Finance

What is hot wallet?

storing bitcoin
Written by Ralpha

If you are new in the investment field then you are unaware of the hot wallet and cold wallet. So every crypto investor needs to know about them. Because if you ignore them then you can’t able to invest in bitcoin. Hot wallets are exchanges that help you in storing bitcoin by an exchange in the cloud. You can access it through an app or browser. When you join with any exchange then they will provide you a wallet where all crypto will be stored. Few exchanges also help you in converting btc to usd.

 Let us tell you that hot wallets are more attractive to hackers but they are strong than any other platform. They will keep all your bitcoins safe and secure. You can keep only bitcoins, btc to usd can be converted while you withdrawing it from your wallet in your bank account.

keep all your bitcoins safe and secure

This is the list of a few hot wallets provided on the internet:

  • Coinbase 

Let us tell you that the coin base is the most popular bitcoin currency exchange. It offers you free hot wallets and also ensures your losses due to security breaches, employee theft, breaches, and fraud transfers as well.

  • Electrum 

It is software and stores your bitcoin on a laptop, computer or desktop. It is a very easy and simple software, anyone can easily buy and sell bitcoin here.

  • Blockchain 

The blockchain is also an online hot wallet but it is different from the coin base. But blockchain is not any currency exchange so it is not much attractive for hackers, it means you are completely safe here.

  • Mycelium 

The best thing about it is that it is a mobile-based platform. It is available for various versions like android or iPhone. You can buy and sell bitcoin on your phone with just by few clicks. All this is done just to make your BTC buy convenient.