Hot Wallet
A cryptocurrency wallet connected to the Internet
Example
I store some of my incidental cryptocurrency in hot wallets, but all my Bitcoin's in cold storage
Hot wallet definition by Slang.net
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When a cryptocurrency owner says they have a "hot wallet," it means their crypto wallet is connected to or stored on the Internet. A hot wallet is less secure but often more convenient than cold storage.
What is a cryptocurrency wallet?
A wallet is a program cryptocurrency owners use to access and manage their coins. Each wallet is linked to a private key, which acts as the wallet's "address" for cryptocurrency transactions. When cryptocurrency owners conduct a transaction, coins are either routed to or taken from their wallets.
What's the drawback of a crypto hot wallet?
While using a hot wallet often makes it easier for cryptocurrency owners to access and use their coins, it also makes their cryptocurrency "accounts" less secure. For example, a wallet that is stored on a wallet company's web server and accessed via their website is easy to access from any computer. However, if a hacker were to gain access to the company's web server, they may be able to steal users' private keys and their cryptocurrency.