What Wallet To Use For Litecoin
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Electrum-LTC is a community-maintained port of Electrum, the Bitcoin wallet, to Litecoin. It is not an official product of Electrum Technologies GmbH, which does not support it. IMPORTANT NOTICE (February 2019). Litecoin Core is the official Litecoin Wallet and being an official wallet, it is extremely safe to store your Litecoins. This wallet is absolutely free to use and is available on their website. It is probably the best platform to create an Litecoin wallet on because when it comes to ease of use, safety, special features, asset variety, availability of payment methods and low fees. But the wallet Litecoin owners use is a bit different. Its primary function is similar to those wallets that we’re so used to — it stores money. Yet, that’s just one of the many possibilities that a good Litecoin wallet online offers. Besides storing money, an LTC wallet will also help you send and receive cryptocurrency.
WLX is an online Litecoin wallet. However, it’s not just an ordinary wallet app for your LTC. It supports other cryptocurrencies and even some popular fiat currencies.
However, in this article, we’re going to look at WLX mainly as a wallet for Litecoin. We’ll explore some of the features that make it stand out from the crowd. By the end of this article, you’ll understand why WLX is the best LTC wallet out there.
Method 2: How to mine Litecoin using a mining pool. Create a Litecoin wallet. Compare Litecoin wallets and choose one that offers the right features and security protections for you. Choose your mining hardware. Select the hardware you’ll use to mine LTC, such as an ASIC miner or a GPU mining rig. Install any necessary software.
But before that, let’s discuss what Litecoin actually is and how you can store it in online wallets. Read on!
What Is Litecoin?
Litecoin is a type of digital currency, also known as cryptocurrency. The origins of Litecoin are actually related to Bitcoin. Let’s go back to 2011 — the year LTC came to be.
On October 7, 2011, former Google developer Charlie Lee decided that Bitcoin deserved an alternative. That’s why he released a client on GitHub, which was open-source and was the basis for the Litecoin network.
Back in the day, Bitcoin was only gaining popularity, but it was nowhere near the popularity achieved in 2017. Nevertheless, Lee foresaw that cryptos would experience a boom and he wanted to offer a valuable alternative.
So — how is it actually different from Bitcoin? Well, LTC offers faster transaction times and is much more convenient to use. It is based on a different algorithm for hashing and the block generation time is significantly decreased.
According to CoinMarketCap, Litecoin is still one of the most popular cryptocurrencies in the world. Although it’s still not as popular as BTC, it’s definitely a valid candidate to overtake the throne, next to XRP, ETH, and other popular cryptos.
What else makes it different from Bitcoin is that it’s cheaper. At the time of writing this text, a single unit of LTC is about $50, whereas BTC is priced at over $9,000.
There are thousands of people out there who opt for LTC either to shop with it or use it for cryptocurrency trading. Just like Bitcoin, Litecoin also needs to be held somewhere. That’s why you need a proper LTC wallet online that would make your coins safely stored.
What Is a Litecoin Wallet?
Why do we need wallets in the first place? What’s their purpose?
In the world of paper money, wallets are there to help us organize those little pieces of paper and have quick access to our credit cards. But the wallet Litecoin owners use is a bit different.
Its primary function is similar to those wallets that we’re so used to — it stores money. Yet, that’s just one of the many possibilities that a good Litecoin wallet online offers.
Besides storing money, an LTC wallet will also help you send and receive cryptocurrency. Since LTC is transferred with no intermediaries (P2P), you can basically make transactions using a very simple process.
How the Best Litecoin Wallet Works
If you want to send money, you need a Litecoin wallet address of the recipient. While you’re using your wallet app, you need to enter the amount you wish to send, in addition to the recipient’s LTC wallet address.
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You also get an address of your own. This address looks like nothing you’ve ever seen before. It’s usually just a string of random digits and letters. Yet, this is very important as other LTC owners will use this address to send money directly to you.
How to Open the Best Litecoin Wallet on WLX
Opening a Litecoin wallet online account is a fairly simple procedure that will only take a couple of minutes. Just follow these simple steps, and you’ll be able to store LTC very soon.
- Download the app — download the installation client to your device.
- Install the wallet — use the installation wizard to install the program. It’s a very straightforward process that is similar to every other installation you make.
- Enter your phone number — enter your phone number and you’ll receive a verification code that will help you verify and secure your account.
