What is a Hot and a Cold Wallet — Whats the difference⚡️Hamster Academy - video Dailymotion

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Transcript

00:00Hello, hamsters!

00:07Have you heard that there are hot and cold wallets?

00:09Do you know the difference between them?

00:11How not to get burned by one and freeze from the other?

00:15Let's figure it out!

00:16In previous videos, we only discussed the tip of the iceberg of crypto asset storage

00:21– custodial and non-custodial wallets.

00:24Be sure to watch that video if you haven't already.

00:28Let's get to our topic!

00:34The main difference between a hot wallet and a cold wallet is that the hot one

00:39is always connected to the Internet.

00:41You can use it any time you need.

00:43An account on Etsex automatically gives you access to a hot wallet.

00:47Use it from any device.

00:49Additionally, all the money is stored on the service's servers or on your personal device.

00:54To put it another way, a hot wallet is suitable for daily use and recommended for storing

01:00small amounts.

01:01It's like a handy online bank, but without the queues of hamsters.

01:06Hot wallets can be browser-based, desktop, and mobile.

01:09But we'll talk about this and other features next time.

01:13If you are already a wealthy hamster who has reached the Lord level and you want your assets

01:18to be safe, you should consider cold wallets for storing savings.

01:23But be warned, using them is not as convenient.

01:26They are not connected to the Internet, meaning they store your keys offline, just like a

01:31peanut safe.

01:33A wallet can be a special device that you need to use for transactions with your assets,

01:38confirming each action manually, or even a piece of paper.

01:43Yes, you heard it right.

01:45A simple piece of paper with 12 or 24 words can be a crypto wallet.

01:50If you want to know more, write in the comments.

01:53And who knows, maybe the next episode of Hamster Academy will be about this very topic.

01:58So, let's sum it up.

02:01Hot wallets are made for everyday use, and cold wallets are for securely storing large

02:06amounts.

02:06Here's my recipe for storing peanuts, I mean cryptocurrency.

02:11That's all for today.

02:12Thank you for watching.

02:13Subscribe to the channel.

02:14And remember, hamsters are power.

02:16One for all and all for one.

02:18Bye!