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🛑 Hot Wallet
📍Definition:
A hot wallet is a type of digital wallet that stores the private keys of digital currencies online.
📍Security:
A hot wallet is considered less secure compared to a cold wallet due to the constant connection to the Internet, which makes it more vulnerable to hacking and cyber attacks.
📍Usage:
The hot wallet is mainly used for day trading and instant transactions, and is suitable for people who need quick access to their digital assets.
📍Examples:
- Mobile application wallets: such as MetaMask and Trust Wallet, which are applications installed on smartphones.
- Web wallets: such as the wallets of the exchanges Coinbase and Binance, which can be accessed via the browser.
-Desktop wallets: Software that is installed on your computer such as Exodus and Electrum.
📍Advantages:
- Ease of use and quick access to funds for instant transactions.
- Suitable for daily trading and frequent uses.
📍Disadvantages:
- Vulnerable to hacks and cyber attacks due to constant connection to the Internet.
- It is less safe to store large amounts of digital currencies for long periods.
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