Generally there are different kinds of cryptocurrency wallets are available (mobile wallet, hot wallet etc)for storing bitcoins which can be used according to your convenience and security.
Now let us know the difference between hot wallet and cold wallet storage.
Hot wallet is nothing but the cryptocurrency wallet device that is connected to internet and stores the digital assets in online. Transactions can be possible only with internet.
Pros and cons of hot wallet:
Pros
Quick access
Easy to use and user friendly
Cons
As it is connected to internet, the cryptocurrencies will be less secure in hot wallet.
On the contrary, the cold wallet storage will not require a internet connection to store data, which is more protective.
Pros
The most secure option for storing cryptocurrencies.
Completely offline - provides high level of security
Cons
Expensive
Not suitable for quick transactions
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