Hot vs cold crypto wallet?

[soa0611]

Where do you keep your crypto, guys?

 

[bbrokeaf]

I keep my crypto in a ledger cold wallet. I don't trust hot wallets.

 

[lanhniembh]

Where do you keep your crypto, guys?

cold wallet bro

 

[gentzalli]

neither. create your wallet, write down the seed phrase and memorize it as well, then don't let your private keys exist on any device. Download a watch-only wallet on your phone if you want to just see the balance. Ultimate security

 

[soa0611]

create your wallet

what do you mean?

 

[Thunderproxy]

neither. create your wallet, write down the seed phrase and memorize it as well, then don't let your private keys exist on any device. Download a watch-only wallet on your phone if you want to just see the balance. Ultimate security

Memorising your seed phrase as the only recovery option is just bad advice.

 

[gentzalli]

what do you mean?

I mean download any trusted crypto wallet and click the "create new wallet" button.

Or if you already have created a crypto wallet, just memorize the seed phrase, write it down and delete the wallet. Enter your seed phrase into a secure device whenever you want to access your funds.

Memorising your seed phrase as the only recovery option is just bad advice.

That's why I said write it down as well which you are purposefully omitting. You could write it down 15 times and store it in 15 secure locations.. But it's always a good idea to memorize it as well.

 

[soa0611]

I mean download any trusted crypto wallet and click the "create new wallet" button.

Or if you already have created a crypto wallet, just memorize the seed phrase, write it down and delete the wallet. Enter your seed phrase into a secure device whenever you want to access your funds.



That's why I said write it down as well which you are purposefully omitting. You could write it down 15 times and store it in 15 secure locations.. But it's always a good idea to memorize it as well.

you mean, for example, install Exodus, put there some crypto, get seed phrase and uninstall it for safety measures

then i can use this phrase on any device with installed Exodus? is it what you advise?

 

[gentzalli]

you mean, for example, install Exodus, put there some crypto, get seed phrase and uninstall it for safety measures

then i can use this phrase on any device with installed Exodus? is it what you advise?

Yes, that is correct

 

[SpaceTwitter]

Cold wallet - security. Hot wallet - convenience.

 

[Comsign]

Hi of course using cold wallets is more secure, but if you make transactions frequently it will be more convenient to use a hot wallet. The cold one though safe, but not 100% just remember this.

 

[bysoth65]

Cold wallet all the way but keep a hot wallet for regular transactions and then when you are ready to harvest profits etc move then into a cold wallet. And I know you've been told this 1000x but don't whatever you do share or store you seed phrase with anyone or anywhere online etc. If you loose access to your seed phrase and you wallet gets compromised then you have no way of accessing your crypto.

 

[xReminisce]

neither. create your wallet, write down the seed phrase and memorize it as well, then don't let your private keys exist on any device. Download a watch-only wallet on your phone if you want to just see the balance. Ultimate security

Exodus is a hot wallet

 

[gentzalli]

Exodus is a hot wallet

I never suggested Exodus or any hot wallet.

 

[xReminisce]

I never suggested Exodus or any hot wallet.

 

[gentzalli]

View attachment 336192

A hot wallet is a cryptocurrency wallet that is always connected to the internet and cryptocurrency network.

if you had understood what I said, you would've known that the point is to delete the private keys from the device. Then it is neither a hot nor cold wallet. It's just coins on the blockchain that only you can access, doesn't matter if it's exodus, sparrow, trezor or Banana bitcoin wallet.

 

[xReminisce]

A hot wallet is a cryptocurrency wallet that is always connected to the internet and cryptocurrency network.

if you had understood what I said, you would've known that the point is to delete the private keys from the device. Then it is neither a hot nor cold wallet. It's just coins on the blockchain that only you can access, doesn't matter if it's exodus, sparrow, trezor or Banana bitcoin wallet.

Ah yes
With your logic
I can use any wallet as long as i "delete keys" off my device right ?

If you knew as much crypto as you think you do, we wouldn't be having this convo
https://www.exodus.com/support/en/articles/8598883-exodus-crypto-dictionary

Even exodus says it's an hot wallet.

 

[soa0611]

A hot wallet is a cryptocurrency wallet that is always connected to the internet and cryptocurrency network.

if you had understood what I said, you would've known that the point is to delete the private keys from the device. Then it is neither a hot nor cold wallet. It's just coins on the blockchain that only you can access, doesn't matter if it's exodus, sparrow, trezor or Banana bitcoin wallet.

so i can start on Exodus, add 1 btc ,take my seed phrase, unistall Exodus and then with this seed phrase go and install Coinbase Wallet and get access to my 1 btc?

 

[Salamouna]

Paper wallet with big amount
smaller on ledger
smallest on hot wallet they gives the seed

 

[LamboRambo]

Cold wallet is so much safer. Always cold.