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Hot Wallet vs Cold Wallet- Crypto Masterclass 2024� A hot wallet is a piece of software you install on your smartphone or laptop to store private keys. � A cold wallet is a type of crypto wallet. Hot wallets are online wallets connected to the internet, providing easy access for quick transactions but at a potential security risk. On the other hand, cold wallets are offline storage solutions, making them highly secure but less convenient for frequent trading. A hot wallet is a cryptocurrency wallet that is always linked to the internet. It is called �hot� because it is used online and it stores your Private Keys.
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