Crypto Cold Wallet (Hardware)
You might ask what is this “COLD WALLET“? Let’s explain in short from start from comparison of Hot Wallet and Cold Wallet. Mostly every beginner and small investor have “Hot Wallet” or some my investor normally call it “Online Wallet”. Its a wallet that are link online and provided by many ways such as Mobile APPs , Internet Browser Extension, Cloud Wallet Platform and etc. All of this are online wallet which made easy to trade and exchange coins within their platforms. Nothing is perfect, therefore storing online there is a risk of hackers, especially in Multi Billion Crypto Market. Most people think there is multiple security provided such as SEED Phrase or Private Key. But hackers do go thru a pull off Billions worth of Coins.
Some Example Platform got hack such as Mt Gox (2014), Bitfinex (2016), Nice Hash (2017), Youbit (2017 formely known as Yapizon), Upbit (2019), Binance (2019) and etc. Search online and you can get all the indept details as some survive and some bankrupt with user Hot Wallet Account together.
If you are a Cautious Investor or Big Investor. Its better to diversify and get “COLD WALLET” to store your hard earn Fund Money.
Advantage of “COLD WALLET“:
- Its OFFLINE, nobody can access your wallet because its store OFFLINE. Hackers cant access without the Hardware Device.
- It cant be infected by Virus
- Its secure with strong passphrase produce
- Carry with ease when traveling or migrate to another country with your *SPECIAL FUND MONEY* (Mostly those funds cant be shown publicly)
- Recover or Backup your COLD WALLET with Recovery Seed Passphrase and Private Key
Disadvantage of “COLD WALLET“:
- If you lost Passphrase and Private Key, You will lose all your funds. (Therefore ALWAYS WRITE DOWN YOUR PASSPHRASE AND PRIVATE KEY, KEEP IT IN VAULT OR SOMEWHERE SAFE YOU OR YOUR LOVE ONE CAN RECOVER LATER)
- Third party hacking thru physical handling the device (Do not use the device when the seal is been tempered, Middle Man Sales or Second Hand Device as many thing can happen in the process.)
PS: If you are treasure hunting lover or riddle lover. You can write in paper or steel with instruction, burry it some where with a note for your love one or the world to find your treasure.
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