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Cold Wallet

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Cold Wallet

The crypto money wallet has taken its place in our lives with Bitcoin, which is accepted as a digital currency on the internet. Cryptocurrency wallets are physical, software or hardware devices that store public and private keys and allow cryptocurrency transfer. A public key is an address consisting of numbers and numbers that users can use to accept payments, just like the IBAN issued through banks. Public and private keys are a user account ID on the blockchain.

Thanks to this identity, people can communicate with each other as a digital asset (money) by providing P2P (Peer to Peer) peer-to-peer communication. It can perform other cryptocurrency transfers. The private key is stored in different types of cryptocurrency wallets such as software wallets and hardware wallets. These wallets allow the user to perform transfer transactions on the blockchain with his private key. It is not possible to refuse confirmed transfers on the Bitcoin network. However, transfers that are not yet approved by the miners can be reversed by double spending with a higher transfer fee.

The method of storing leading crypto asset wallet keys such as Bitcoin, Ripple, Litecoin, Ethereum and Bitcoin Cash in a hardware device that is not connected to the internet is called a cold wallet. Cold wallets are safer than hot wallets due to the lack of internet access. In order to create a cold wallet, it is necessary to create the wallet address of any crypto currency and store the information in a device that is free of internet.