Hot storage often refers to crypto wallets that run via any internet-connected system. These hot wallets can run either on the cloud, desktop, and mobile devices. Based on the connected system, users may or may not be in control of their private keys.
Either way, hot wallets offer one of the most convenient ways to access your crypto assets on the go. At the same time, since hot wallets are always connected over the internet, it is subjected to third-party attacks. Then again, there are several factors to consider while working with hot wallets. The way private keys are stored, and users access their private keys are worth considering.