All about Litecoin wallet

Litecoin is an altcoin, which embodies the best features of Bitcoin and omits its drawbacks.

Read the LTC/USD Chart article to find out the live price of Litecoin and its dynamics against the US dollar since the asset’s launch

We will tell you about the ways to store Litecoin, focus on the most popular storage options, and give some tips on how to avoid risks.

Content

• LTC cryptocurrency
• Mining and buying
• Storage solutions
• Popular LTC wallets
• Security
• Conclusion

About Litecoin

Litecoin is one of the first alcoins. The new digital currency, which was later called a light version of Bitcoin, was created in 2011 by programmer Charles Lee.

By borrowing the core technology from BTC, Lee focused on faster transaction speed and lower transaction costs. It is these advantages of LTC that have attracted and continue to attract traders and investors.

This happens even despite the altcoin’s high volatility.

At the time of writing this article, Litecoin is trading at $93.3, with its all-time high and low at $413 and about $1 respectively.

At the time of preparing this material, LTC has a market cap of $6.5 billion and ranks 20th on the list of all digital assets. Litecoin's share in the cryptocurrency market is about 0.5%.

The average daily trading volume of Litecoin is about $1.2 billion. LTC is now a large global payment network. It has no central governing body, and its assets are encrypted. Some analysts believe that Litecoin's creators have successfully coped with the scaling problem inherent in Bitcoin. The advantage behind this cryptocurrency is that scaling can be achieved by an increased number of transactions without sacrificing their security. Although Litecoin is not a fiat currency, it can easily be converted into real money and used to make online shopping. The number of stores and service centers that support LTC is constantly growing.

How to get LTC

There are two ways to become an LTC holder.

The first one is to mine coins. Mining altcoins involves complex mathematical calculations to get LTC as a reward.

Every mined block is rewarded with 12.5 LTC. For comparison, Bitcoin miners get only 6.25 BTC per block.

At the same time, bear in mind that mining cryptocurrency is a complex process, which is also costly. Calculating blocks requires powerful devices, whose value may exceed $1,000.

Other costs include electricity. Although Litecoin is less energy-intensive than Bitcoin, its mining still requires users to pay energy bills. To reduce costs, it is possible to mine coins as part of a team, that is, by joining a pool. However, rewards in this case will be split between all its participants. The second way to get digital coins is to buy them. You can buy LTC on a cryptocurrency exchange such as IFXBIT, EXMO, Binance, and others. Another option is to use exchangers (RoyalCash, XChange, and other services). You can also buy coins from other users, but this method is more risky than exchanges and exchangers.

Litecoin wallet types

If you do not have a cryptocurrency wallet, the only thing you can do is watch other users make transactions and multiply their savings.

Without a wallet, you can neither buy nor exchange Litecoin.

At the same time, coins do not move anywhere and are stored on the blockchain. A wallet is a code that grants access to a part of the LTC blockchain network.

You can get space for storage directly on the cryptocurrency exchange. To do this, it is enough to register with the platform. In this case, a wallet will be automatically created. You just need to select the desired currency.

Such a wallet would be a suitable option for conducting private transactions and storing a small number of coins. All assets belong to the exchange, so it is better to use another wallet if you want to store a large number of coins in the long term. Hot wallets are internet-enabled and accessible online. These are special programs that run on your PC or mobile device. This option ensures high speed and prompt access to cryptocurrency but is vulnerable to cyberattacks. Cold wallets are not connected to the internet. These are devices or just printed pieces of paper containing codes. They are completely safe and suitable for a large number of coins, but they do not allow users to conduct transactions. You also need a hot wallet to buy, sell, and exchange Litecoin. Desktop wallets are programs that are installed on a PC or a laptop. Thick wallets for PCs are heavier as they involve downloading the entire LTC blockchain. To start using it, you need to wait for synchronization, which may take several days, and about 20 GB of free data storage space on your device. Thus, Litecoin-Core belongs to the category of thick wallets. Thin ones, on the contrary, consume few resources and are synchronized quickly. This category includes Electrum LTC, Exodus, and others. Hardware wallets are another form of cold storage that resembles a flash drive. Among them are Ledger Nano, Trezor, and KeepKey. They are characterized by unprecedented levels of security. To gain access, a user must enter a PIN code. To make transactions, a secret word must be provided. However, such wallets are relatively expensive, ranging from $65 to $100. Mobile wallets are available on smartphones and iPhones. There is no need to have a lot of free data space to install them. This storage option will always be at hand. The most popular mobile wallets are LoafWallet, Jaxx, and Coinomi. Due to potential risks, such wallets should not be used to store a large number of digital coins. Paper wallets are not very popular, although some experts believe that they are quite suitable for storing quite a large number of coins provided that your access codes are securely kept.

