Besides being very user friendly, hot wallets do not offer the highest security standards you can have when storing your coins. Due to the constant Internet connection, hot wallets are always at risk of hacker attacks. To reduce the risk of hacking, users who want to store coins for a long time should switch to a so-called cold wallet. Unlike a hot wallet, it is not connected to the Internet or only for a short period of time when buying the coins you have. Therefore, third parties are unlikely to crack cold wallets. They are similar to a USB flash drive or memory stick and are especially suitable for cryptocurrency investors who want to buy Bitcoin, Ethereum and Co. and store them for a long time – i.e.