Well Hello read.cash Readers
I am writing this because I kept getting prompted by read.cash to backup my wallet😃 (thank you @read.cash for reminding me of your "beta status" and helping me watch out for my few dollars of BitcoinCash on this platform🙂)
I appreciate that read.cash was transparent and prompted me to backup my earnings
Now comes the question? How do I do that??? 😆
I realize that I sound completely ignorant (which I admit I am) but I did some research and thought I'd post the results for those who may find themselves receiving the same reminders from read.cash. Hope this helps a bit 🙂
So when I looked at wallets - there are MANY to choose from
Of course there is the read.cash wallet, but when researching this is just a sample below of results when "googling" ⬇️ crypto wallet ⬇️ , AND I kept seeing the phrase "hot wallet" and "cold wallet"
WTH Does this mean? 🤔
other wallets - Coinbase, Blockchain, Binance Chain, Paxful Wallet, Atomic Wallet, Robinhood Exodus, Electrum, Monero, Edge, Mycelium, GreenAddress, Lumi Wallet, Wallet, BRD, Paper Wallet, Bitcoin Armory - the choice is yours 🤓
I was interested though, in the terms "hot wallet" and "cold wallet"
A "hot wallet" is a wallet that is connected to the internet. This type of wallet allows you to store coins / tokens as well as conduct transactions and send / receive cryptocurrency.
If you are going to be using your Bitcoin for payments or basic transactions it seems you need to have a hot wallet to accomplish this. It is considered less secure (obviously anything connected to the internet has possible security risks) However, most of my research claims that hot wallets are not unsafe, just more vulnerable.
On the other side a "cold wallet" is completely offline.
It is a physical cryptocurrency storage device that you keep and is not connected to the internet. (I was unable to find a "cold wallet" photo on Unsplash, but they look KINDA like a flash drive) This is supposed to be a most secure way to store crypto, but from my research it seems that taking funds in and out is a bit of a task.
So, what will I (personally) do?
I don't have a significant crypto investment at this point so I will be using a "hot wallet" then I will likely get a "cold wallet" later (once I have some money saved😂 ) I am still learning and want to be able to see what transactions I can and cannot do. I am not giving anyone advice, just sharing what I learned so far. 🤓
Cheers
Thank for the photos
https://pixabay.com/photos/banknote-coin-euro-cash-currency-1396351/
https://pixabay.com/photos/credit-squeeze-taxation-purse-tax-522549/
https://www.pexels.com/photo/photo-of-man-touching-his-head-3752834/
That's correct information. And I agree that since you don't have a significant crypto investment you shouldn't bother with a cold wallet. Yes, there is a bit of an extra danger with hot wallets but not a significant one, especially if you do your research and pick a good one.