A cryptocurrency wallet that is always connected to the internet, which can be used to send and receive cryptocurrencies.
The Long Explanation
Also called a software wallet, it is a type of digital storage constantly connected to the internet and can be accessed by the user on their phone or computer. They allow for easy cryptocurrency transactions.
One huge benefit of hot wallets is their ease-of-use. Since they are always online, users do not have to go between offline and online to perform a transaction.
On the other hand, since hot wallets are always connected to the internet, they are not super secure and are highly prone to digital attacks. Because of this, people recommend you have a cold wallet for safety precaution.
Some of the popular examples of hot wallets are MetaMask, Coinbase Wallet, and Binance Wallet.