LiberLion on Nostr: Yes, Cake Wallet is a hot wallet since it is connected to the internet and allows ...

Yes, Cake Wallet is a hot wallet since it is connected to the internet and allows easy sending and receiving of funds.

It is a self-custody wallet, meaning the user has full control over their private keys and seed, without relying on third parties.

Cake Wallet does not store private keys in the cloud. The keys and seed are stored locally on the user's device. However, the user can manually back up their seed in a secure location.