TL;DR
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Cold wallets are physical devices (kind of like USB sticks), specifically designed to store digital assets (crypto, NFTs etc.) – with pros and cons (but mostly pros).
Full Story
Time to talk about something near and dear to our hearts…cold storage wallets.
Cold wallets are physical devices (kind of like USB sticks), specifically designed to store digital assets (crypto, NFTs etc.).
Why take your digital assets offline? Mainly because, by being disconnected from the internet, it’s really difficult – almost impossible – to hack.
Think of cold wallets like digital safes — the crypto stored on them is only accessible when the device is connected to a computer.
The other big advantage of cold storage is that you have full ownership of your private keys.
In other words, no third-party can access your funds – and therefore no third-party can lose your funds (cough cough FTX).
But, by storing your digital assets on a device like a Ledger Nano X (Seb’s favorite cold wallet), it does mean you need to be extra careful when it comes to physical storage.
Aunty Mary threw your cold wallet in the trash by accident when ‘helping’ with your Spring cleaning? The digital assets stored on there will be gone forever.
Also, transferring funds requires physically connecting the device to your computer, so if you’re on holiday and you hold $250k worth of LUNA but can’t access your cold wallet, you’re also out of luck.
So, cold storage wallets are like a high-tech safe for your digital gold. They offer top-notch security and control, just with a few trade-offs in convenience.
Should you jump in and buy a cold storage wallet?
If you hold any significant amount of crypto, especially if you plan to hold for the long term, then cold wallets are definitely the best choice.
Unfortunately, sometimes hacks happen – stay safe out there!
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