Hot wallets are wallets that are connected to the Internet and allow you to access your funds in real time. This is a great advantage for users who want to check their balance quickly or make payments from a remote computer. However, this also makes hot purses much more vulnerable than cold ones. Hot wallets have the potential to be hacked and emptied of all your funds. Hot wallets aren't safe Hot wallets aren't as safe as many users expect them to be. In fact, research has shown that up to 40% of all digital currency transactions involve some degree of risk because they are exposed to hacker attacks. If you keep your cryptocurrencies in a hot wallet, it may be prudent to move some or all of them to a cold storage one.
What is a hot wallet?
A hot wallet is a digital wallet that is connected to the Internet. This means that it is connected to the Inter Blockchain Network (IBLT). Therefore, they have a certain level of security risk. Hot wallets are also called online wallets or online cryptocurrency wallets. You can think of them as your computer that's always connected to the Internet. These wallets are very convenient when you need to move money daily or you don't have your life savings stored there.
Is a hot purse safe?
The answer is tailored to your needs. If you want to keep large amounts of money, this option may not be the safest option for you. Of course, here we are overlooking the fact that if there are projects that are concerned about user security, but the fact that they are connected to the internet leaves room for the small possibility that something will go wrong and when it comes to money, the best thing is to eliminate that possibility completely.
On the other hand, if you're a user who only wants to keep a small amount of cryptocurrency and own private keys, go ahead, hot wallets are a good idea.
How to choose a hot purse?
- The first step in finding a reliable and safe hot wallet is to research several criteria before making a choice. That's why we'll give you those aspects to consider when choosing a hot wallet.
- Safety: You must ensure that the wallet provider has a good reputation, as well as that the wallet provider is reliable and trustworthy. It's also a good idea to seek partial reviews from previous customers.
- Reliability: You must make sure that the hot coin purse is reliable. This means that the software is strong, and the team that develops it offers a good service. It's important that you choose a hot wallet that has a positive track record in terms of its services.
- Comfort: You should also make sure that the wallet is convenient to use. This means that the account is easy to set up, use and also has a good user interface. This will help you to access your funds in an easy and fast way.
Security tips for storing cryptocurrency in a hot wallet
- Always use a strong and secure password.
- Avoid reusing the same password across different services.
- Whenever you're using a public computer, try to activate a VPN connection.
- Be careful when transferring funds to other wallets.
- Remember that no hot wallet is immune to a hack.
3 hot purses that we recommend you use
Now that you know what a hot purse is and what the risks associated with them are, it's time to find the best hot purse for your needs. We took into account the factors mentioned above and we have selected three wallets that we believe meet those golden rules. Clearly, we recommend that you do your own research anyway before you deposit funds into these wallets.
- El Dorado: Clearly, our app is a good option if you want to keep your cryptocurrencies safe. Our app has state-of-the-art licenses and protocols, which help us keep your savings safe at all times. In addition, storing cryptocurrency is one of the many functions you can do in El Dorado. Download our app that is available for iOS / Android / Web.
- MetaMask: This wallet is one of the most used by the crypto community because of its security and simplicity. It is used by +30 million users and one of its features is that you can explore thousands of dApps within its app.
- Trust Wallet: This wallet is one of the most secure in the ecosystem, since not only do you have full control over your cryptos, but Trust does not collect personal information from users, which makes it much more private.
Thank you for reading our article, remember that the best way to keep your cryptocurrencies safe is to use a cold wallet, and only use these hot wallets for everyday movements. El Dorado is your best option to save and at the same time make daily payments, with our P2P you can exchange cryptocurrencies for your local currency in just minutes. Don't wait so long and start saving with El Dorado.
