Hot waxing involves melting wax onto the board's base with a waxing iron and then scraping off the excess once it cools. This method provides a thorough coating and lasts longer. Rub-on wax, on the other hand, is applied directly to the board's base without melting and is easier and quicker to use, making it ideal for on-the-go applications. However, it may not last as long as hot wax and generally offers a shorter performance boost.