UNDERSTANDING COLD WALLETS
Firstly NOO! We are not talking about a wallet that you kept in fridge or in ice to make it cold 🙂😭 that’s just not what a cold wallet really is 😭🤌🏻🤌🏻 Let’s understand the WEB3.0 Meaning of Cold Wallets.
A cold wallet is a type of cryptocurrency wallet that securely stores your private crypto keys offline, usually on a physical device. It’s also known as a hardware wallet and is one of the safest mediums to store your Cryptocurrencies.
The question is why not a digital wallet like Trust or Metamask? Well, a physical wallet is much safer as here, your private key remains unexposed. Most hardware wallets are encrypted with pin protection, while others also come with the extra security of biometric login(I wish my daily haul wallet was this smart too😭😭).
Infact, you can hold multiple digital currencies in the same cold wallet. Some hardware wallets allow you to hold multiple cryptocurrencies at the same time.
If all this was not enough, we have one more thing…Every transaction you make must be verified through your encrypted hardware wallet. So, without access to your cold wallet, it’s impossible for anyone else to make a transaction! How cool and safe is that 🤌🏻🤌🏻
The next question you might have 🤔 could be how exactly do you use one? I mean you all understood its advantages but now let’s throw some light onto how a cold wallet actually works.
A cold wallet stores your private keys. To access your crypto keys, you connect the wallet to USB or Bluetooth, depending on what kind of cold wallet you have, and use your cold wallet’s mobile or desktop app to access your funds. It’s that simple!
Some of the most popular hardware crypto wallets are Nano Ledger S Plus, Ledger Nano X, Trezor Model T, and State Bank of India Locker…Lol kidding 😭😭😭government ain’t supporting crypto🥲
Anyways, hope you understood what a cold wallet really means and how it works..share this with your friends and let them know that a cold wallet is more than just a wallet kept inside a fridge😂😂😭😭😭
