Hot Wallets: Securing Speed In A DeFi World
Imagine needing cash to grab a coffee, pay for parking, or split a bill with a friend. You wouldn't lug around your entire life savings, would you? Instead, you'd keep a manageable amount readily accessible. A hot wallet for cryptocurrency works much the same way, providing immediate access to your Digital assets for everyday transactions. But just like carrying cash, there are considerations for security and convenience that you need to understand.
What is a Hot Wallet?
Definition and Functionality
A hot wallet, also known as an online wallet, is a cryptocurrency wallet that is connected to the internet. This connection allows for quick and easy access to your digital assets, making it ideal for frequent transactions. Think of it as your checking account for cryptocurrency.
Accessibility:...