Recently,any news that are related to cryptocurrency are attracting attention from all over the world! Even during the bear market, the public’s interest in the cryptocurrency has not diminished. Since 2017 event triggered a shock in Bitcoin, prices rose by 1700% for the full year. As of now, users of cryptocurrency accounts for only 0.7% of the global population, and the total market value of cryptocurrency in the next four years will likely exceed the market capitalization of precious metal gold. With the rise of investors and ICO projects, there is a greater need for secure storage of digital assets. Is it better to store the digital assets in a cold wallet or a hot wallet? Lets me share more on this!
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Encrypted digital wallet is important to crypto holders. Storage of private keys are separated by encrypted digital wallets into two types: cold wallet and hot wallet.
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Cold wallet usually means that the network cannot access your stored private key. Location, it is a non-networked wallet, also known as an offline wallet. The cold wallet relies on “cold”, hardware equipment to ensure the security of the digital currency private key. In the case of non-networking, through the computer, mobile phone, small books with private key addresses. When a user is using a cold wallet, since the outside world is generally unable to access the location where the private key is stored through the network, the risk of being hacked to steal the private key is reduced, thereby improving the security of the digital asset.
However, cold wallets also has a few disadvantages. The operation process is relatively complicated. Once the wallet is damaged or lost due to factors such as natural disasters and man-made disasters, you will permanently lose all the digital assets you invested in the cold wallet. If you lose the cold wallet device, you lose your private key.
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The hot wallet on the other hand, is exactly the opposite of the cold wallet. It refers to the wallet that the Internet can access your private key. It is the wallet that keeps the Internet online, also called the online wallet. When using a hot wallet, it is best to set multiple complex passwords on different platforms and enable secondary authentication such as 2FA to ensure your assets are secure.
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What is the wallet address?
Both cold wallets and hot wallets use digital wallet addresses to send digital assets. What is wallet address? We can imagine it as you go to the bank to open an account, the bank gives you the card number, others can transfer money to you through this card number. In general, the wallet address and private key appear in pairs, the wallet address is your bank card number, and the corresponding private key is like the password of your bank card number. The wallet address records how much money you have on the wallet address, and you are only eligible to use the money on the bank card number if you know the password.
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Wallet addresses and private keys are key elements in digital asset transactions. Whether you use a cold wallet or a hot wallet to store digital assets, anyone who knows your wallet’s private key can freely transfer and dispose of your digital assets. In short, whoever holds the private key will become the real master of the encrypted digital wallet. Therefore, be sure to save them when using your wallet.
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If you are an investor who needs to trade frequently, then the convenient and flexible cryptocurrency hot wallet is more appropriate. One such hot wallet is Mars wallet — a professional digital asset wallet, under the Mars blockchain group. An important node in the ecosystem.
About Mars Wallet:
Mars Wallet supports multi-currency management and trading on multiple chains, and provides users with a wealth of resources, including the latest industry events and news, as well as links to top cryptocurrency exchanges such as OEX and Kryptono.
With strict security management measures and a good user interface, Mars Wallet will provide users with the best digital asset management and exchange services. Although Mars Wallet is still in the early stages of its release, its future potential is huge and it will become a first-class digital asset wallet.
For more information on Mars Wallet, keep up with its following social media:
Telegram: https://t.me/marswallet
Reddit: https://www.reddit.com/user/1-SG/
Twitter: https://twitter.com/1SG_2018
Instagram: https://www.instagram.com/marswallet_sg/
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