A hot wallet is a wallet that is connected to the internet and is used to store, send, and receive Bitcoin. These wallets are more convenient but also more vulnerable to hacking and other security risks.
A cold wallet is a wallet that is kept offline and is used to store Bitcoin in a more secure manner. Cold wallets can be physical devices like USB drives, paper wallets, or hardware wallets. Cold wallets are more secure since they are not connected to the internet, but they are also more difficult to use and may require additional steps for sending or receiving Bitcoin.