The addresses of paper wallets can be generated with the help of the LiteAddress service.

Well, each storage option is superior to the others in some aspects and inferior in others. They are task-oriented and differ in the level of security.

If simplicity and high speed are a priority, desktop or mobile options are the way to go. If the determining factor in choosing a storage option is security, opt for a hardware wallet.

Wallets

As you already know, there are a lot of wallets that support LTC. Thus, a logical question arises: which of them are the most popular and well-reviewed?

Several options are listed on the official website of Litecoin. They include:

• Litecoin Core is a desktop wallet created by the cryptocurrency’s development team. This software is available for Windows, Linux, and Mac OS. Given that it belongs to the category of thick wallets, it takes time to be synchronized;
• Electrum is not so heavy. This wallet runs on PCs and laptops and is compatible with all popular operating systems;
• LiteWallet is an LTC storage solution for smartphones and iPhones. Its former name was LoafWallet.

In addition to these options, others such as the Ledger Nano S and Trezor hardware wallets are in demand.

They are compatible with smartphones and iPhones as well as laptops and computers. These services can be used not only to store but also to share assets.

Exodus is a well-known desktop wallet. It supports almost 30 digital assets and has a built-in converter.

Another in-demand wallet for PCs is Atomic Wallet. In addition to Litecoin, it supports over 300 digital assets. This wallet also comes with a virtual cryptocurrency exchanger. Matbea has similar functionality. It can be used on a mobile phone and a landline device.

Installation

Well, we have considered the ways to generate a paper wallet to store Litecoin. Now let's see how to get other types of storage as well.

As for hardware wallets mentioned above, they can be bought from official providers. Just follow instructions and enjoy secure storage for your crypto.

Now let’s discuss mobile and desktop wallets. They are easy to get, and even beginners can do this.

First, you need to download and install an application on your device. Let’s take, for example, Atomic Wallet.

• Go to the Atomic Wallet official website and choose the required OS;
• Open the app and click New Wallet;
• Set the password and create a back-up phrase
• Set the password and create a back-up phrase

After the setup is complete, your wallet is ready to use. It displays the balance, the value of your coins in USD, and the current price of LTC.

Other wallets are installed in a similar way.

For instance, to set up Litecoin Core on your smartphone or PC, go to Litecoin’s website and download the app.

After the installation, create a recovery sentence and set the password.

Every crypto wallet has a pair of public and private keys.

A public key is shared with other users to receive crypto. A private key is secret information, and only the wallet owner should know it.

How to minimize risks

When it comes to storing crypto assets, security is the top priority. After all, the safety of your LTC tokens depends on how secure the wallet is.

What to consider when choosing a wallet?

If we are talking about hardware wallets, it is important to purchase them only from authorized resellers. In the case of paper wallets, they must be generated only by trusted websites.

As we have already mentioned above, a Litecoin paper wallet can be generated through LiteAddress.

You can do this online on the website by creating a unique combination of symbols. Another option is to download the LiteAddress archive file from Github.com, extract the file, and generate the code. The second option is believed to have a higher level of security as the code is generated offline. When dealing with paper wallets, make sure the paper is not damaged or accessed by third parties. Now let’s talk more about mobile and desktop versions. Before downloading a wallet on your device, check its compatibility with your OS. Also, pay attention to whether a wallet is user friendly. If you have difficulties understanding the functionalities and interface of a wallet, you’d better look for another one. You should pay special attention to a private key, a combination of letters and numbers of different length. Keep the key in a secure place. For more safety, you can store it on different data storage devices or take a picture of it. After a session, it is recommended to make a copy of your key in the form of a wallet.dat file.

Other aspects you should look for in a wallet:

• Reputation of the wallet;
• Customer support service. It should be prompt and helpful in case you have any issues;
• Variety of assets and functionality. The more cryptocurrency pairs a wallet supports, the better. Besides, a good wallet offers not only storage but also exchange and other services;
• Available payment systems;
• Transaction speed;
• Availability of backup facilities.

Conclusion

To get to know the world of Litecoin and other cryptocurrencies, you will definitely need to create a wallet.

A crypto wallet has some advantages compared to fiat storage or bank accounts.

Unlike accounts, wallets cannot be frozen. Furthermore, they are not regulated by banks or other financial institutions. Litecoin transitions are super fast, and coins can be transferred to other continents within seconds without any intermediaries. Another great advantage is commissions that are considerably lower compared to wire transfers.

All this allows Litecoin and other crypto to gain popularity among users all over the world and fill the niche in the global financial system.

You may also want to read other articles: “Where to exchange LTC to WMZ” “How to convert LTC into cash” “Litecoin transaction verification” “Litecoin forecast for today” “Litecoin miner”