Difference between hot and cold wallets in Crypto
Wallets are 'interfaces' through which users interact with blockchains.
There is no way of transacting or even remotely enjoying any of the innumerable advantages of cryptocurrencies without a wallet.
Therefore, if you want to buy any crypto, one has to make a decision. Coins/tokens can be stored using a 'hot' wallet or a 'cold' wallet, or a combination of the two.
For clarity, a 'hot’ wallet is connected to the internet, making it easier for one to spend or move cryptocurrencies. The problem is, often without necessary precautions, these types of wallets can be susceptible to attacks that can result in the loss of funds if there is no intervention.
On the other hand, a 'cold' wallet is cold, as the name suggests.
This wallet is kept offline mainly as a hardware device. They are secure and recommended for holders of large amounts of cryptocurrencies. The online downside is, cold wallets are comparatively inconvenient, and it won't be easy to spend coins off these devices.
CryptoAltum uses a combination of hot and cold wallets. All traders with an account have access to a hot wallet.
At the same time, CryptoAltum locks up most funds in their cold wallets. They are off-grid, therefore, inaccessible to hackers.
Besides, accessing any official CryptoAltum wallets—hot or cold—is hard.
Moreover, CryptoAltum has strict internal procedures requiring multiple signatures. In addition, time delays are required whenever there are requests to access cold wallets.
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