Wallets that are accessible through internet-connected devices such as computers, smartphones, or tablets are called hot wallets. This poses a risk since these wallets hold the private keys to your money on these internet-connected devices. Hot wallets can be helpful in terms of allowing you to quickly access and handle your assets, but storing your private key on an internet-connected device increases the risk of compromise.

Hot wallet is the term used to describe those wallets which one can access on a device as long as it is connected to the internet. This type of wallet is often not considered to be as secure, but it is still widely used as it offers advanatges such as quick access and management.