What is a cold wallet?
A cold wallet is an offline wallet, this means that the wallet is not connected to the internet. Because of this, nobody can access your wallet unless you connect it to the internet yourself.
- You can save the wallet on a USB drive and keep it safe.
- Paper wallet
- Offline hardware wallet (example Trezor or Nano Ledger S)
By creating a cold wallet, you make sure that the wallet file is safely stored in an offline environment like a USB drive. You must make sure that the wallet file is not on your computer anymore. It is recommended to save the wallet file on multiple USB drives. In the following example, we describe the procedure to save your offline Bitcoin wallet on a USB drive.
- Press the windows key on your keyboard.
- Type: ‘%APPDATA%’ and press enter.
- Find the Bitcoin directory.
- Copy the wallet.dat file from this directory onto your USB drive.
- After copying you may delete the file from your computer.
You can check transactions which are sent to your wallet on a blockchain explorer.
It is advised to check every transaction you make, to ensure your wallet is still functioning. For Bitcoin, you can search your wallet address on blockchain.info. This website has information about incoming and outgoing transactions.