cold wallet
Cold wallet (noun) means a store of the secret keys that control someone's cryptocurrency, kept on a device or piece of paper that is not connected to the internet, so that an attacker online cannot reach it. Example: “He moved the bulk of his holdings to a cold wallet and left only spending money on the exchange.”
How to Use Cold wallet
Learner’s notesIn plain EnglishA way of keeping the keys to your digital money on something that is not connected to the internet.
Standard in crypto writing. A hardware wallet is the most common form of cold wallet, though not the only one.
A wallet does not really hold coins. It holds the keys that let you move coins whose balances are recorded on the blockchain.
Trace the full origin ↓Fill the Gap
Can you complete this real example?
He moved the bulk of his holdings to a _____ and left only spending money on the exchange.
Etymology
From cold storage, the idea of keeping something offline and out of reach, contrasted with a hot, or connected, wallet.
Synonyms
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Rhymes for cold wallet
See all rhymes for cold wallet →Frequently Asked Questions
What is the difference between a cold wallet and a hot wallet?
A hot wallet is connected to the internet, which makes it convenient for frequent transactions and reachable by online attackers. A cold wallet keeps the keys offline, which makes theft over the internet far harder but every transaction more of a chore.
Is a cold wallet the same as a hardware wallet?
A hardware wallet, a small dedicated device that keeps keys offline, is the usual form of cold wallet, but not the only one. Keys written on paper or stamped into metal and stored away are also cold storage.
What happens if a cold wallet is lost or broken?
The device itself is replaceable; what matters is the recovery phrase generated when it was set up. With that phrase the same keys can be restored on another device. Without it, and without any other backup, the funds cannot be reached by anyone.