Hot Wallet

What is a hot wallet? (also known as a soft wallet, desktop wallet or mobile wallet)

A hot wallet is a piece of software that is designed to store cryptocurrencies (eg: Bitcoin) and assets (eg: NFTs).

A hot wallet runs on your computer or phone, and can only be accessed on the device it was downloaded on.

Because hot wallets can be connected to the internet through the device they’re installed on, this makes them more susceptible to hacking when compared with cold wallets.