The most important decision that investors must make when buying and selling Crypto currency is in what safe and secure wallet to store their currency, thus preventing financial losses. So they need a Cryptocurrency wallet, one of which is a cold wallet.
What is a Cryptocurrency wallet?
A Crypto currency wallet is a software or hardware program for managing Cryptocurrencies. A Crypto wallet stores private and public keys and a complete list of transactions. These keys allow the user to send and receive their Crypto currencies. Crypto currency wallets are divided into hot and cold wallets.
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Hot Wallet
Hot wallets are used in operating systems that store online, which is why they are so vulnerable to hacking.
Cold Wallet
Cool wallet is offline and stores without the need for internet and can not be easily hacked remotely. For this reason, these types of wallets are the safest and most secure way to store cryptocurrencies.
Cool wallet types
- Hardware wallets
- Paper wallets
- Mental wallets
1- Hardware wallet
These types of wallets are physical devices that store your private key in such a way that it is not hacked if the device is exposed to malware. Many hardware wallets allow their users to create a Mnemonic wallet backup in case they are lost or stolen . In fact, hardware wallets offer the optimal combination of security and simplicity to the user. For example, to send bitcoins that are in a hardware wallet, you need to have the relevant hardware with you and connect it to a computer and use a website to access and control your wallet. The only limitation of this type of cold wallet is that you must always have hardware wallets with you to send bitcoins.
2- Paper wallets
A paper wallet is made of paper or materials that can be printed or written, and private and public keys are printed on a piece of paper. Since the keys do not connect to any server, it is not possible to hack these types of Crypto currency wallets, and the only way anyone can access them is to have the paper on which the keys are printed. Therefore, it can be said that paper wallets are one of the safest options for storing Crypto currencies. The main disadvantage of paper wallets is the possibility of physical damage and environmental impact. This wallet may not be safe from destruction or destruction by flood or fire and may be destroyed.
3- Mental wallets
Mental wallets provide a way to create a private key without using a predefined set of letters or text. So instead of getting a random “mnemonic” created, you decide to create a private key from that passphrase based on a passphrase and use a simple algorithm. Mental wallets have many disadvantages because they are relatively likely to be hacked. In fact, the code that people use as a passphrase is easily predictable by hackers. Finally, it can be said that the most important factor in choosing a Bitcoin wallet or other Crypto currencies is its security. Among the types of Crypto currency wallets, hardware wallets are considered to be the most suitable type of Bitcoin and other Crypto currencies due to their higher security than other wallets.
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