A cryptocurrency wallet is not like any physical wallet that stores money. It does not actually store cryptocurrencies for its users. Rather, it stores the public and private keys that give users access to their cryptocurrencies.
It's because bitcoiner and developer on early days choose wrong word/analogy. IMO we supposed to call it keychain, since all we hold is collection of private
key.
- A hot wallet is an online wallet that is managed by a third-party who has the public and private keys.
Wrong, hot wallet isn't limited to online wallet which controlled by third-party. Hot wallet refers to wallet which connected to the Internet.
P.S. i don't see any points of this thread