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.


https://bitcointalk.org/index.php?topic=5421039.0

[Rustam Meraj]

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?

I think you didn't see what is written in the post which I quoted if you read the above post which I quoted so you never ask this question. I wrote just in short form. I like his idea so I wrote this in just simple words you should always take a look on the quoted post too.

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.

In my post codes are meant by seed phrases and wallet is meant by Hardware wallet which is written in the above quoted post. I hope you understood.

[Saint-loup]

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.

In my post codes are meant by seed phrases and wallet is meant by Hardware wallet which is written in the above quoted post. I hope you understood.

I don't really understand what you mean exactly. Which hardware wallet model are you talking about precisely? Hardware wallets are considered as cold wallets because the seed they use is not exposed neither accessible from the computer actually connected to internet. Transactions are considered to be signed and sent to the hot device in a watertight manner. So if the hardware wallet can be considered as hot, there is something wrong because it means the seeds it contains are not safe.

[khaled0111]

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.

I believe you are talking about "hardware wallets" as there are other types of cold wallets that you can get for free. You can generate your wallet seed offline on an air-gapped device and write the seed down on a piece of paper. This is basically how to create a paper wallet and it's also a "cold wallet" and you can create as many of them as you want for free.

However, I didn't get what you mean by "online cold wallets"! I don't think such thing exists.

[EL MOHA]

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.

In my post codes are meant by seed phrases and wallet is meant by Hardware wallet which is written in the above quoted post. I hope you understood.

Not that I don’t understand you but I don’t agree with you that an hardware wallet can be used as both cold or hot wallet, a hardware wallet is always offline from the internet and that’s why it is regarded as a cold wallet, you can only turn that wallet to hot Wallet if only you import the seed phrase into an online wallet or cold wallet. But that doesn’t mean the hardware wallet where the seed phrase was created is now hot wallet rather it is you that has just exposed the seed phrase.

Even with this, I don’t see reason why you will create two seed phrase on a hardware wallet just to import the seed phrase back to a hot a wallet, why not simply do that with a reputable hot wallet like electrum other than going through this process.

[Orpichukwu]

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.


https://bitcointalk.org/index.php?topic=5421039.0

To some extent, I believe you are technically misinterpreting the difference between a hot wallet, a cold wallet, and a hardware wallet. Based on what you are explaining, that's what I see. 
 
Hot wallets are wallets that are connected online, while cold wallets are offline wallets, which are considered one of the safest since you don't connect them to the internet. 
 
A hardware wallet has a separate device (software), which provides you with extra security compared to a normal wallet; it's not easily compromised, and its hardware wallet might be referred to as being expensive.

[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.

I believe you are talking about "hardware wallets" as there are other types of cold wallets that you can get for free. You can generate your wallet seed offline on an air-gapped device and write the seed down on a piece of paper. This is basically how to create a paper wallet and it's also a "cold wallet" and you can create as many of them as you want for free.

However, I didn't get what you mean by "online cold wallets"! I don't think such thing exists.

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.


https://bitcointalk.org/index.php?topic=5421039.0

To some extent, I believe you are technically misinterpreting the difference between a hot wallet, a cold wallet, and a hardware wallet. Based on what you are explaining, that's what I see. 
 
Hot wallets are wallets that are connected online, while cold wallets are offline wallets, which are considered one of the safest since you don't connect them to the internet. 
 
A hardware wallet has a separate device (software), which provides you with extra security compared to a normal wallet; it's not easily compromised, and its hardware wallet might be referred to as being expensive.

I don't typically measure things by their own measure, but I know that hardware wallet is a cold wallet and any online wallet is a hot one. My understanding of the Bitcoin wallet is not far from what I read about it in 2015 when I took an interest in Crypto. Anyway, both of you are right.

[Hyphen(-)]

Is there a wallet out yet that lets you switch between hot and cold? Like turn it on and off? Or am I completely misunderstanding this concept? Someone tried to take a dollar out of my wallet, they failed. Tried three times actually. This has never happened before but now I am thinking more about security. I am an active trader so I have never really looked at cold wallets but I do have some assets I have held for years so they might as well be in a cold wallet. Also they sent me .25 before trying to take money, can you stop people from sending you things? It seems impossible but in my 8 years of crypto trading, this has never happened before.

I think you need more understanding about the concept of these two different wallets, which are all for saving and holding cryptocurrencies, particularly Bitcoin.
One of these wallets is an offline wallet, which clearly explains to you that you will use such wallets to hold a coin for very long period of time. If you are able to tell the difference, you can use them as you wish.

[hd49728]

In my post codes are meant by seed phrases and wallet is meant by Hardware wallet which is written in the above quoted post. I hope you understood.

I truly can not understand your post.

I don't really understand what you mean exactly.

Me too with his posts.

Which hardware wallet model are you talking about precisely? Hardware wallets are considered as cold wallets because the seed they use is not exposed neither accessible from the computer actually connected to internet. Transactions are considered to be signed and sent to the hot device in a watertight manner. So if the hardware wallet can be considered as hot, there is something wrong because it means the seeds it contains are not safe.

Hardware wallets are cold wallets and can not become hot wallets.

His writing is about using "one wallet for both hot and cold storage with separate codes for each.", honestly I can not understand what he wanted to say here.

One wallet for both hot and cold storage BUT with separated codes