- Enter your passcode — passcode is something that you should create and remember at all costs. It will help you access your wallet for Litecoin.
- Enter personal details — to ensure that your LTC wallet is safe you should enter some of the personal details as requested. Your personal data is protected with state-of-the-art technology.
Safety & Security: The Essential Features of Every Wallet for Litecoin
When you want to store your money in a bank or a wallet, what’s the first thing you’re looking for? Probably everyone agrees that “safety and security” would be the right answer to that.
In other words, ever since the concept of money was created, people were looking for a way to ensure their funds don’t get stolen. This technology has been upgraded with time. Vaults equipped with laser protection may still be the most popular way to ensure security, but it seems that cryptocurrencies found something better.
Apart from using decentralized technology, Litecoin and many other cryptocurrencies are usually stored in safe wallets. Naturally, some wallets are safer than others, and you want to aim for the best LTC wallet that pays a lot of attention to security.
This is where WLX comes into play.
First of all, you should know that encryption plays a very important role in WLX. Everything you do and all the transactions you make in LTC are entirely encrypted and cannot be accessed by cyberattackers.
Being software that deals with money, WLX online Litecoin wallet is subject to frequent audits — both internal and external. That way, it is ensured that all operations are in order and that there are no illegal activities taking place.
The overall security is tested in various ways. Yet the best LTC wallet security is achieved with penetration testing. Essentially, all kinds of possible cyberattacks are simulated to see whether there are flaws in security, which, if found, are fixed immediately.
This way, proactive security is achieved. The WLX team can anticipate cyberattacks before they actually take place and prepare for them, making sure that your Litecoin balance is not damaged in the process.
The Anonymity of Transactions Are Important for Every Best LTC Wallet
Litecoin, as well as it’s big brother Bitcoin, was made with anonymity in mind. In fact, almost all transactions that are made in cryptos do not reveal any personal information about senders or recipients.
The WLX wallet can definitely be described as a reliable wallet, above all. Therefore, once you use this LTC wallet online to make a transaction, you can rest assured that none of your sensitive data would be revealed.
WLX Isn’t Only the LTC Wallet — You Can Store Other Cryptos Too!
WLX is undeniably the best wallet for Litecoin, but LTC is not the only cryptocurrency you can store here. This is the ultimate wallet for all popular cryptocurrencies at the moment.
Therefore, aside from storing your LTC, you will also be able to store BTC, ETH, and even XRP. All of these cryptos are actually subject to the same security measures that we described in this text, so you can rest assured that they are safe and sound with WLX.
WLX also has the attributes of a standard e-wallet. This means that you are able to store fiat currencies apart from the crypto ones. In other words, you will be able to store the good old American dollars, as well as British pounds and Euros. The safety mechanisms are just as active with fiat as they are with crypto, except that the total anonymity is not possible when you send and receive fiat currencies.
Finally, WLX is not just a wallet, but it can work as a sort of currency exchange. In other words, you can use this piece of software to manage your money however you see fit. Make sure to explore this option once you open an account and fill your balance with LTC or any other of the currencies that are accepted.
Conclusion
To sum up, WLX is the best Litecoin wallet for all LTC owners who are looking for top-notch security. It’s easy to install and use, as it takes only a couple of minutes to set up your account and begin using the services.
Apart from being a wallet for Litecoin, it is also available for several other cryptos and fiat currencies. So, those willing to store several types of money in one place can have the biggest benefit.
Are you looking for the best way to store your Litecoin?
Then look no further!
This post will cover everything you need to know about Litecoin wallets.
That includes the best Litecoin wallet apps and hardware wallets.
We give you tons of options so you can choose the best wallet based on your needs.
Read on to find ther perfect Litecoin wallet for you!
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Hardware wallets are the best choice if you need secure storage for your litecoins.
Unless you’re an advanced user, a hardware wallet is likely the easiest and safest way for you to store your litecoins.
Legendary Bitcoin speaker Andreas Antonopoulos says:
If you have enough cryptocurrency to the point where you’d be very upset if you lost it, you should buy a hardware wallet.
Now an overview of Litecoin hardware wallets…
Ledger Nano X
The Ledger Nano X is Ledger’s latest hardware wallet.
Out of all hardware wallets, it’s the easiest to use and setup. It’s a good choice for someone who needs a mix of security and usability.
It connects via bluetooth to iOS devices, or via USB to your computer.
