TERM: Hot Wallet

Hot Wallet

A hot wallet is a method of storing cryptocurrency on a device that is connected to the internet, or some other form of network that is accessed by multiple devices.

Hot wallets are commonly used for the purpose of facilitating exchange quickly and conveniently, though they are vulnerable due to your private keys being stored on a network-accessible device.

EXAMPLE USAGE:

If you keep your cryptocurrency on an exchange, you are keeping your cryptocurrency on a hot wallet.

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James C.
Posted on March 15th, 2019