Is a wallet app on your phone a hot wallet or a cold wallet?
A cold wallet is one whose private keys are always generated and stored offline. Hardware wallets are the most common example.
Even with a cold wallet, you still need to write down your recovery phrase. If you lose the device, you’ll need the phrase to recover your wallet.
Many people keep the $BTC they plan to hold long-term in a cold wallet, and keep what they need for everyday use in a hot wallet. Current amount: 83065.24.
What else would you like to learn about? Leave me a comment.
It’s up to you how you do things—I’m just sharing my experience.
A cold wallet is one whose private keys are always generated and stored offline. Hardware wallets are the most common example.
Even with a cold wallet, you still need to write down your recovery phrase. If you lose the device, you’ll need the phrase to recover your wallet.
Many people keep the $BTC they plan to hold long-term in a cold wallet, and keep what they need for everyday use in a hot wallet. Current amount: 83065.24.
What else would you like to learn about? Leave me a comment.
It’s up to you how you do things—I’m just sharing my experience.