Ledger Nano S
The Ledger Nano S is probably the most popular crypto hardware wallet at the time of writing. It costs about $95 and is sold by Ledger, a Bitcoin security company based in France.
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The Ledger Nano S supports Litecoin, Bitcoin, Ethereum, Ripple, Monero and many other coins. The device creates your private keys in its secure chip and stores your keys offline away from the internet.
The Nano S has a screen so it helps you verify and confirm all outgoing transactions, which provides additional security.
TREZOR T
TREZOR T is very similar to the Nano X, but is sold by Satoshi Labs. TREZOR was actually the first hardware wallet to have a screen, which provides extra security.
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TREZOR will cost you $165 and ships from Europe.
If you plan on investing in many coins, the Ledger Nano X is probably a better option. But if you plan to stick to the main coins, there’s not a huge different between the TREZOR and Ledger.
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For desktop, there are two solid choices for Litecoin wallets.
Electrum LTC
Electrum LTC is a fork of the Bitcoin wallet Electrum. It is available for Mac, Windows, and Linux.
Electrum LTC is a blazing fast wallet that works instantly after installation. Since it’s used on your computer, consider it a hot wallet and don’t store large amounts of bitcoins with it.
If you want to use Electrum LTC for large amounts, buy a hardware wallet as mention above like the Ledger Nano S or TREZOR and use that in pair with Electrum LTC.
The source code is available on Github.
You can check out our Electrum LTC setup guide here.
Atomic Wallet
Atomic Wallet is a multi-crypto desktop wallet. It supports Ripple, Litecoin, Bitcoin and many other coins.
Exodus Wallet
Exodus is a very popular multi-coin wallet that supports litecoin, bitcoin, ether, ripple and many other coins. It’s available on desktop for Mac, Windows and Linux.
It’s popular because it allows you to see all your coins in an easy to read portfolio. You can also trade directly between coins from within the wallet.
Unfortunately Exodus wallet is not open source.
Litecoin Core
Litecoin Core is the main full node implementation of Litecoin. It is the most private wallet and fully verifies all Litecoin transaction data, meaning you don’t have to trust anyone.
It is a good choice if you run a business. But otherwise it is a slow wallet that most users won’t want to deal with.
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Litewallet iOS (formerly Loafwallet)
Litewallet is made by the Litecoin Association and is a fork of the popular Bitcoin wallet breadwallet. It is currently available for iOS. It’s simple to use and has a very clean interface, making it a great choice for beginners.
The wallet can be used to store small amounts of LTC on your phone. But, since it is a hot wallet is should not be used for large amounts of litecoins.
Jaxx
Jaxx is a multi-currency crypto wallet for iPhone and iPad. It supports Litecoin and is fully open source. It should not be used for large amounts of litecoin, but is a great option for day-to-day use or accepting payments on the go.
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Litewallet Android (formerly Loafwallet)
Litewallet also has an Android version and is probably the best option for Android users.
The iOS version of LoafWallet was originally created by Charlie Lee, the creator of Litecoin. The Litecoin Foundation later forked the code and released an Android version of the wallet. You can check our LiteWallet setup guide and review here.
Jaxx, as mentioned above, is also available for Android.
The Litecoin Wallet is another good option for Android and has been around for a while.
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In 2020, we can no longer recommend that anyone use a paper wallet anymore as it is very easy to lose the paper in a natural disaster or to make a mistake during the creation of the paper wallet.
In many cases, making a paper wallet exposes your private key to online thieves because your connection is not secure or you use a fake paper wallet site that is designed to steal your litecoin.
That being said, if you are determined to use a paper wallet, then we suggest using liteaddress.org.
You’d go to liteaddress.org on an offline, secure computer and then print out the private key to create a paper wallet.
What to be mindful of:
- Does your printer store history and information on prints?
- If your printer is connected to the interet, could it leak data or get hacked
For this reason you’re better off using a hardware wallet.
If you have enough money to spend on Litecoin, then spending another $59 for a Ledger Nano S is surely worth the price.
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LiteWallet was made by Litecoin creator Charlie Lee and is maintained by the Litecoin Foundation.
Before we go over LiteWallet, remember:
Mobile wallets are NOT a good place to secure or store large amounts of litecoin.
It is only good for small, daily amounts.
Download the wallet from either the iOS app store or the Google Play Store.
We wrote this guide using an iPhone, but the setup process is the same on Android devices.
