In alternating current, current reverses directions rapidly between the two wires, white and black. Why is it that only the black wire is “hot”?
When you complete a circuit by plugging an appliance into an electrical outlet, current flows out one wire to the appliance and returns to the electric company through the other wire. With alternating current, the roles of the two wires reverse rapidly, so that at one moment current flows out the black wire to the appliance and moments later current flows out the white wire to the appliance. But the power company drives this current through the wires by treating the black wire specially—it alternately raises and lowers the electrostatic potential or voltage of the black wire while leaving the voltage of the white wire unchanged with respect to ground. When the voltage of the black wire is high, current is pushed through the black wire toward the appliance and returns through the white wire. When the voltage of the black wire is low, current is pulled through the black wire from the appliance and is replaced by current flowing out through the white wire.
The white wire is rather passive in this process because its voltage is always essentially zero. It never has a net charge on it. But the black wire is alternately positively charged and then negatively charged. That’s what makes its voltage rise and fall. Since the black wire is capable of pushing or pulling charge from the ground instead of from the white wire, you don’t want to touch the black wire while you’re grounded. You’ll get a shock.