In a rapidly growing digital world where security in the transaction of currency is a pivotal issue, Cryptocurrency seems to be an alternative unlike any other. With the growth in the various cryptocurrencies since a decade now, it is important to know all the aspects surrounding these dynamic digital currencies. Litecoin is a similar kind of cryptocurrency which has been in high circulation and is famous for being the first altcoin. But what exactly are Litecoins? What are Litecoin wallets? Why do we need wallets? What are the alternative Litecoin wallets that can be used? Below we have tried to decode some of these emerging questions.
Why Do You Need Wallets?
Before understanding the need for a crypto wallet, it is very important to understand what a Crypto Wallet is.
A crypto wallet as defined by many cryptocurrency experts is a software program which stores the private and public key of the user.
It enables the user to send and receive coins through the blockchain. Also, it helps to monitor the balance. Simply put, Crypto wallets are software programs that store your coins. These secure digital wallets store, send and receive digital currencies.
While some digital currencies use their official wallets, others use a recommended third part wallet. So to use any form of cryptocurrency, using a cryptocurrency wallet is a must.
An important thing to note is that the currency itself is not stored in the wallet; instead, a private key which shows the ownership of the public key is stored. Thus both the private and the public keys are stored in the wallet. Thus, it acts as a personal ledger of your transactions.
There are different types of cryptocurrency wallets like Desktop, mobile, online, hardware, and paper wallets all with different forms of usage and structure.
10 Best Litecoin Wallets
A Litecoin Wallet is a software program or application which helps the holder of the Litecoins to send, receive and store their Litecoins in a safe environment. Many might be wondering which wallet is the best for them and what alternatives are available.
It is usually advisable to use an official wallet for any given coin. Litecoin has many alternative wallets which might be used. The different hardware, software and desktop Litecoin wallets are:
- Ledger Nano S ( hardware )
For those users who have a stack of Litecoins, his hardware wallet proves to be one of the most secure ways to store them.
This compact hardware which looks so much similar to a pen drive controls your private keys not just in an online environment but in an offline environment as well.
Its interesting features are the inbuilt OLED screen, a pin code, and a backup seed key.
So, your funds can be stored now even if something wrong happens to your hardware device in unfortunate events.
Currently, this hardware device is selling around at $100 and supports coins like Litecoin, Bitcoin, Ehereum, Ripple, Dogecoin, cash, Stratis, and Komodo.
- Trezor (Hardware)
Its features include a 24-word recovery seed to keep the funds secure in an offline environment and a small OLED screen which shows a nine-digit pin code generated randomly.
Its outer structure is similar to that of Ledger Nano S and is thus portable and light.
- Exodus ( Desktop wallet)
This free wallet is one of a kind and is a favorite of many users.
This multi-currency desktop wallet has an interactive user interface which is backed by the development team of development moguls JP Richardson and Daniel Castagnoli.
Not only is this desktop wallet secure but is easy to use as well. The wallet can be restored using a 12-word recovery phrase in just a click which makes it one of the best wallets available.
For the mini cryptocurrency lovers, the wallet also has an inbuilt Shapeshift converter. This helps the user to exchange any one of their currencies into another one.
It supports seven more currencies apart from Litecoin. At present, Exodus is available on Windows, Mac, and Linux.
- Jaxx ( Desktop and mobile wallet)
Jaxx has attained its prominence for being available on IOS mobile/tablet, MAA/Linux desktop version, Chrome, and Firefox extensions as well.
This HD Wallet allows its users to restore the funds with a 12-word backup seed key feature similar to Exodus. At presently supports 13 currencies which includes Litecoin.
The additional feature includes inbuilt Shapeshift for those who love multi-crypto currencies to exchange any crypto into another crypto. It is very easy to use. It controls the private keys and can export/import keys anywhere required.
- LoafWallet ( Mobile Wallet)
This wallet is closer to home for the Litecoin users since it was developed by the creator of LTC, Charlie Lee himself. It is renowned for being the first iOS-only mobile wallet for LTC.
That being said, it is not available for Android. The maintenance of the Loftwallet is done by the Litecoin Association. Like Jaxx and Exodus, it has a 12-word backup seed key to restore your funds.
This openly sourced HD wallet has an inbuilt feature allowing its users to purchase LTC through Coinbase. It is a highly recommended wallet for the Apple users.
- Litecoin Core ( Desktop Wallet)
This is the official Litecoin Wallet for the Litecoin CryptoCurrency. It is available on their website.
The free desktop wallet is available on Window, Mac, and Linux. So you can get started on Litecoin Core and make your desktop your LTC wallet. Your private keys will be easily stored on the desktop.
One thing to consider and keep in mind about Litecoin Core is that the core wallets syncs who the entire blockchain. This takes a lot of time sometimes even going up to several days.
Related: The 10 Best Ethereum Wallets
- Electrum-LTC (Desktop Wallet)
Electrum-LTC is a lightweight wallet which is an alternative to the heavyweight Litecoin Core Wallet.
This desktop wallet, unlike Litecoin Core, does not require you to download the entire blockchain. Also, you will not have to wait for synchronization which means a lot of time is cut.
This wallet not just provides ample security to its users but is also very easy to use.
Moreover, it has a 12-word security seed key for the storage and protection of funds.
Additionally, it is a SegWit-enabled wallet which allows ‘freezing’ an address. This means that you can no longer send funds from that address which provides it additional security.
This wallet is currently available on Linux, Mac OS X, and Windows.
- Liteaddress (Paper Wallet)
Some of the users are rather comfortable using paper wallets. Liteaddress is for those users. The users can do so by using liteaddress.org.
This wallet is known for being the most secure and cheapest alternative to hardware wallets which might cost a fortune.
Liteadress helps you create a pair of private and public key and keep them on paper which is usable in an offline environment. Simply put, it is like hardware wallet but on paper and a cheap alternative.
However, it is tricky and risky. Thus it must be handled with care. Also, it is vital to know how to make a paper wallet before you use it.
It is a kind of a website wallet which was recently introduced. It allows you to monitor your balance online from anywhere.
Also, it is not necessary to log in to Rahakott you’re your email, telephone number or username, every time you wish to monitor your fund, you can simply use a mnemonic phrase.
Additionally, it is protected by two-factor authentication. A single Rahakott account can be used to create multiple wallets.
Also, it is algoristic, i.e. to create anonymity of user, for every transaction a new address is created. The use of this multi-currency has been increasing in the past few months.
- Coinbase (online/web application)
This multicurrency wallet is an online platform to trade digital currencies.
Launched in 2012 in California, this wallet was founded by Brian Armstrong. A user has to register at the site to get access.
After a simple 2 step verification process the user’s account is protected against any unauthorized access.
The main reason for using Coinbase is definitely for security since it offers safe storage of almost 98% of digital assets in the offline mode.
It is currently available for iPhone and Android. The control of the private keys used is facilitated by multi-signature wallets.
These Litecoin wallets can be used as per the convenience of the user.