I have heard people refer to Cold Wax artwork as Encaustic and in my humble opinion, in support of many others it clearly is not. Yes they both use wax, but in truth that is where the similarities I believe almost end.
So let me explain if I may, why I believe they are each quite unique.
Encaustic - I use pure bees wax and with damar resin at a mix of 8 to 1 ratio, I heat and melt the two together to create my working base. I divide amounts of the melted mix into cups and then mix into them pigments of the colours I wish to use or keep for a later date. The wax becomes solid as it cools and then requires melting to be used on 'my preference' wooden panels.
Using a heat gun or blow torch I blend and mix and shape the colours as I wish. A hot iron or other implement can be used to create landscapes and other works.
I purchase my Cold Wax Medium from Gamblin, the wax is pre-prepared for use having been created from naturally white unbleached beeswax, alkyd resin, and odorless mineral spirits (OMS), and is used to make oil colors thicker and more matte. Using a mix of 50/50 Wax to Oil paint one can create many artworks. Cold Wax requires no heat and Artists use a number of different tools to apply the medium, palette knifes, silicon paintbrush to name just two.
So now you have a short introduction to both mediums you can make your own decision.
Take care my friends. Regards Chris.