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Hot wallets are basically the online wallets that you use in order to send and receive bitcoin token as you trade online. As there are no dedicated banks that validate these transactions it is really important that you pay attention to the working of hot wallets and how you can keep your online wallet safe from hackers and online threats.
Keeping all this in mind, most investors prefer multiple wallets in which they store their bitcoins. Some of them are connected to the internet while some are not. This way they can keep their earning safe from these online threats.
The biggest reason why hot wallets are used while trading is because of the convenience they offer while sending and receiving online tokens. As the token is used online they are transferred across the internet making them prone to online threats.
On the downside, since hot wallets are always connected with the internet, they are highly prone to online threats. However, you also get different security features that allow you to keep your online wallet secure. This is why hot wallets are quite different from cold storage methods.
You also have software hot wallets that are applications that you can download in order to keep your private and public keys safe from online threats. Since these applications are not linked to any account you can easily maintain and control your digital currencies with the help of this software.
Lastly, there are crypto users that prefer flash drive keys that allow them to access their wallets without any internet connection.
These are the important things that you should keep in your mind you start with crypto trading through the hot wallet.