Using an idle phone as a cold wallet is super easy!
What is the difference between a cold wallet and a hot wallet?
- Hot Wallet: A wallet that is connected to the internet on a phone or computer, convenient to use but prone to viruses. If the mnemonic phrase is leaked, your money is in danger.
- Cold Wallet: A wallet that is not connected to the internet or a hardware wallet, safe! However, be careful to keep the paper with the mnemonic phrase safe.
Turning an idle phone into a cold wallet in 3 steps
1. Prepare the device: Find an idle phone, restore it to factory settings, and turn off WiFi and Bluetooth.
2. Create a wallet: In an offline state, download the official wallet app from the official website, create a new wallet, and write down the mnemonic phrase by hand (do not take a photo!).
3. Use the wallet: Copy the receiving address of the cold wallet. Download the same wallet or a wallet that supports observing addresses on your regular phone, use the observing address to check the balance; when transferring, turn on the hotspot on your regular phone and transfer coins to the cold wallet.
