What is a hot money bag and a cold wallet (the difference between a hot money bag and a cold wallet)

what is hot wallet cold wallet According to AMBCrypto, the two most popular products in the Cryptocurrency industry are hot wallet and cold wallet. What is a hot money bag and a cold wallet? It is a way of storing electronic devices, hardware, and other facilities for digital or virtual assets. When you use it, your physical identity may be compromised as you cannot obtain information and funds without a third party. In other words, if you want to keep your Bitcoin or other Cryptocurrency securely, you’d better transfer them to the hot wallet

What is the difference between a hot wallet and a cold wallet?

What is the difference between a hot wallet and a cold wallet? When using digital currency, we can first use hardware devices to store Bitcoin, Ethereum and other encrypted assets; When users use a cold wallet, they can also choose between a hot wallet and a cold wallet. What is a hot wallet? Generally speaking, it is a security tool used to manage security functions such as private keys. A hot wallet refers to storing users’ electronic products in a cold money box, but it does not have physical protection or other special types of protection measures. Cold wallets can be divided into two categories: hot wallets and cold wallets are ordinary wallet applications or unmanaged software, which are characterized by strong security and are not easily affected by network attacks (such as viruses). Hot wallets are mainly suitable for storing private keys with passwords and poor accessibility, and are also prone to hackers stealing coins. (Coinelegraph)