Once installed, open the app and click “New Wallet”.
Now, set a pin code and on the next step you’ll be asked to re-enter.
Next you’ll start the process of generating and backing up your recovery seed.
The app will give you the 12-word backup seed one by one. Write down the 12 words on a piece of paper and store it in a safe place. This is a backup of your wallet. Even if something happens to your phone, you can always re-access your money using these 12 words.
The app will ask you to re-enter two of the words from your seed.
That’s it! You setup LoafWallet and can now receive litecoins.
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Before we go over the Electrum LTC wallet just remember:
Online wallets like desktop wallets are NOT a good place to secure or store large amounts of litecoin.
For example, here is an update from the Electrum LTC website:
A vulnerability was found in the Electrum wallet software which potentially allows random websites to steal your wallet via JavaScript. Electrum-LTC is also affected. Electrum-LTC 3.0.5.1 was released to fix this vulnerability. We suggest that everybody update.
So, Electrum LTC is fine for small, daily amounts. But do not consider it to be a long term storage solution.
First, download the wallet from Electrum-LTC.org.
Once opened, the app will ask you to select a server. Feel free to select “Automatically”.
Then, choose a name for your wallet:
Next, select “Standard Wallet” since that is for basic desktop wallets.
Now select “Create a new seed” since you are making a new wallet.
Now, choose which wallet format you want. Standard is the normal address format. Segwit is the new format. Segwit transactions will be cheaper, but some websites may not support sending to Segwit addresses. It does not matter which you choose since you could always just make a new wallet if you run into any issues.
This next step will give you your 12 word seed. This is a backup of your wallet should anything happen to your computer. Write down these 12 words on paper and keep it somewhere safe. Do not input on another computer unless you’re recovering your funds.
The next step asks you to re-enter your seed to confirm you wrote it down correctly:
You can also choose to add a password to encrypt the wallet file on your computer. This is recommended, but make sure it’s something you won’t forget!
That’s it, your wallet is now setup! Click the receive tab to get a deposit address.
Receive tab:
Like we said above, you can also configure a TREZOR or Ledger to work with Electrum LTC. This would give you more advanced features that the TREZOR and Ledger wallets do not offer.
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In this section we will aim to answer some common questions about Litecoin wallets and using Litecoin for payments.
What is the best Litecoin wallet in India?
All of the wallets in this list work in every country. So look at the wallets above and those are also the best wallets for India :)
What is a Litecoin address?
A Litecoin address is similar to your email address. It is a public string of letters and numbers that you can give to people. Other people who have access to one of your addresses can send you litecoin.
How do I check the balance of a Litecoin address?
You can use a public blockexplorer to check the balance of any LTC address.
This can be helpful if you sent money to an exchange and want to check the status of your transaction, but your wallet has a bug and isn’t showing you the latest data.
If someone sends you money, this can also be used to check info.
How do I fund my Litecoin wallet?
The easiest way to fund your Litecoin wallet is to buy litecoins and send them to your wallet. There is no wallet yet that allows you to buy litecoins from directly within the wallet.
How do I open a Litecoin account?
There is no such thing as a Litecoin account. A Litecoin wallet is the closest thing to an account that exists in crypto.
What’s going on with Litecoin?
The price of Litecoin and all cryptos are down. It has nothing to do with Litecoin specifically.
How do I know which wallet is best for me?
If you are dealing with lots of LTC and invested in it, use a hardware wallet. If not, you can use a desktop or mobile wallet.
Any common mistakes to be careful of?
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Definitely. Make many backups of your wallet if you are dealing with large amounts. Too many people have lost Bitcoin and other crypto currencies due to not making backups.
Also, NEVER store your litecoins on an exchange! Thousands of people have lost bitcoins in hacks. While much less litecoin has been lost like this, it is still very possible that this can happen. Especially since the Litecoin price is going up so much and the exchanges will become even bigger targets for hackers.
Will more wallets come out in the future for Litecoin?
Most wallets today are developed for Bitcoin, simply because it has the most users and has been around longer.
We, however, expect many more Litecoin wallets to be released since the crypto industry as a whole is growing and Litecoin is still one of the most popular coins.
What Wallet To Use For Litecoin Visa
What if I send Bitcoin to a Litecoin address?
It is actually possible to send Bitcoin to a Segwit format Litecoin address. If this happens, you simply need to import the litecoin private key into a Bitcoin wallet and you can recover your funds.