So I understand I need to Buy Digital Currency in order to participate in the Crypto World. But First I must get a Digital Wallet to store my Exchanged Currency Funds. (Bitcoin in this case)
| A Cold Wallet "SavingsWallet" |
This file holds your CryptoCurrency.
You deliberately transfer it to your Cold Wallet to protect it. I think of the Cold Wallet as a Safety Deposit Box.
This file is encrypted and requires a user created password in conjunction with a 12-Word Set type of password.
This process is done only one time during sign-up. You have ONE opportunity to print this for "safe keeping"...(literally you keep it in your gun safe). You can not get these passwords from customer support if you lose them. You are screwed.
The truth of the matter is, this type of user protection should give users the confidence that their Assets are protected by the user outright.
The Cold Wallet is only connected to the internet when you open it to trade. This minimizes exposure time to malware, phishing or hacks that may occur if you are connected or 'hot' on the internet without encryption. This is why I recommend Using Cold Wallets for my profits.
It is unavoidable. We have to use Hot wallets when we buy Bitcoin with our US$. I choose Coinbase.com or BlockTrades.us
*As soon as I get my converted currency (Bitcoin) into my Hot Wallet on the Coinbase site, I transfer it to my Exodus.io Cold Wallet Storage.
Exodus Wallet is opened with an .exe file. It is a software program which I downloaded to my PC. You click the Desktop Icon to initiate the Wallet to Open. Now Log In to your Exodus "Digital Safe Deposit Box"
This is probably going to evolve into easier methods in the near future with this Currency market finding favor with investors.
Watch How to Download Your Digital Wallet
....think of it like a Safe Deposit Box
