knowCryptocurrency Currency Tips – Cold Wallet
[本篇中文版連結]
Cryptocurrency Terminology: “Cold Wallet”
The term “cold wallet” can often be heard in cryptocurrency circles, but what is a “cold wallet”? Why must digital currency be stored in a cold wallet for true security?
Is it safe to store currency in an exchange?
Whether you’re a newcomer or experienced pro in cryptocurrency, everyone knows that coins can only be obtained by mining or trading. Transactions most commonly occur within exchanges, but is it really safe to leave your purchased currency in the exchange? In the past year alone, multiple global exchanges were infiltrated by hackers resulting in the theft of currency, therefore I strongly suggest purchasing a cold wallet for the safekeeping of assets.
Generally, cold wallets look like USB sticks and some common solutions are: Ledger Nano S or Trezor. Cold wallets work by storing digital assets in a device that looks like a USB stick to insulate assets from the internet so that private keys are offline and safe from hacker attacks that could result in the theft of your virtual currency.
Remembering your Password and Private Key
While cold wallets are the safest form of security, it must be emphasized that the most important thing when using a cold wallet is remembering your “password and private key”. Cold wallets do not require an account and password to login as in exchanges but require direct password input and a private key to access all content. If you forget your password, there is no “forgot password” function that can retrieve your password. Instead, any digital currency in the device will be lost forever.
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