A bitcoin wallet is an application where you store and manage your bitcoin and there are various types of bitcoin wallets differing in safety, ease of use, user-friendliness, security etc. There are basically two types of wallet; online wallet and offline wallet.
With the online wallet, the private key is stored online on a third-party website. These wallets are unsafe as there are risks of hacking although it is convenient for day-to-day use. Experts recommend storing a small amount of money for daily transactions on the online wallets
The offline wallets, on the other hand, have the private key stored on an offline device like a hard drive and it is a more secure alternative for storing large amounts of cryptocurrencies. Experts recommend storing larger amounts on the offline wallets.