Brian Armstrong, CEO of $8 billion crypto exchange Coinbase, wants to set some misconceptions straight about the security of various types of Bitcoin wallets. Writing in Fortune, Armstrong clarifies – for a mainstream audience – the difference between hot and cold wallets. If the reader is unfamiliar with the concept, it’s pretty simple. A “hot” wallet is connected to the internet and capable of making immediate transactions. A “cold” wallet is secured offline, by definition, although there are degrees of coldness. A private key stored on an internet-connected device but not loaded into any active wallets is still technically “cold”

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