- What is a wallet?
A wallet is a tool for storing and using digital currency. One coin corresponds to a wallet. Used to store currency, or "transaction" currency.
Cold wallet
A cold wallet is a wallet that is not connected to the Internet, also called an offline wallet.
Hot wallet
A hot wallet is a wallet that stays online, that is, an online wallet. Cold wallets are safer than hot wallets if they are not connected to the Internet.
The average person does not actually need such a professional and safe cold wallet, just use a hot wallet.
However, the platform for issuing the currency must be used. A series of theft events such as "Ethereum forked Ethereum for the most stolen currency" and "Bitcoin virus extortion" are enough to prove the "importance of offline wallets". . When you don’t need to use coins, put the coins in the cold wallet and cut off the Internet connection, so that even hackers will have no way to attack and steal your coins. Because no one can guarantee the absolute security of the Internet 100%, in order to stolen digital currency, you can store the currency in a cold wallet, and then transfer it to the hot wallet when you need it.
- What is a wallet address?
Think of the wallet address as a bank card number, and others can send money to your wallet address. Generally, addresses and private keys appear in pairs, and their relationship is like a bank card number and password. The address is like a bank card number to record how many coins you have in the wallet address. We can simply understand the wallet address as the bank card number, and the private key of the wallet address as the password of the corresponding bank card number. Only when you know the bank password can you use the money on your bank card number. Therefore, please keep your address and private key when using the wallet.
- What is a public key?
Public key is a concept in cryptography, which is obtained through an algorithm. Generally, public key and private key appear in pairs. For example, you want to send me a message, and the content of this letter is confidential. You use my public key (public key for short) to encrypt and send the letter, and only with my private key (private key for short) can you see the content of this letter. In other words, you are only acting as a postman, and only the person who keeps the private key can see the content of this letter.
- What is a private key?
According to the concept of address and public key, it is easy to understand what a private key is. You can think of it as your bank card password.
Note: Be sure to keep your private key, because once you lose it, your coins are really gone and you will never be able to find them back. The address and private key can be backed up for offline storage.
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