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RE: Blocknet product enables atomic swaps as a solution to one of DeFi’s big security issues.
Hello @shortsegments
This post is a chair of cryptography.
Thanks for sharing, I think that new people who read your post, will feel the need to investigate many things, such as: what is a cold or hot wallet? among other things you mention.
This sounds very interesting, and it doesn't stop scaring me that at some point the exchanges might somehow be forced to close and lose the little you have, because you don't have access to the wallets. It's true, one has no real control over these.
Thank you for your comment. I have another idea for a post.
A Hot wallet is on the exchange website, and can be hacked and the exchange customers cryptocurrency stolen. A Cold wallet is not on the exchange website and is not connected to the internet. It’s very safe and in general can’t be hacked and the exchange customers funds can’t be stolen.