How to use a cold wallet with CryptoDeposits
What is a cold wallet?
All the cryptocurrencies are publicly recorded on their blockchain network. Wallets are access points to one’s cryptocurrencies, similar to logging in to one’s email account to access email messages. A wallet’s public key is like an email address, and a wallet’s private key is similar to a password for an email account.
A cold wallet does not connect to the internet, reducing the risk of being compromised. Cold wallets are only connected to the internet to transfer crypto, likely into one’s hot wallet, and are swiftly disconnected afterward.
Choose a cold wallet
https://electrum.org (Only download from this website)
While you are free to choose any wallet you want, Bookiemarket recommends Electrum for the reasons below
- Open source
- Released under the MIT License
- Ability to generate multiple addresses
How to setup & use Electrum Wallet
Check out the video below.