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Use Your Cryptocurrency Cold Wallets Safely

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Shivangi Mujumdar Follow

INDIA

Jan, 06 2021

Jan, 06 2021

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The salient features of cryptocurrency have led to its widespread adoption and recognition. However, the safety concerns related to the digital assets have risen rapidly with time due to an outsized number of knowledge thefts and hacks among the opposite fraudulent activities. the sole solution put forth by the Blockchain experts is to store your assets in cold wallets. Before we throw light on how cryptocurrency cold wallets are often used safely, let's determine what a chilly wallet is. 

 

A cold wallet is otherwise mentioned as offline storage of cryptocurrencies because it doesn't require an online connection. Private keys are stored offline, thus evading the vulnerability of unauthorized access. Cold storage is taken into account as a safer alternative as compared to online storage because online storage or hot wallets have potentially higher risks of getting attacked by hackers or crypto jackets.  

 

Trezor Model T: this sort of cold wallet offers a high level of security. so as to access the storage, one requires a personal identification number. Upon fixing the pin, a 12-word seed is generated which will be employed by the investor to retrieve the wallet. 

 

Ledger Nano S: Ledger Nano S wallets also require a personal identification number for access a bit like Trezor wallets. Moreover, it generates seed upon fixing which will be wont to recover wallets. The private keys of the investor are stored within the hardware and access is gained by plugging the hardware into the system than entering the personal identification number. 

 

KeepKey: this sort of cold wallet requires hooking of the hardware to the pc. A randomization system and pin code are wont to limit the infiltration of malware. The seed that's generated for backing up the wallet is between 18 to 24 characters long. It is highly recommended by cryptocurrency influencers that you simply perform frequent backups for your wallet. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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