Does That Mean Hot Wallets Are Not Safe?

[Sami balta 53]

For determining how secure a hot wallet is, one will have to study the reputation and behavior of the third parties and individuals who are connected to the hot wallet. Anything that is linked online is prone to hacking and attacks. So, miners usually prefer keeping a small amount in their hot wallets, as an attacker will not waste his/her resources just to get hold of a small amount.

[Usman Abdulmumin 354]

Not every wallet we can trust nowadays, there are many wallet that are scam, we have to use popular wallet that exis for long for our own money safety. 

[George10 9932]

It was of much help if you explained a little bit more about this hot wallet because as for me its my first time to hear about it thanks.

[Rickso 768]

On 1/27/2020 at 8:59 AM, Sami balta said:

For determining how secure a hot wallet is, one will have to study the reputation and behavior of the third parties and individuals who are connected to the hot wallet. Anything that is linked online is prone to hacking and attacks. So, miners usually prefer keeping a small amount in their hot wallets, as an attacker will not waste his/her resources just to get hold of a small amount.

yes, hot wallets are not safe at all becasue, as you said, everything can be hacked even one of the biggest crypto exchange, binance, has been hacked in the past. so it is absolutely not safe keep your coins on online wallets or exchanges

[johant123 1559]

On 3/4/2020 at 10:29 AM, George10 said:

It was of much help if you explained a little bit more about this hot wallet because as for me its my first time to hear about it thanks.

Hot wallets are connected to the internet (so an attacker can try to access the wallet directly).

Cold wallets are not connected to the internet (so an attacker can not get to the wallet easily).

 

With hot wallets, payments and trading are much easier. But you give up security for that.

 

Most of my funds are for HODLing, and I keep them in a cold wallet.

[Whited35 15285]

Yes we all think so that hot wallets are not safe 100 % in the comparison with the cold wallet or the hardware wallet. I also have the doubt to the hot wallet because our private key of the hot wallet will be stored on the separate server, hacker maybe able to hack !

[bentayebsalah 2280]

For me, I only use the Hot Wallet for daily handling and to send a small amount of coins and I do not keep them in large quantities

[BrolySSJ 7899]

the safety of a wallet can be determined by analyzing the wallet and seeing exactly what people think about their use of the wallet from past experience. Also the security measures such as two factor authentication and the verification process is also an indication as to the security and safety of the wallet. Hardware wallets are of course the most secure though, but can be quite expensive.

[tienda 8776]

I think there are not safe at 100% I have already read and heard about those hot wallet where there are many people who consider and doing the comparison with the cold wallet or the hardware wallet is better than hot wallet.

[Brand1 1336]

You are right and I agree with you that online wallets are always at risk of theft, so it is better to store small quantities within these wallets and to rely on storing large quantities within offline wallets that are difficult to steal

[kadayakito 765]

I have a hot wallet, but I only keep a small amount of money in it. Hot wallets are good and also safe but they don't have the maximum security. I prefer to keep money and keep more money in hard wallets.

[Saj555 2250]

Hot wallet safety is not as much as possible or secure as the cold wallet safety. Because the hot wallets means the online wallets. And if a user somehow loses the private keys or share any information in any phishing sites or fake emails then there is a chance to get scammed by the hackers. That means that a online user is always at a risk so the user must be so aware about this facts. 

[Thekingcallme 1975]

Certainly the hot purses are safe and good and I have been using them for years and I have not faced any problem only. You should beware of entering your account and stealing your data, then your wallet will be in the hands of the hacker.

[Jaysen0104 536]

Always use the trusted wallet because not all the wallet are legit some of those are used by the scammers and hackers to earn easy money. To be safe always go choose popular wallets even those hot wallet that is trusted by all the people in cryptoworld.

[gourav789 2834]

@fila explained about it very well , hot wallet used our fund and directly put on exchanges , I never used this kind of exchange for store my fund due to trust issue . used cold wallet or coinbase that's is pretty well and trusted to used .

[magd 5231]

Not all hot purses are unsafe because there are many wallets that depend on a lot of safety steps to prevent theft, but customers are always looking for the best to store large amounts of their money so they resort to cold wallets that are not connected to the Internet

[Raqeebzy 6456]

Hot wallet are not too safe in that they are prone to any type of online attack. Some hot wallets have put in to place, some procedures to prevent losing of customers funds to hackers (coinbase, storing more than 98% of customers cryptocurrency on cold storage) and binance in particular puting special funds aside to minimize the effect of any possible online attacks and lost of funds. 

[Crypto123 0]

Absolutely correct, this is an important point that you mentioned, most people think that hot purses are completely safe but this is not true because you are forced to deal with a third party in order to transfer your currencies and therefore if this third party is not reliable you may lose your currencies.

[nykas 2812]

Hot wallets are safe but it`s possible to hack them because  hackers are very smart now and they can easily find opportunities to steal your money 

[scorpiali 5626]

The hot wallet is all the time connected too the internet that's why you need a good security and even you have a big amount on it if it's secure dont worry,in general i dont put all my coins in one wallet for security

[BitcryptoHan 2557]

Hot wallet are also safe, there are many that have never been hacked before, the fear is the use of new ones that are not yet trusted. But as for the old ones, they are safe. But that said, only few coins should be stirred on online or hot wallets. 

[Zaino34 0]

I have used these wallets for a long period of time and they are safe and I have not been hacked before, but we must always work to protect our information and our currencies and no one will be able to penetrate us if we always follow the safe steps and if we are wary of dealing with sites and untrustworthy people our wallets will not penetrate anyone

[Calvinpriva 17296]

You are right friend, many investors are holding their coins from hardware wallets and not hot wallets. This is because ht wallets can be accessed by hackers simply by using unexpected traps.

[Jami273 2020]

It doesn't mean that the hot wallets completely unsafe.It is just reminding us as Hot wallets are connected with Internet,so it has the highest chance to get hacked.That's why miners suggested us to not store in a hot wallet massively,because if it get hacked for a single time we will lost everything.

Edited May 23, 2020 by Jami273

[Yomose 3704]

17 hours ago, Jami273 said:

It doesn't mean that the hot wallets completely unsafe.It is just reminding us as Hot wallets are connected with Internet,so it has the highest chance to get hacked.That's why miners suggested us to not store in a hot wallet massively,because if it get hacked for a single time we will lost everything.

You are right, why would someone store much cryptocurrencies  on hot wallets, like me that have not even got hardware wallet, I have four hot wallets that I spotted my cryptocurrencies  and I am very sure I do not install malware.