The term "hot wallet" describes a Monero @account which is connected to the Internet.You can send funds easily but security is much lower than a cold wallet.Never store large amounts of cryptocurrency in a hot wallet!
A Monero account, or wallet, stores the information necessary to send and receive Moneroj.In addition to sending and receiving, the Monero Wallet software keeps a private history of your transactions and allows you to cryptographically sign messages.It also includes Monero mining software and an address book.
Monero accounts and paper-wallets can be stored on any media - paper, USB drive, CD/DVD, or a hardware wallet device (Ledger available since June 2018).