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Technically, even if you leave your Bitcoin with an exchange, you're using a Bitcoin wallet. After all, once someone transfers your Bitcoin out of your account, it's gone. So, while keeping your Bitcoin at an exchange is fairly safe from hacking incidents, it's very important to protect your passwords and other authentication measures. However, none of these security measures can protect you if your account is hacked and someone transfers your Bitcoin without authorization.
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Option 1: Leave your Bitcoin where you bought it Please read our Privacy Statement and Terms & Conditions. Cold storage is more for people that are looking to buy crypto and hold in hopes of a major payday somewhere down the line.By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you.
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In practice, this means that you use your software wallet to trade in crypto and to make purchases with it.
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For example, you can use a hardware wallet to access your hot storage, and you can use a software interface to update your cold storage.Īside from these fringe cases, though, you can assume that software wallets are meant for hot storage and hardware wallets for cold. Though there is a definite line between hardware and software wallets, the line blurs a little at times. As you can imagine, this isn’t particularly safe, especially if you’re the type to leave scraps of paper around the house. Paper wallets-where you write down your access codes on a piece of paper-technically are also a form of cold storage. This is usually some kind of USB key that you plug into your computer and which then gives you access to your exchange of choice. In almost all cases, this means you’re using a hardware wallet. This means that the wallet is not connected to the internet and really all it does is store your keys and that’s it. On the flipside of hot storage is, unsurprisingly, cold storage. Hot storage means that the wallet is connected to the internet and you can use it to directly pay for things, as well as acquire new cryptocurrencies in real-time. Cold WalletsĪll the above are examples of software wallets, also known as hot wallets or hot storage. If you prefer to keep your exchange and your wallet separate, wallets like Electrum and Mycelium may be a good choice for you. That said, plenty more options don’t do more than just provide a simple graphical interface where you can see what you have and very little else.