Quote from: ETFbitcoin on May 08, 2019, 04:31:46 PM

Quote from: BlockchainAppFactory on May 08, 2019, 12:58:31 PM

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.

+these things should not even be called "wallets" because they clearly aren't. they are "banks" that are in full control of your money.

Quote from: BlockchainAppFactory on May 08, 2019, 12:58:31 PM

For users who are storing a minimal amount of cryptocurrencies, they can opt for hot wallets. But in case users are storing large volumes of digital currencies, it would be better to go for cold wallets for added security.

amount should not be a factor in choosing between cold/hot wallets. how often you access those coins is the deciding factor because cold storage is a "storage" not something you cash out from every hour.