The main difference between the two is that hot storage wallets are in some way connected to the internet, while cold storage wallets are completely offline. (investinblockchain.com)
Similarly, the amount of cryptocurrencies that you think you need to keep for meeting daily requirements, you keep that in Hot Storage Wallets. (kryptomoney.com)
The wallet will have a way for you to input or scan your paper wallet's private key, transferring it into hot storage so that it is ready to spend. (coindesk.com)