Wallets are gateways to cryptocurrencies and, as the blockchain space has grown, the variety of wallets available has also grown. Most people who want to dabble with a small amount of crypto, start off their crypto journey by setting up hot wallets in the form of phone, desktop, or web application. Hot wallets focus primarily on convenience and are great for making coin transfers on the go.
While hot wallets may be convenient, they force users to sacrifice security and the underlying basis of crypto: having complete control of one’s wealth. Thus, as people get a stronger grasp of blockchain technology and understand how to improve security of their Crypto assets, they either opt for hardware wallets, or even brain wallets.