Hiding a tag removes it from the front-end of your site, so site visitors won't be able to see it but you can still access, manage, and reinstate the tag from your Dashboard. 

Whether you'd like to temporarily remove or permanently retire a shared tag, we strongly recommend that you hide it from the front-end of your site instead of permanently deleting it to avoid deleting any of the tag's content or regretting the decision later if you'd like to bring it back.  

Another benefit of hiding instead of deleting a tag is that, if you do decide to bring the tag back later, users who have signed up to receive alerts about said tag won't have to sign up again to receive this content.
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You can also hide a tag from any filters on your site by selecting "Yes" in the Hide on filter field.  Lastly, hide the tag from users' alerts signup options when they customize the emails they receive by selecting "Yes" in the Hide on alerts signup field.
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