When a certain point in time you come where the point is how can I mostly protect my coin in hack proof way.
When it comes to the crypto world people wanted their wallets to be more secure and they pay the lot for it and they don’t always want to see that the coins are secure or not? most of them say that I am an investor, not a day trader or day to day user I don’t spend my coins much, how can I secure the coins and at the same time can I access when needed because there is lot of news on internet that exchanges, websites and wallets get hacked and how rest of the people secure them?
When it comes to securing wallets there are two types of wallet where any wallet secures their coins are:
- Hot Wallet
- Cold Wallet
“Hot Wallets are like Current Account and Cold Wallets are like Savings Accounts.”
When it comes to the hot wallets are the wallets which are mostly used for basic usage of coins and it’s less secure then the cold wallet and it can be accessible at any time where most of the coin flow through and people keep less quantity of the coins in hot wallets so they can access it all the time for purchases and for trading of coins and all the hot wallets are connected to the internet all the time so there is quite a bit of risk included in them. Where your mobile might be vulnerable because of no antivirus or web server or under attack by hackers and at some point your wallet is connected to the internet so there is certain risk involved in using the Hot Wallet which is not that easy to hack but still not completely hacks proof. Most of the people are not aware that 30% of the wallets don’t allow users to hold the Private keys so your coins can be frozen by the website or the app if they got hacked. These kinds of things happen all the time in the exchanges because you don’t hold the private keys, Websites holds them and usage of the coins are limited until the website become secure or back to online again, meanwhile your brain is fried and heart is beating thinking of your coins. Here are certain Hot Wallets like Coinbase and Coinomi some of the exchanges like Yobit and Poloniex Where you don’t have to spend any money to use them.
When it comes to the Cold Wallets these are the wallets which are not at all connected to the internet until you wanted to use them. These are basically Hardware Wallets like pen drive or the hard disks which are totally secured because they are not connected to internet and only you can use them and there is no history of Cold Wallets got hacked in CryptoWorld and you’re the only one who can use them and hold the private keys and access to the device. You can use them by connecting to the computer or the mobile and use them. Some of the Cold Wallets are Keep Key and Ledger Nanos which cost to buy them online which are expensive but with more security to access. You can even go cheaper but less security compared to the expansive one you can get any pen drive or hard disk and install the Cold wallet software and use it offline. If you still wanted to use cold wallet without Paying Still you can use them, well then you can use the Cold Wallet but not Hardware but on paper which is also called as Paper Wallets. Yes, you just need to install the Paper Wallet software into the computer and your computer will Generate the Private Keys without internet and you can print the QR Code in a small piece of a paper and you can use it anytime just by scanning the QR Code which is very cheap Cold Wallet but efficient.
Well, Now Comes the Most important Question I am using Offline Wallets or Paper Wallet? What if I want to add funds to the Hardware or the Paper wallet? Chill, not a big deal taking coins offline doesn’t mean that you can’t add funds. At that point comes the Public Key where people accept from so either your wallet is offline your coins are updated in BlockChain so when you connect the hardware wallet any time to see the complete balance you can synchronise the Hardware Wallet where you see full balance in your cold wallet and you can see the same without connecting them to the internet just by entering the Public Key of your wallet in Blockchain your coins are safe you don’t lose your coins if you’re wallet is offline and for the paper wallets you will see the full balance in the Blockchain by entering the Public Key or just by scanning the QR you can see the Updated Balance so no worry.
If you are Willing to Buy the cold wallets Please Make sure you are buying it from the Authorized Dealer and make it sure that the package is sealed and the scratch code is not scratched. If you see any of them happen please return back the package or don’t use the Cold Wallet.