MARVIN RECINOS/AFP via Getty Images Salvadoran President Nayib Bukele announced on Thursday evening that the Central American country has moved some $400 million worth of Bitcoin cryptocurrency assets to a “cold wallet” secured in a physical vault in the country’s territory.
A “ cold wallet ” is a way of securing cryptocurrency assets by storing the security keys required to access them on a physical hardware device completely disconnected from the Internet, thereby preventing any possible hacking attacks or intrusions that would lead to a loss of assets.
The cold wallet itself does not hold the assets; rather, it holds the means to access that account’s assets, as Bitcoin exists within the online blockchain.
On social media, Bukele described the cold wallet as El Salvador’s first “bitcoin piggy bank,” attaching a picture of a transfer of 5,689.68 bitcoins at an estimated value of $406.6 million as of the time of the transfer: […]
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