CRYPTOCURRENCY COLD WALLETS

Hello to everyone in this great community today and on this wonderful platform at large. I greet you all in good spirit and I want to believe that we all are doing just great today and if so we give God the praise for the sustenance of life and good health.

I welcome you all to yet another beautiful day in the third week of the sixth month of this year. I want to believe that we all are having a good time with friends and family as though we are still in the festivities of the season.

Today, as promised, I am here to continue the discussion regarding the Hot and Cold wallets of the cryptocurrency. We began a teaching not quite long where we talked about the cryptocurrency Hot wallets and today, we are here once again to talk about the cryptocurrency Cold wallets.

In regards to that, I will like us all to stay put and relax as I begin the teaching regarding today's discussion. I wish you all a happy reading as I begin.

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The blockchain technology has made it possible for cryptocurrency enthusiasts to be able to store their digital assets passphrase in various ways. Before now, storing vital information was very difficult and as such it was very easy for
fraudsters to get hold of people's private information.

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The evolution of the digital assets came into existence, as such it brought about the need to keep the digital assets safe and free from fraudsters, as such, many developers came up with a device that can safeguard assets and passphrases.

Aside what we call the Hot wallet that we have recently talk about, there is another unique wallet known as the hard wallets. These wallets are not automatically linked to the internet but they do so well to safe and store assets passphrases in them.

Now this brings us to discussing intensively regarding the cold wallets.

WHAT ARE COLD WALLETS IN DIGITAL TERMS

Cold wallets are regarded as wallets that are unique, reliable and are hardware constructed. They help an individual to store one's private passphrases on them. Unlike the hot wallets that is connected to an online source which is the internet, the hardware wallet also regarded as the cold wallets enables an individual to store the private passphrases offline.

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The Hot wallets are regarded as software based applications that enables an individual to store cryptocurency wallets passphrases online, while the hot wallets regarded as the hardware based device, stores cryptocurrency wallets passphrases offline.

The cold wallets are considered to be the safest among the both types of wallets and this is as a result of, the hot wallets can easily be accessed by a fraudster through a fraudulent activity that requires an individual to sign into his/her wallets via a link from an unknown user. And if that link is been clicked by the owner of the wallet, the said assets can be migrated from the owner's wallet to a different wallet that would be provided by the fraudsters.

Mind you, when the mesage regarding connection of wallet is done, the fraudsters quickly get hold of your passphrase or private key and then changes it to their own. This is so that one do not change the key until they are done with their objective and that is to do away with the owner's assets.

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The cold wallets helps to store your private key conveniently and without stress and I consider this to be the best way of safeguarding your private key. This will help to a great extent to limit the rate at which fraudsters steals from people's wallets especially when one is making use of a hot wallet.

The downside of the hardware wallets or the cold wallets is that, they can stress at times especially when one want to perform certain operations. One have to keep getting the private key from the hard wallets before logging in and then begins to execute operations. If you are the type that always perform transactions, this type of wallet will not be convenient for you but to be on a safer side, this wallet is recommended to all.

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CONCLUSION

To wrap it all up, it will be very good and advisable if we put the both types of wallets to use. Making use of the Hot and Cold wallets is recommended and this will help you to mitigate risk of your wallet being under attack.

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The hot and cold wallets are unique in their own ways, and also have their individual differences even though they perform just a task but they are wired to perform the same operation but in different dimensions. Making use of both wallets is good and also one needs to be careful whether you are making use of the hot wallets or the cold wallets.

Thank you all for having me today. I look forward to seeing you all in my next class, but for now, I say a very good evening to you all.