Hot wallets are “hot” because they are always connected to the internet. Being virtual means that your seed phrases and private keys are stored online and in your wallet’s browser or application, making them more susceptible to cybersecurity threats, where cold wallets use physical hardware like secure elements to protect this information. Hot wallets refer to virtual wallets that are online and facilitate the sending of cryptocurrencies to other users or exchanges. Hardware wallets are almost always the safest solution against security threats. Each transaction requires your key, the physical device, to respond to the transaction, and your device has a pin for an additional layer of safety.
While the software counterpart for your cold wallet acts as a safe, still allowing your Bitcoin to exist on the blockchain and be staked, your physical device acts as a key for this safe. The views and opinions expressed in this article are the author’s own and do not necessarily reflect those of CoinMarketCap.Hardware wallets, or cold wallets, store your seed phrase and private keys in a secure physical device and protect you against cyber attacks by air gaping your private key from the internet.
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It's a perfect choice for crypto users on the go who are looking to keep their hardware wallet in their actual wallet.
In addition to its existing portfolio (BTC/ETH/USDT/LTC/XRP/ERC20/BNB and more), the Pro offers native support for Polkadot (DOT), Cosmos (ATOM), Tron (TRX) and TRC20 tokens, Binance Smart Chain's BEP-20 assets and in the near future, ETH 2.0, Cardano (ADA) and NFTs.ĬoolWallet Pro's use case extends far beyond simple coin storage, such as earning attractive passive rewards by staking DOT, TRX, or ATOM or transacting on its streamlined integrated in-app marketplace that connects the user to several popular decentralized and centralized financial products.
Its lithium-ion battery provides a single battery charge that lasts several weeks.ĬoolWallet Pro, the third in the CoolWallet series dating back to 2016, caters to DeFi users who want to put their assets to work on the next generation of eco-friendly PoS (Proof-of-Stake) networks through staking protocols. The CoolWallet's laminated exterior is bonded with thin flexible printed circuits, and components through a patented cold compression process to ensure it remains tamper-free and water-resistant.