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HOT WALLETS: These crypto wallets are connected to the internet and 
are typically non-custodial (unless you’re using a centralized exchange).
Hot wallets are convenient for making transactions but come with some
security risks. Your private key is held online with your public key 
and is usually accessible with a user-set password. Like any 
password-protected service, you could be hacked or phished. 
To mitigate the risks, you should also use two-factor authentication
(2FA) methods.
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COLD WALLETS: You store your private key offline on specialized hardware.
This option is the most secure way to hold your crypto coins or tokens,
but it’s often the most impractical method for making transactions.
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Source: https://academy.binance.com/en/articles/the-best-crypto-wallets-for-binance-smart-chain-bsc
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