What is an Open Bolt?
An open bolt gun is a gun that has the bolt open at rest. This means that when you are not pulling the trigger, the bolt stays back. Open bolt operation tends to be more simpler than closed bolt. Most of the time, the bolt is attached to the hammer. So, when the hammer strikes the valve, the bolt is forward, then it goes back tor resting stage, waiting to be fired again. A few disadvantages and advantages of open bolt operations are:

Advantages:
-Simple Operation
-Can attain high rates of fire
-The ball has more time to get into the breech.

Disadvantages:
-Tend to have blowback
-Hits the ball with a lot more force causing the brittle balls to break occaisionally.
-Tend to chop more
What is a Closed Bolt Gun?
A Closed bolt gun is a gun that fires when the bolt is closed and it is at rest when the bolt is closed. The most famous closed bolt gun is the Autococker. Another example of a closed bolt gun is the Excalibur. They are generally the same guns.

The Autococker operates like this:
-Trigger is pulled partially
-The gun fires
-Trigger is pulled the rest of the way
-The gun recocks

Now let's go to the advantages and disadvantages of the closed bolt design:

Advantages:
-Low operating pressure
-Very Adjustable
-With a low cocking pressure, it is almost impossible to chop balls.

Disadvantages:
-Have to time it to make it work
-Generally cost more