While many wallets only let you manage coins on a single network, Exodus supports assets on blockchains including Bitcoin, Ethereum, and Solana. A software wallet, sometimes referred to as a hot wallet, offers far more security than a coin exchange wallet. As such, it’s important to back up software wallets in case your device is lost or corrupted. There is still the danger that your computer could be hacked, giving someone else control of your private keys.

• Some of the differences are that it is mobile only, has a more refreshed user interface than Electrum, and has a built-in exchange.
• Software wallets are not as secure as hard wallets because they are prone to viruses, malware, and hackers.
• Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
• Now, with the growing utility of not just Bitcoin but a wide variety of assets, wallets need to do more than just store crypto.
• Coin exchanges are places where you can trade (buy/sell) cryptocurrencies, in exchange for each other and/or traditional (fiat) currencies.

What is a hot or cold Bitcoin wallet?

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