Cryptocurrency Hardware Wallets & Crypto Digital Wallets



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Cryptocurrency hardware wallets and crypto digital wallets.
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Cryptocurrency Hardware Wallets & Crypto Digital Wallets

Video / Documentary description: Cryptocurrency hardware wallets and crypto digital wallets are basically software that contains the cryptographic keys to the cryptocurrencies one owns. The way it works is that cryptocurrencies must be stored on a hardware or digital wallet in order to transact on an exchange or simply to be held onto. Without the keys to the wallet, which are usually 10-12 different words in a particular order, one would have no way to access the cryptocurrencies on the wallet.

Wallets can either be cold storage or hot storage. The difference between the two is very simple. Cold wallets are stored offline using devices like a Ledger Nano or Ellipal wallet (hardware wallets). These wallets store cryptocurrencies offline so that they can't be hacked into or taken control of. The only person that can access the cryptocurrencies stored on cold wallets is the person that has the keys to the cold wallet. Hot wallets (crypto digital wallets), however, are more easily hacked if not used correctly. A hot wallet could be a wallet on an exchange like Coinbase.

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Category
Cryptocurrencies
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