Is a wallet app on your phone a hot wallet or a cold wallet?
One thing to know: cold wallets can also initiate transfers. The transaction is signed on an offline device, then broadcast through a connected device.
Hot wallets are convenient, but the device holding the private key is always online, so malware and phishing pages may target your private key.
Understanding this is more useful than memorizing a bunch of jargon. Only install wallet apps on your phone from official sources, and avoid installing packages from unknown sources.
Many people store the $BTC they plan to hold long term in a cold wallet, and keep what they need for everyday use in a hot wallet.
One thing to know: cold wallets can also initiate transfers. The transaction is signed on an offline device, then broadcast through a connected device.
Hot wallets are convenient, but the device holding the private key is always online, so malware and phishing pages may target your private key.
Understanding this is more useful than memorizing a bunch of jargon. Only install wallet apps on your phone from official sources, and avoid installing packages from unknown sources.
Many people store the $BTC they plan to hold long term in a cold wallet, and keep what they need for everyday use in a hot wallet.
