What is Digital Wallet?

Please refer to the Digital Wallet Wikipedia page for the full explanation.

Digital Wallet: This is a software that can store all your digital assets on the Blockchain.

Real life example: Your wallet storing your paper money and credit cards.

All transactions made in your wallet will be recorded and available for everyone to see on the Blockchain.

Wallet Type	Hot Wallet	Cold Wallet
Explanation	Online digital wallet	Physical device (hardware wallet)
Connect to the internet	Yes	No
Pros	Convenient	Secure
Cons	Vulnerable to online attacks	Inconvenient

An indepth comparison is available here for further reading.

Which wallet should I use?

Recommended Wallets

Hot wallet: The list of recommendations for hot wallets are available here.
Cold wallet: The best cold wallet is currently Ledger Nano S (Nano X has bluetooth so the chances of being attacked is higher) and Trezor.