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Cryptocurrency 101: How hot wallets are different from cold wallets
Wendell from West Palm Beach, Florida wonders if it’s safe to link his newfound Bitcoin to his Google Wallet. If hackers infiltrate his Google account, he wants to know his Bitcoin will be safe. With this in mind, he called the Komando Show and asked about tools he could use to save his Bitcoin data.
I pointed him towards my brand new eBook, “Cryptocurrency 101: The Beginner’s Guide to Buying, Selling and Spending Digital Currency the Safe Way.”
I also told him that cryptocurrency wallets are split into two main categories: hot and cold. A hot wallet is, by definition, connected to the internet. This allows you to move your virtual coin and spend it wherever it’s accepted. Hot wallets do come with certain risks, though.
The most secure way to store your cryptocurrency is with a cold wallet — one that isn’t connected to the internet. Physical wallets come in different types but are usually specially designed USB drives that directly store your cryptocurrency for later use. Physical wallets provide you the most protection from hackers in the long run.
For beginners, a wallet app is a great place to start. If you bought into cryptocurrency using Robinhood or PayPal, you don’t own any cryptocurrency you spent money on. Thus, you can’t withdraw anything. However, it is being planned.
Coinbase is also a great resource for new crypto users.
Want to learn more about cryptocurrency? I put together a podcast episode to go along with my new eBook. Tap or click here for the information you need to get started on the right foot.
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1 Reply
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Hi Kim, I saw this ebook on Amazon this morning, & then logged into my Komando Community account expecting to be able to download your “CRYPTOCURRENCY 101” ebook for free. But your link just points me back to Amazon, where it costs $9.95. Why?
I thought a perk of joining your Community was that we got your ebooks for free.
So I went to look at your “EBOOKS” page in the Community website, and there I only see old ebooks — 13 or so of them.
What is the story? I guess I am really confused.
Thank you in advance, Rhonda
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