Cryptocurrency wallets which store your private keys on the internet are called "hot wallets". It allows you to access your crypto on your phone or computer.

Hot wallets are a great way to manage and visualize your assets, sign transaction and communicate with blockchain.

They are also more popular because they're free, easy to use and have a simpler setup than cold wallet.

Hot wallets are classified either as non-custodial, or custodial. Custodial wallets are those that give you no direct access to the blockchain addresses. Your private keys will be given to a third-party.

When you create a non-custodial Wallet, you are given a Seed phrase. This means that you always have direct control and possession of your private keys.