Crypto Terms:
Letter H
What is Hot Storage?
Meaning:
Hot Storage -
any crypto wallet that is connected to the internet and provides users with quick access to cryptocurrencies.
Let's find out Hot Storage meaning, definition in crypto, what is Hot Storage, and all other detailed facts.
Any crypto wallet that is run through an internet-connected system is referred to as hot storage (also known as a hot wallet). Hot wallets can be used on a desktop, a mobile device, or the cloud. The user may or may not have control over their private keys, depending on the system. A hot wallet can give users a quick and easy way to access their crypto assets on the go, as well as make transferring and receiving crypto easy.
cryptocurrency wallet<\/strong><\/strong><\/a> <strong>that is connected to the internet.<\/strong> It is the opposite of a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cold-wallet/">cold wallet<\/strong><\/a> which is not connected to the internet. A hot wallet gives its users a quick and easy way to transfer and receive crypto on the go because it runs on the cloud, a mobile device, or a desktop.<\/p>\n<p>A wide range of hot wallets is accessible, with <strong>many of them being free to download<\/strong>. Some wallets are made to work together with specific mobile web applications. Others, only work with a specific digital asset or a blockchain. Besides, some <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-exchange/">cryptocurrency exchanges<\/strong><\/strong><\/a> only accept transfers to, and from, particular wallets. MetaMask, Coinbase Wallet, and Edge Wallet are all examples of hot wallets.<\/p>\n<p>However, note that, since <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-public-key/">public and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/a> are stored on the internet, <strong>anything that is stored in a hot wallet is vulnerable to attacks<\/strong>. Therefore, it's better to use hot wallets for small day-to-day transactions rather than long-term holding.<\/p>","definition":"a cryptocurrency wallet that is connected to the internet.","status":"published","meta_title":"What is Hot Wallet? Definition & Meaning | Crypto Wiki","meta_description":"Hot Wallet meaning: Hot Wallet - a cryptocurrency wallet that is connected to the internet.","meta_keywords":null}"
:prev-section="{"id":389,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-11T07:21:29.000000Z","slug":"what-is-hosted-wallet","title":"What is Hosted Wallet?","section":"H","keyword":"Hosted Wallet","content":"<p><strong>A hosted wallet<\/strong> is <strong>a digital account<\/strong> that allows users to <strong>store<\/strong>,<strong> send<\/strong>,<strong> and receive <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency. When you <strong>purchase<\/strong> <strong>cryptocurrency<\/strong> through an app like <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//coinbase/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Coinbase<\/strong><\/a>, for example, your <strong>funds are automatically sent to a hosted wallet<\/strong>. It's called <strong>hosted because your crypto is kept for you by a third party<\/strong>. It is kept in the same way that a bank stores your money in a checking or savings account.<\/p>","definition":"a digital account for the storage of cryptocurrency which is managed by third-party financial institutions.","status":"published","meta_title":"What is Hosted Wallet? Definition & Meaning | Crypto Wiki","meta_description":"Hosted Wallet meaning: Hosted Wallet - a digital account for the storage of cryptocurrency which is managed by third-party financial institutions.","meta_keywords":null}"
:model="{"id":390,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-12T03:20:35.000000Z","slug":"what-is-hot-storage","title":"What is Hot Storage?","section":"H","keyword":"Hot Storage","content":"<p>Any <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">crypto wallet<\/strong><\/strong><\/a> that is run through an internet-connected system is referred to as hot storage (also known as a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hot-wallet/">hot wallet<\/strong><\/a>). Hot wallets can be used on a <strong>desktop<\/strong>, a mobile device, or the cloud. The user may or may not have control over their <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/a>, depending on the system. A hot wallet can give users a <strong>quick and easy way to access their crypto assets<\/strong> on the go, as well as make transferring and receiving crypto easy.<\/p>","definition":"any crypto wallet that is connected to the internet and provides users with quick access to cryptocurrencies.","status":"published","meta_title":"What is Hot Storage? Definition & Meaning | Crypto Wiki","meta_description":"Hot Storage meaning: Hot Storage - any crypto wallet that is connected to the internet and provides users with quick access to cryptocurrencies.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="H"
current-section="what-is-hot-storage">
