The term "wallet" is normally used to refer to different things. A user can download a Bitcoin wallet app and then the app offers the option to create a new wallet. A software wallet allows you to view transactions, while a hardware wallet may be limited to storing private keys.

HD wallets can create an unlimited number of private keys organized in a tree-like structure from a single private key. This functionality was introduced by BIP 32 and expanded by BIP 44, which added the ability to handle multiple accounts in a single wallet.

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Hardware wallets are wallets that typically only serve to store private keys and sign transactions.

Software wallets are software applications used to manage a Bitcoin wallet.

A non-custodial wallet means that the private key is under the user's full control. Transactions can never be made without the user's direct action. It also means that if the user forgets the private key, the wallet manufacturers cannot help in recovering the funds.

Hot and cold describe a wallet in terms of internet connectivity. A hot wallet is connected to the internet, while a cold wallet is not. The idea is that a cold wallet is less susceptible to theft over the internet. Most software wallets are considered hot, although some can be used to sign transactions on an offline device, and most hardware wallets are considered cold, although they sometimes connect to the internet to sign transactions, some connect to a mobile phone via Bluetooth to reduce the risk. Even with a hardware wallet, it is good practice to write the private key on paper.

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