Litecoin is a type of cryptocurrency as bitcoins. It permits the users all over the world to make payments in an instant and immediate manner. Using the consumer grade hardware, Litecoins can be mined effectively.
It is a decentralized currency used globally and is operated on the technology of block chains. It uses peer to peer mechanism and does not have any centralized authorities. It offers complete financial control to the users and provides security. It has an enhanced efficiency and allows quick transactions.
Famous Exchange: Where you can get Litecoins?
Best Litecoin Wallets:
A wallet is a software program or an application that is used for the storage of cryptocurrencies. It can be an offline application or a web-based application. It simply facilitates secure cryptocurrency storage. A Litecoin wallet is required for the exchange of Litecoin payments. It specifies that each and every payment can be sent or received only with the help of Litecoin wallets. So the users have to create, download or buy a Litecoin wallet to make payments.
The Litecoin wallet facilitates safe and secure Litecoin transactions and will determine the complete worth of the Litecoins. In order to ensure wallet security, it needs to be encrypted. This encryption makes the users to periodically check their account balance and overall transaction status. Read about Different Types of BitCoin Wallets To Store Bitcoins Safely.
Litecoin wallets can be accessed on tablets, mobile phones, laptops and desktop systems. Before choosing a Litecoin wallet, we have to make sure that whether it is a trusted company in order to avoid scams.
Best LiteCoin Wallets for LTC Storage:
Let’s discuss best Litecoin online and offline wallets available in the market to store your LTC. Following are the four different types of wallets recommended for the storage of Litecoins:
Ledger Nano S
Nano S is the most popular hardware wallet in the market. It supports Bitcoin, Ethereum/Ethereum Classic, Litecoin, Dash, Dogecoin, Stratis, Zcash, Ripple, Komodo coins. If you want to keep your Litecoins for the long term then it is the best option for you.
Ledger Nano S is most used offline wallet to store the crypto coins. Ledger is relatively cheap easy to carry hardware wallet compared to others. It provides control of private key to the user in terms of security.
Coinbase (Online/Web application)
Coinbase is an online platform for selling and buying (trading) digital currencies like Litecoins, Bitoins, and Ethereums. This service was launched in 2012 in San Francisco, California, United States. The founder, as well as the CEO (Chief Executive Officer) of this platform, is Brian Armstrong. Once a user gets access by registering at this site, he must go through a 2-step verification process to protect his account from any unauthorized access.
Reasons to Choose Coinbase
- Security: It offers safe storage of digital assets (almost 98%) in the offline mode so that the bitcoins are kept protected from loss or theft.
- Cross-platform: Coinbase wallets are used for both iPhone and Android applications.
- Complete control mechanism: It holds multi-signature wallets which provide control for the private keys used.
- Buy/Sell Facility: At Coinbase you can buy or sell your LTC also. Unlike other online wallets, it provides an option for buy, sells and storage facility for your LTC.
Exodus (Offline Desktop Application)
Exodus is a user-friendly and versatile multi-currency wallet. The best feature of the Exodus wallet is the built-in exchange facility is quite nifty. It allows users to interchange coins with each other. Buy and sell option is also available in this wallet. Before the Coinbase, Exodus was the first choice of most of the coin lover.
- It allows you to exchange coin with each other.
- It is secure and easy to use.
- The only desktop app is available so you can not use it like a website.
Exodus wallets support bitcoins, Dash, Ethereums, and Dogecoins in addition to Litecoins. It is a free and open source wallet that gives complete private key control to its users.
After “Nano S” another Hardware Wallet is Trezor. This is the first Hardware wallet that came into existence. It allows users to store Litecoin safely in the same manner like Nano S wallet . It comes with a small OLED display which displays your 9 digit security code at the time you want to access it. It has a 24-word seed key to restore your wallet data in case you missed it. Trezor is very much similar to Ledger Nano S but is a little bit more expensive and costs $99.
- Bitcoin – BTC
- Ethereum – ETH
- Dash – DASH
- Namecoin – NMC
- Zcash – ZEC
- Ethereum Classic – ETC
- Dogecoin – DOGE
Guarda is the a multi currency wallet, which supports popular crypto coins including BTC, LTC, ETH ( including ERC20 tokens), ETC, Zcash, Ripple, DASH, EOS and few other popular altcoins. Guarda is reliable and safe wallet and can be handled by any device. You will have control on your pvt keys, it does not store any information including wallet keys. Wallet private key will be stored in the device’s secure memory and automatically deletes the keys when you log out. Visit Website
Loaf wallet (iOS App + Android)
These types of wallets are designed specifically for mobile users since they can be accessible over mobile phones. They offer the best functionality for the Litecoin users and can be downloaded from the IOS application store. Visit Website
LiteAddress (Paper Wallet)
If you have a huge amount of Litecoins and want to store them for long-term, then you should also consider Litecoin Paper Wallet which can be made at liteaddress.org. You will have Private Key as well as Public key printed on the paper and you need to store a copy of this data at different places. If you lose access to your Pvt kay all your coins will be gone.
Paper Wallets are one of the cheapest and safest methods to store your Litecoins offline unlike Hardware Wallets.
Learn Here how to make Paper Wallet
Litecoin Core (Desktop Wallet)
It is the official Litecoin Desktop Wallet which is Free to use. You have to Download Litecoin Core on your PC and the private keys will be saved on the same Desktop itself. Since it is a core wallet for Litecoin, it will download the whole Blockchain and this could take a huge amount of time (Up to 4-5 days). Download Litecoin Core
These types of wallets are used globally and are multi – signature. The transactions over these wallets need more than two signatures from the company and the individual user. The team of block.io stores the wallet’s private keys. Block.io also supports Dogecoin and bitcoin in addition to Litecoin. Visit Website
Litevault is an online wallet website which uses in-browser cryptography to minimize the risk of the coin holder running with funds. This is same as Coinbase or Blockchain.info – a well known online coin wallets. Visit Website
Electrum – LTC:
Electrum wallets were used only for the storage of bitcoins in ancient times. But now, it has been extended for the storage of Litecoins too. This wallet is protected with the help of seed passphrase. A backup of this wallet must be taken for its restoration.
This wallet is light weight in nature and it offers the synchronization of block chains in seconds, instead of taking hours. The installation of this electrum wallet can be done on various platforms including Windows, OS X and Linux. For the purpose of cold storage, offline wallets are also available in the market. Visit Website
Other Options (Online exchange wallets)
Though above-discussed apps and website are highly secure and easy to use to store Litecoin safely. Sometimes it makes sense to store your coin in the exchanges like Poloniex, Bitfinex etc. As these exchanges offer user to buy/sell and exchange coins similar to Exodus through a website.
Hope you enjoyed this article and it is helpful for keeping your coins safe and secure. Which wallet do you prefer to store your coins? Please share your experience with us.