Hello everyone, welcome to Indodax Academy. Back again with me, Evelyn from Indodax. For those of you who don’t know, Indodax Academy is a learning platform for those of you who want to know more about how to trade digital assets.
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Technological developments bring changes to all aspects of human life, especially for financial matters. In recent years, you must be very familiar with what is called a digital wallet. Now in this episode, I will discuss the types of digital asset wallet and how to transfer digital assets between swiftlets!
Walet or digital asset wallet is a software or hardware program that functions as a storage area, a means of sending and receiving money in digital assets, and can also be used to check your digital asset balance.
Without a card, you can access your digital asset wallet wherever you want with just one device. With a digital asset wallet, storage and access of digital assets will be easier to do. In addition to offering convenience, digital wallet is also considered more secure because it is protected by a password that can only be accessed by users.
In the world of trading, it turns out that digital asset wallet is divided into 2 types based on their character, the first is hot wallet and the second is cold wallet. Well, let’s see what’s the difference between hot wallet and cold wallet for storing digital assets.
Hot wallet means a digital asset wallet that is online and connected to the internet. The characteristics of a hot wallet itself, are very similar to checking accounts, which can be used to access funds, make payments and make transactions instantly. Examples of the most common hot wallets are web-based wallets such as blockchain.com or mobile apps wallet. This type of wallet guarantees very easy accessibility. There are 3 main features of Hot Wallet, namely: first, most hot wallet services are free. Both hot wallets are very easy to access. All three are very intuitive and easy to use.
On the other hand, cold wallet is a digital asset wallet that is offline and not connected to the internet at all. Therefore, cold wallets tend to be safer than Hot wallets and are usually used by users to store large amounts of bitcoin and a long period of time. Examples of the most common cold wallets are paper wallet and hardware wallet.
Paper wallet itself means that you store your digital assets on a computer that has never been connected to the internet. This type of wallet can give you confidence that your digital assets will remain safe for a very long time.
What about the hardware wallet? This type of wallet is in the form of hardware and is perfect for those of you who want to ensure the security of your money in the long run. Because, this type of swallow has the strength and reliability commensurate with the price is quite expensive. Examples of the most popular hardware wallets are Ledger Nano S, Trezor etc.
If we compare the two hot wallets and cold wallet, keep in mind that the two wallets are used for different purposes. A striking difference between the two of them is that the first of these hot wallets is specifically made for instant payments, fast transactions, and flexible operations. Instead, cold wallets are created to hold large amounts of coins for a long period of time. Second is the number of coins that can be operated. Hot wallets can only store a limited number of digital assets, while cold wallets can store as many digital assets as possible. Therefore also, cold wallet is perfect for storing large amounts of coins.
How did you get here? Surely you all already know about the types of digital assets swallow. Now we continue the way to get the address of your digital assets so that you can send or receive digital assets between swiftlets.
At Indodax, can the digital asset address in our account be used as the wallet address? The answer is you can! Your wallet address on Indodax can be considered as your temporary wallet! You can send digital assets to these addresses and your digital asset balance will increase. However, keep in mind that Indodax does not provide wallet services, however, Indodax provides wallet features. Therefore, the wallet at Indodax is considered as a temporary wallet or temporary wallet!
Here I will use the wallet on Indodax and bitcoin digital assets as an example. Just open www.indodax.com, then log in your indodax account. For those who do not have an account, you can directly register first. After logging in, click wallet, here you can immediately access to your swallow digital assets. Then, click on bitcoin to enter your bitcoin wallet. To send bitcoin to another wallet, you click send bitcoin, and just fill in the amount of bitcoin you want to send along with the bitcoin address that you want to send and pin your SMS for verification.
So how to get bitcoin address? It’s very easy, just go to the accept bitcoin section, then click show bitcoin address. After waiting for around 30-60 seconds, your bitcoin address will immediately appear. This address is used if someone wants to send bitcoin to you. There is also a history here for tracking your Bitcoin. Isn’t it simple to send and receive bitcoin?
At this point, if you feel that something is still not understood, you can send a question in the comments column. If you think this video content is useful, don’t forget to like comment subscribe and share with your friends!
See you at the next Indodax Academy!