• Sat. Jan 28th, 2023

Cold Wallets, are increasing again.

Bywiret

Dec 14, 2022

Along with the crash of Terra and Luna in May this year, demands for personal asset protection in the cryptocurrency market are increasing due to the FTX crisis. As a result, interest and demand for hardware-based cryptocurrency wallets, so-called Cold Wallets, which have been quiet for a while, are increasing again.

Cold Wallet is a type of cryptocurrency wallet that can store a private key (private key) that can prove ownership of cryptocurrency. In Korea, it is also called a ‘hardware wallet’ or ‘hard wellet’. As the name suggests, it is a private key storage tool using a specific hardware device.

It is considered to be more secure than a web browser plug-in or app-style hot wallet because it is basically an independent security device that is not connected to the network. Hot Wallet is a cryptocurrency wallet that can easily transmit or trade cryptocurrency in real time because it is connected to networks such as the Internet.

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On the other hand, Cold Wallet should stay offline and use separate apps or software only when necessary. There is such a hassle, but the level of security increases. Therefore, most exchanges and investment companies strongly recommend the use of cold wallets.

In general, Cold Wallet is used by long-term cryptocurrency investors to collect and store cryptocurrency for a long time, but recently, products that do not yield security, such as exchanging encrypted Bluetooth communication with mobile apps or using fingerprints and NFC chips, are also being distributed on the market.

If you use Cold Wallet, you must directly own and manage the cryptocurrency of the asset without relying on each exchange or investment company. You can protect your assets even in the worst situations such as suspension of deposit and withdrawal from exchange accounts, hacking, and bankruptcy. Although there are disadvantages that assets are less liquid and difficult to trade quickly, security is the top priority in cryptocurrency investment, as shown in the FTX crisis.

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