What is a Hot and a Cold Wallet — Whats the difference⚡️Hamster Academy
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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!