Hot Wallet, KYC, and Minting - Deepstash
Hot Wallet, KYC, and Minting

Hot Wallet, KYC, and Minting

Hot Wallet: An internet-connected wallet that stores digital assets. It’s wise to exercise caution with these and generally avoid holding too much value in them to help mitigate against risk.

KYC: Know your customer. Many exchanges/wallets/platforms require you to verify your identity to help fight fraud, money laundering, etc.

Minting: The process of creating a new block and recording information on the blockchain. This is a common part of participating in NFT drops. Many projects have a “mint” day where you process a transaction to bring your NFT into your wallet.

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sheilaja

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