I am still confused with the concept of hot and cold wallet. Did you mean cold wallet is a place where your transaction need approval first with high security and the hot one is a wallet with low security, where you can transfer your funds eaisly.
The rest of the article is very helpful. thanks for that
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A hot wallet you use daily, like a normal wallet/purse. You don’t have a life changing amount of funds in it so if it was lost or stolen you wouldn’t loose much.
This might be a mobile app or something you access daily and should be secured but easily accessible.
A cold wallet is more like life savings. Security is critical and convienience is secondary to security. You might need to jump through hoops to get to the funds but that’s ok as you rarely ever need to draw from it. If these funds were lost or stolen it would dramatically affect your life style.
The point of a cold wallet is to increase security and reduce convienence.
Hope that does a better job at explaining it.