When you create a digital wallet (both cold and hot) on blockchains, you are issued with two keys: the public and private keys.

The public key (also known as your wallet address) can be compared to a bank account number that you can share with third parties to receive digital assets. This can be public and there is no risk of getting your wallet compromised by sharing it.

The private key is a secret code to access and control your funds. It can be compared to the key to your vault, granting you exclusive access and ownership of your funds. It is crucial to keep your private keys secure and secret. If anyone has access to them, they will also have access to any digital assets associated with those keys.

A digital wallet stores your private keys and gives you access to your assets. Hot wallets store your private keys in devices with internet connectivity, which makes them vulnerable to hackers, while the cold wallets store them offline within the hardware devices or the cards, which are known to be safer.