Why are hot wallets more in demand although cold wallets are considered more secure?

One of the reasons is the easy accessibility offered by mobile wallets. Unlike cold wallets, hot wallets, and thus the crypto assets stored in them, can be accessed anytime, anywhere. Furthermore, even the security aspect is being taken care of in mobile wallets. Features like biometric authentication and multi-signature support are improving the security of mobile wallets, averting hacking attempts.

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