Bitcoin Garden Forum
Cryptocurrencies => Crypto Discussion => Topic started by: riyasteve on May 27, 2019, 02:55:45 PM
-
Over the past couple of years, cryptocurrencies have established themselves as a reliable and alternate mode of transaction. The benefits of cryptocurrencies range from anti-forgery, low fees and instant redemption. However, this medium is not insulated from controversy. In the recent past, there were a handful of incidents which exposed the vulnerabilities in this system. The most famous example is that of Mt. Gox, where over 850,000 bitcoins were stolen or reported missing. But don’t let this discourage you from investing in this emerging field.
Usually, cryptocurrencies are stored and transacted using digital wallets. Hence, it is essential for one to know of the different types of cryptocurrency wallets available and their uses. For starters, these wallets are broadly divided into two categories - Hot Wallets and Cold Wallets. Hot Wallets are those cryptocurrency wallets that are connected to the Internet. Similarly, Cold Wallets are those which are offline in nature.
These two wallets bring in their own set of strengths and weaknesses to the table. Hot Wallets allow easy transactions, are easily accessible on different platforms and often a single wallet supports multiple cryptocurrencies. On the downside, Hot Wallets are very susceptible to hacks. Hot Wallets are further divided into Online Wallets, Mobile Wallets and Desktop Wallets. Popular examples of Hot Wallets include Coinbase, Electrum and Mycelium.
Meanwhile, Cold Wallets are comparatively more secure than their Hot siblings. This advantage stems from their “offline” nature, but ironically this is also its biggest disadvantage. Cold Wallets are very difficult to use in transactions and given its offline as well as physical nature, it becomes easier to misplace these types of wallets. Cold Wallets are usually divided into Hardware Wallets and Paper Wallets, but some Desktop Wallets also fall into this category. Some popular Cold Wallets includes Trezor, Nano Ledger S and MyEtherWallet.
By understanding the nuances between Hot and Cold Wallets, it becomes easier to know where to store your cryptocurrency. For instance, if you are a trader, it makes sense to invest in a Hot Wallet given its dynamic nature. However, if you are investing in cryptocurrencies for a long-term, Cold Wallets are the best option since they are very secure. Apart from the above available options, you can start your own cryptocurrency wallet service (http://bit.ly/2X8J391). Blockchain App Factory can help you develop a secure and reliable wallet while also providing solutions to other cryptocurrency and blockchain queries.
-
I use a hot wallet, because it is easier to use and free, not with a cold wallet that requires additional costs to buy another nanoledger or cold wallet. I am also a trader.
-
Your type of wallet depends on your type of influence in crypto currency
A mere airdrop or bounty hunter will not see the need for a cold wallet
While a trader needs to stay safe by getting a cold wallet Trezor an example
-
Most people choose to use a hot wallet to save their assets
-
I use a hot wallet, because it is easier to use and free, not with a cold wallet that requires additional costs to buy another nanoledger or cold wallet. I am also a trader.
Same with me guys, I also choose and used a hot wallet to save my asset.
-
I prefer a cold wallet because I need my assets to be safe
-
I think I prefer to use a hot wallet to store my assets, even though I use them too long and are good and safe.
-
Cryptocurrency hot wallets:
They are suitable, for everyday use, and doing transactions, regularly.
Cryptocurrency cold wallets:
They are like a safe, where you store your cryptocurrency, for a long time. They are safe, because they are offline, and no hacker can go for the funds. To spend cryptocurrency, from a cold wallet, you have to move it to a hot wallet.
-
I always prefer hot wallet to store my assets. I think it is safe because we can use it in offline mode.
-
Use Both,hot wallet for trading and short term, cold for hodl and long term.
-
the application looks good, I tried visiting the website and wanted to see this platform https://www.blockchainappfactory.com/
I've used a paper wallet and it looks cool. But an online wallet looks good when we want to trade quickly and want to send digital coins to exchange.
-
Most people choose to use a hot wallet to save their assets
It's probably because not many people hold a considerable amount of crypto assets.
-
It's probably because not many people hold a considerable amount of crypto assets.
If you gave a small amount of crypto assets, to move back and forth between hot and cold wallet, costs you blockchain transaction fees. That's why a cold wallet is used for an important to secure amount of crypto assets.
-
Currently I still use a hot wallet, because it is constrained by the number of assets and the cost of buying a cold wallet. If I already have many assets, I will definitely buy and use a cold wallet
-
Those who are interested with NOAHCoin can use this guide they made for their users about NOAH Wallet. Really informative! https://noahcoin.org/blog/how-noah-wallet-works/ (https://noahcoin.org/blog/how-noah-wallet-works/)
-
Cold/Hardware wallet is a more secure way to store crypto asset. Please feel free to give a try on the world's first biometric hardware wallet, the UKey card! https://medium.com/@UnikeysTeam/how-unikeys-is-looking-to-change-the-game-1dfee57dd7e4
-
I currently use a software wallet, where we can get it for free and it's also quite safe.
Until now, my assets are still safe in the software
-
I use cold purses, because the security is proven and very easy to use. Until now I always use it
-
It all depends on your requirements. Whether you’d like to spend more and be secure, or you’d like to save your money and be in constant fear of getting hacked. If it’s the former one then go for Hardware wallets, but if it’s the latter one then you can select Online wallets.
Hardware Wallets - These physical devices are the most secure wallets, being virtually unhackable and keeping your private key safe. The best part about these wallets is that until and unless it is connected to your PC for access, the device won’t work. Some of the best hardware wallets are Ledger Nano S, Trezor, KeepKey, etc.
Online Wallets - The thing with online wallets and why so many people prefer them is that these wallets can be accessed from anywhere and on any device. Plus, it’s free (unlike hardware wallets that are quite expensive). Also, they are mostly used for their in-built exchange feature, which the hardware wallets do not possess. Some popular and reliable wallets are Jaxx, Exodus, Guarda, etc.
-
Cold wallets more secured?
-
Cold wallets more secured?
Yes, they indeed are. The safest wallet you'll ever find!