Some people buy a cold wallet and offer to store your Bitcoins on them online creating a hot wallet.

If you want to store more than 1 million Satoshi, then it's better to go with the cold wallet. Buy one and use it.

If you want to store less than that, then go with the hot wallet. They are everywhere.


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