What is a hot wallet vs a cold wallet? And what's the difference?

Both "Hot" & "Cold" wallets store, send and receive different types of supported digital rewards. There are other types of wallets, but hot and cold ones are the most well known.

• "Hot wallet" is a wallet that is always connected to the internet. 
• "Cold wallet" is a wallet that is not always connected to the internet and therefore stands a far lesser risk of being compromised. These wallets can also be referred to as offline wallets or hardware wallets.