Are you “curious about crypto”? If you’re familiar with the world of finance, you may have heard about cryptocurrencies. They offer a completely digital and decentralized alternative to traditional fiat currency (i.e. the U.S. dollar). An added bonus is that, by nature, they are deflationary, meaning there’s a finite supply available. Once the blockchain for any individual cryptocurrency ends, no more will be produced. For example, Bitcoin is capped at 21 million units.
Assuming you’ve received a full introduction, and you’re ready to dip your toe into that world, you’ll need to learn about storage. For this, consumers will have two options. The first is to use an online digital wallet, also known as “hot storage”. While very easy to navigate and use, the security risks are higher than that of option two. The latter method is known as “cold storage”, which which refers to an offline wallet. While this option is a bit less user friendly, the added benefit of higher security tends to make it an attractive alternative.
The good people of Toshi Times have an article that explains in detail the differences between the two wallet methods. If you’re interested in cryptocurrency and would like to learn more about your storage options, please click here.