Table of Contents
- 1 What is Litecoin? (Brief)
- 2 Importance of Security
- 3 Best Litecoin Wallet: Online Wallets
- 4 Best Litecoin Wallet: Offline Wallets
- 5 Best Litecoin Wallet: Conclusion
What is Litecoin? (Brief)
Importance of SecurityA lot of technological developments have helped to make owning cryptocurrency a safe experience. The importance of security cannot be over-stated. It really is the most important consideration after which crypto you plan to invest in. The decentralised and unregulated nature of cryptocurrency really means the responsibility of security is on you – the investor. There is a false sense of security that comes with ‘owning’ cryptocurrency. The fact they’re decentralised can make them “feel” safe. However, that isn’t the case. Therefore, you need this guide to help you find the best Litecoin wallet for your unique individual crypto needs.
Best Litecoin Wallet: Online WalletsOnline wallets are wallets that are always online. They have advantages – they’re easy to access through the internet. But, that’s also a big disadvantage — because they can be hacked. There are primarily three ‘types’ of online wallets. One of these is app-based mobile wallets for Android and Apple smartphones. There are also software wallets that you can download to your Windows, Mac or Linux computer. Finally, web wallet services, like Coinbase. Let’s find out more about online Litecoin wallet services.
Best Litecoin Wallet: Web WalletsServices like Coinbase and other web-based wallet services have advantages and disadvantages. A web wallet is really a type of cryptocurrency wallet that a person can access through a web browser. Sometimes, they are referred to as ‘hot wallets’, and are vulnerable to hacking because they work on a centralised system.
- They are easy to use and beginner friendly
- You can purchase 4 of the top cryptocurrencies from them using fiat currency
- These types of web wallets can manage multiple cryptocurrencies transfers within a single account
- You can also sell your Litecoin back to them for fiat currency
- Can be accessed from anywhere with an internet connection
- You are vulnerable to on online scams, attacks and hacks
- You don’t actually ‘own’ the wallet. It is physically and digitally out of your hands and stored on a ‘third-party’ platform. You don’t own the crypto in many cases.
- Coinbase themselves don’t see their services as a “wallet”. In fact, the company itself is more of a broker exchange.
Best Litecoin Wallet: Software WalletsExodus and other software wallets have many advantages and disadvantages. This section will explore how software-based wallets work and their pros and cons. A software wallet is installed on your Windows, Mac or Linux PC. Here are the advantages and disadvantages of software wallets, like Exodus.
- Easy to use interface with a beginner friendly system.
- Good level of security when compared to web wallets
- Unlike many wallets, Exodus is great wallet for many different cryptocurrencies – including Litecoin.
- Has recovery options so your wallet is safe even if your PC gets stolen or breaks.
- Gives you more control over the private and public key to your wallet.
- Exodus allows you to exchange cryptocurrencies with one another using Shapeshift.
- The platform is always online and connected to the internet. This makes it easier for hackers to gain access to your funds when compared to offline storage options.
- You must be wary of viruses on your computer and make sure you have anti-virus software installed.
- You can’t set your transfer fee manually like other wallet platforms. This makes transaction fees more expensive.
- It is only easy to access if you are with the device the wallet is installed on.
Best Litecoin Wallet: Mobile WalletsMobile app-based wallets, like Jaxx, are online mobile apps that are designed for smartphones and tablets/iPads. There are lots to pick from if you want to store Bitcoin. However, there aren’t many Litecoin mobile wallets. Jaxx is created by Canadian-based Decentral, an early creator of Bitcoin wallets and ATM systems. Let’s look at the advantages and disadvantages of mobile wallets, like Jaxx. Advantages
- The Jaxx mobile interface is one of the biggest advantages to Jaxx. It is designed for people with limited knowledge or understanding of crypto.
- Stores the personal keys on the users own handset. This makes it difficult for hackers to steal your money – but not impossible.
- It works across different operating systems — both iOS and Android.
- Easy to access.
- Slow platform – lots of people have complained about the fact app crashes a lot. This can be a problem during transfers.
- It is a ‘hot’ wallet. It stores your wallet keys on an ‘always-online’ smartphone.
- The Apple version of the app is behind the Android version’s features because of Apple’s strict app rules.
Best Litecoin Wallet: Offline Wallets
Best Litecoin Wallet: Paper WalletsServices like LiteAddress.org are open-source and trusted Litecoin paper wallet. It allows you to print your public and private keys on a piece of paper. Your paper wallet always remains offline. So, it is secure and not vulnerable to hackers. It also prints off a QR code which you can scan to enter your wallet, making it easier for you. This service is incredibly secure, but you have the ultimate responsibility regarding your investment security – if the document gets damaged, stolen or lost, you will lose access to your funds. Let’s look at the advantages and disadvantages of paper wallets. Advantages
- A very simple way of generating a Litecoin key and address. It is easy and can be set up within a minute.
- It is super secure – offline storage is hackproof. No one can hack your printed wallet keys.
- It uses open-source, trusted and community-managed software which is managed through GitHub to help maintain the community.
- Great for holding cryptocurrency over a long period of time.
- There is no way of getting your Litecoin back if your paper is lost. You need to store your offline paper wallet securely and safely.
- There have been some scams with redirected websites sending users to fake Liteaddress.org ‘themed’ websites. So, make sure you visit the right site — always look for the SSL certificate (green text and HTTPS on the left-hand side of the address bar)!
- It is a very awkward way of doing crypto trading if you buy and sell regularly. It isn’t really designed for a full-time trader.
Best Litecoin Wallet: Hardware WalletsLedger Nano S) as our example. Advantages
- The perfect way to “cold” store your cryptocurrency. Offline/cold storage protected by pin password protection and encryption.
- Nano S also comes with recovery keys as a backup feature.
- Just plug it into your PC via USB to access it! It’s that simple!
- It is compatible with Mac, Windows and Linux and is also usable via OTG cables for Android smartphones.
- It costs $99 whereas most software and web-based wallets are free!