June 11, 2018
Note: This educational article is tailored to those who already hold litecoin or other digital currencies. You can start an investment in litecoin through bitbuy.ca with your debit or credit card. Canada’s simplest and quickest verifications.
What is a Litecoin Wallet?
A Litecoin wallet is a digital wallet for storing Litecoin. The wallet allows you to securely store your Litecoin, carry out transactions, and track your total value and holdings of Litecoin.
The Best Litecoin Wallet
Litecoin wallets also allow you to receive and send Litecoin and other digital currencies. There are a number of reasons to move your digital currencies to a wallet:
There are any number of reasons why you might want to move your coins to a wallet. Here are the different types of Litecoin wallets available today.
Types of Litecoin Wallets
Choosing a Litecoin Wallet
The ideal Litecoin wallet is the one that suits your needs. Here are some factors to consider when choosing a Litecoin wallet:
Some Amazing Litecoin Wallets to Try
1. Ledger Nano S
The Ledger Nano S is a well-known hardware wallet. It resembles a USB stick and has a built-in OLED screen. It also has a backup seed key and comes with a great pin code feature. Thanks to these features, you can easily track and restore your funds in case something happens to the device. The Ledger Nano S is the perfect wallet if you want to store multiple digital currencies. The fact that it is an offline wallet makes it more secure and the best for storing a lot of Litecoins.
Exodus is a great desktop wallet. Free to use, and available for Mac, Windows and Linux.
Litecoin Wallets for iPhone and iOS
You can store multiple digital currencies in this wallet for iOS and iPhone. Besides supporting Litecoin, Jaxx is an entirely open source. Although it isn’t ideal for storing a large amount of Litecoins, it is perfect for storing LTC for day-to-day use.
Charlie Lee was the original creator of LoafWallet, but later the Litecoin Association took the code and developed LoafWallet for iOS and iPhone. The wallet is easy to use and comes with a clean interface making it ideal for beginners. Although LoafWallet allows you to store Litecoins on your phone, storing large amounts of Litecoin might cause you undue stress if you were to lose your phone.
Litecoin Android Wallets
Most recently, the Litecoin Association launched Loafwallet on Android. The wallet is arguably the best Litecoin wallet for Android users. An Android version of Jaxx is also available.
Hardware wallets can be used to generate paper wallets easily and securely. Paper wallets are ideal for users who don’t have the money for hardware wallets, but want to securely hold their litecoin somewhere offline.
On Litecoin Security
The security of Litecoin wallets differs from one wallet to another, and highly depends on the service provider and the type of wallet. Note that storing Litecoin in online wallets is riskier than keeping them offline. This is mainly because offline wallets are impossible to hack and don’t depend on third parties for security.
With that said, it is prudent to implement safety measures whether you are using offline or online wallets. Because regardless of the wallet you use, if by any chance your private keys get lost, you are at risk of losing money. Additionally, it is imperative to always know and trust the people you are trading with. Litecoin transactions are irreversible unless you can convince your counterparty to return the funds.
Moving Litecoin from an Exchange to a Wallet
If you’ve bought litecoin (or other digital currencies) on bitbuy.ca, it’s easy to send coins to a wallet. From your account’s “Balances” page, hit “withdraw” on litecoin or the currency you’d like to move.
You will be prompted to enter an address to withdraw the litecoin to. Entering an address and hitting send will withdraw your digital currency from bitbuy’s system, and send it to the address you provided. Make sure that you use a proper litecoin address, and double check the address before hitting send.
If you’re looking to add to your Litecoin collection, or buy other currencies to work with your digital wallet, sign up for an account today with Bitbuy.