A cold wallet is a wallet for storing tokens that does not have permanent access to the Internet. Designed for long-term and secure storage of cryptocurrency, because, unlike a hot wallet, it is less vulnerable to attack by hackers.
The owner keeps private keys. The service that provides the wallet account does not remember the keys, so losing the key means that it is impossible to access the funds.
Cold wallets can be different:
- in the form of a flash drive;
- a private phrase written on paper;
- a hardware wallet like Trezor.