Based on the storage method, we can group cryptocurrency wallets into two categories- cold wallets (which uses cold storage) and hot wallets (which uses hot storage). Cold wallets are offline, in other words, they are not connected to the Internet. Hot wallets are connected to the Internet. Both cold and hot wallets are needful, and they provide different benefits in terms of security and convenience.
Hot wallets include mobile, desktop, and web wallets. They are more commonly used, especially by people who want to store a small amount of cryptocurrency, which they would use frequently. The advantage of a hot wallet over cold wallets is that it allows for fast and easy access to user funds. However, because they are connected to the Internet, they could be at risk of a hacked.
Cold wallets include hardware wallets and paper wallets. These types of wallets are not common and many crypto enthusiasts may have never used them as they may not understand them nor find them needful. If you want to store a large amount of money for a long period, then a cold wallet is the best option. Putting a large sum of money on a hot wallet is the same thing as going around with huge amounts of cash in your pocket or briefcase.
TokenPocket cold wallet feature allows you to import your keys into a cold wallet while being offline to ensure the security of your keys and assets. The cold wallet communicates with an observer wallet through QR code and the keys are never connected to the internet.
Import your cold wallet account to TP cold wallet
The following steps outline how you can import your cold wallet to TP app and then use the TP app as a cold wallet. Note that “step one” should be done online while “step two” should be done offline.
Step 1:
- Your phone should be ONLINE.
- Input your account name to the TP wallet using the OBSERVER MODE.
Step 2:
- Your phone should be on airplane mode(OFFLINE).
- Input your private keys to the TP app.
You can use the TokenPocket app as a cold wallet but remember that your phone must be on airplane mode while you are doing so. With your TP cold wallet, you can make transfers and access the DApps on TP DAppstore. The TP cold wallet can perform all operations that the regular wallet can perform. Once again, except for downloading and updating the wallet, the TP cold wallet should always be kept offline.
Being a one-stop-shop for any niche is a daunting task because human needs are infinite and sometimes entirely opposite and contrasting, but it’s not a problem for TokenPocket. TokenPocket can be hot or cold for you. Whether it’s the extra security of a cold wallet or the robust utility of a hot wallet that resonates with your needs, TokenPocket’s got you covered.
Disclaimer: None of my articles should be considered as financial advice.
