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:
- You don’t want to spend, transfer or withdraw them
- You want to consolidate all your coins to one place
- You’re worried about your privacy – maybe your email or social media accounts were recently hacked?
- You’re worried about exchanges or other places being hacked?
- You like the peace of mind of having assets in a safe place or safety deposit box
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
- Desktop wallets. These wallets can be installed on your personal computers, whether they are Windows, Mac or Linux.
- Online wallets. These are run through the cloud and can be easily accessed from anywhere in the world.
- Mobile wallets. Available as an app on Apple’s App Store, the Play store, or through other means, these wallets store your litecoin credentials on your phone.
- Hardware wallets. These wallets allow users to store their private keys on hardware devices as USBs. Some can connect to the web to make transactions online. Unlike a mobile (app) wallet, a hardware wallet can be stored or locked away somewhere.
- Paper wallets. These wallets are printouts or physical copies of your private and public keys. In addition to being relatively straightforward, paper wallets have high-security levels and are incredibly easy to use.
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:
- What you need the wallet for. Is it for making everyday purchases or do you need it as an investment to buy and hold digital currency?
- Do you need to store one digital currency or several currencies?
- Do you want to access your Litecoin wallet from anywhere in the world or just from home?
- Are you careful with small things such as USB sticks? Will you lose it?
- The different transaction fees
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.
- It is the most secure Litecoin wallet
- Perfect for storing multiple digital currencies
- Easily restores funds in case something happens to the device
- Comes with an initial cost of $65
- It can get stolen or lost
Exodus is a great desktop wallet. Free to use, and available for Mac, Windows and Linux.
- Beautifully designed, intuitive to use
- Very well reviewed by trusted developers
- Higher transaction fees than some other wallets
- Not 100% open-source
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.
- Supports up-to thirteen digital currencies
- Can restore “lost” funds if you delete app or lose phone
- Can be used for payments whenever you have phone with you
- Not suitable for storing large LTC amounts. A stolen phone could put you at risk.
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.
- Can restore funds
- It isn’t ideal for storing large LTC amounts
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.
- It is cheap and ideal for people who don’t want to spend a lot of money on Litecoin wallets
- As secure as the location that you hold the paper in
- A paper wallet can be misplaced or lost
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.