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A wallet is an address, and there are three types of wallets:
1. exchange wallets (hot wallets)
2. App-installed wallets (hot wallets)
3. hardware-generated wallets (hot and cold wallets)
Solution:
- Hot wallet: the private key is held between you and him.
- Cold wallet: the private key is in your hands, but ......
Why do I say here that hardware wallets are hot and cold wallets?
The reason is simple, you apply for the hardware key and you need to be connected to the network in order to trade. In my school of thought, anything that is connected to the internet is always a hot wallet, unless you don't trade it. How do you know if the key has been sent to the other side's server when the thing is online and in use? How the hell do you know? That's why I set up a coin store to find out for myself.
A real cold wallet is a self-generated string of keys that you generate offline on your own computer. As long as that character key string is not lost, your wallet address will always be that wallet address.