The cold wallet is an offline wallet used to store bitcoin. In the cold wallet, the digital wallet is stored on a platform that is not connected to the internet, thus protecting the wallet against unauthorized access, cyber attacks and other vulnerabilities that the internet-connected system is susceptible to.
Cold wallets can be in the form of paper or hardware. Hardware wallets are physical, electronic devices that use random number generators to create open and secret keys. Paper wallets are a physical document on which an open or private key is located in the form of a QR code.
In a convenional bank system, the bank can return the money again as a result of money loss in the absence of user defects. However, if your cryptocurrency account or wallet is compromised and your bitcoins are stolen, you will not be able to receive the stolen cryptocurrencies. That's why cold wallets meet the need for safe and secure storage for bitcoins and altcoins.
The point to be considered in the cold wallet is that the shared key and the private key are not lost. The security of this belongs to the investor. In addition, you can transfer cryptocurrency the online wallet as well as transfer it to the cold wallet. The balance is now available as your transaction is registered in the blockchain. To transfer cryptocurrency from your cold wallet to another location, you can send a suitable software or cryptocurrency trading platforms.
Note; Once you send cryptocurrency from your paper-shaped cold wallets, the private key will now be in the online environment, so the cold wallet will lose its security. For your security, it is recommended to create a new paper wallet for free.
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