There are probably hundreds if not thousands of websites offering their wallets to people looking for hot storage methods - free of charge! This brings in a lot of traffic, especially if the site markets it right.Īnother great factor when it comes to online and desktop wallets is that it doesn’t matter what kind of a cryptocurrency you want to store - you’ll probably find a wallet for it.Įven some of the least popular and well-known cryptocurrencies often have designated digital wallets to store them. There are a couple of reasons behind this.įirst of all, hot storage is usually free. It is probably safe to say that the hot storage method is the most popular way to store cryptocurrencies. Having said that, I will, however, present objective information about both Bitcoin storage methods - both from their strong and their weak sides. If the storage method seems superior in most aspects but appears to lack adequate means of scam prevention, it’s off this list. Keeping the above-given example in mind, my main point of focus when talking about hot and cold storage (Bitcoin) is going to be security. If one day you wake up and check your hot or cold wallet just to see that all of your funds have been hacked and stolen, I think that the visual attractiveness of the wallet is going to be the least of your worries. It doesn’t matter how much the wallet costs, how good it looks or how many options it has - everything becomes arbitrary when the storage method lacks security. Personally, though, I think that there should be only one - security. There are a lot of positions from which you could start this debate. We’ll talk about both hot and cold storage Bitcoin. In this debate, people compare and contrast hot wallets vs cold wallets in hopes of finding the perfect choice for storing their cryptocurrencies. The two methods of how to store Bitcoin offline are subject to an ongoing debate. So before we go any further with the Bitcoin cold storage guide, let’s try and answer this question. There’s a lot of discussions about which wallet is the better, superior choice. In turn, hot storage (or hot wallets) refers to digital crypto storing wallets - these wallets can be available on the internet, your desktop or any place in between. Other than cold storage, these devices can also be called cold wallets. These devices are encrypted with special security codes to protect your crypto coins and still be accessible at any given point in time. In the cryptocurrency world, cold storage refers to physical objects (usually complex, yet small devices) in which you would store your cryptocurrencies.
0 Comments
Leave a Reply. |