How to use a cold wallet with CryptoDeposits
What is a cold wallet?
A cold wallet is a type of cryptocurrency wallet that provides added security by being kept offline, or "cold." Unlike "hot" wallets that are connected to the internet and used regularly to access one's digital assets, cold wallets are only occasionally connected to the internet for the purpose of making a cryptocurrency transfer. This reduced connectivity to the internet helps reduce the risk of the wallet being hacked or compromised. A cold wallet's public key functions like an email address and the private key serves as its password, allowing access to the stored cryptocurrency.
Choose a cold wallet
https://electrum.org (Only download from this website)
Electrum is a highly recommended cryptocurrency wallet due to its various benefits, including:
Speed and Efficiency: Transactions made through Electrum are faster and more efficient due to its simplified payment verification process.
Security: Electrum uses a seed phrase for backup, offering added security in case the wallet is lost or damaged.
User-Friendliness: With its straightforward interface, Electrum is a great option for those new to cryptocurrency.
Multi-Cryptocurrency Support: Electrum can store and manage multiple cryptocurrencies, not just Bitcoin.
Active Community: Electrum has a large, active community of developers and users, ensuring the wallet stays regularly updated and improved.
In addition, Bookiemarket specifically recommends Electrum because it is:
1. Open Source
2. Licensed under the MIT License
3. Capable of generating multiple addresses.
How to setup & use Electrum Wallet
Check out the video below.