hot wallet

Cryptocurrency wallets were introduced not too long ago

Also mentioned what is "wallet address" and "private key"

This time, it's time to talk about cold wallets and hot wallets

And the difference between the two will affect our funding

What kind of wallet fits in

Easy to use or safe to store

Due to space limitations, this time we will start with the introduction of hot wallets.

.

The fundamental difference between cold and hot wallets is: whether they are connected to the Internet or not

The hot wallet is very intuitive to connect to the Internet and can be used flexibly

You can easily log in to your account using the mobile APP or computer

You can also transfer funds quickly

As well as participating in the buying and selling of currencies and NFTs

For frequent traders

Even daily currency payments are extremely convenient

And according to the wallet registration method is different

Divided into exchange wallet, personal wallet

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1️⃣Exchange wallet

The wallet address that can be obtained after registering any exchange

Users can make transactions through this built-in wallet

advantage

• The private key of the wallet is managed by the exchange

You don't have to keep it yourself, and you don't need to worry about the risk of losing your private key

• Convenient transactions and discounts
• Easy registration

shortcoming

• The private key is in the hands of others

Once the exchange is hacked, the funds cannot be returned

• Exchange failure risk

.

2️⃣ Personal wallet

Independent wallets not affiliated with exchanges

Like common Metamask, Trust Wallet

advantage

• The private key is kept by the user
• Can transfer funds and save NFTs in the same way as exchange wallets

shortcoming

• Can't enjoy the trading benefits of the exchange
• Function is simpler

.

Today, I roughly analyzed the types and advantages and disadvantages of hot wallets

I will introduce them one by one later

Popular exchanges, common wallet recommendations, etc.

Next time will be followed by cold wallet instructions

please be patient

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