Last updated on March 22nd, 2018 at 03:52 pm
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Litecoin Wallets – Introduction
In this post, we will talk about ” 10 Best Litecoin Wallets 2018 (Security/ Fee – Reviewed)”. Litecoin is a peer-to-peer, open source digital currency, which just like Bitcoin, has a blockchain and is decentralized. When you talk about a cryptocurrency that is able to do all that the Bitcoin can do, while being faster in transactions and cheaper to use, Litecoin comes into view. Bitcoin price has already gone high enough to make any cryptocurrency user seek an alternative. Sincerely, I think all Bitcoin users will go crazy when Bitcoin finally gets too expensive, and they turn to Litecoin because they will discover a better and cheaper alternative has been there waiting to be used.
What are Litecoin wallets?
Litecoin is stored in digital wallets, which allow the Litecoin owner to receive and send this currency. The wallet also shows all transaction history, the balance of Litecoin in the wallet and secures the content of the wallet. The Litecoin wallet is simply an interface which allows you to carry out operations with Litecoin. It is the first requirement for any Litecoin operation, including mining and exchanging.
Types of Litecoin Wallets
There are different types of Litecoin wallets, and they are.
- Hardware wallets
These wallets are for offline (cold) storage and resemble a portable vault for digital currencies. Generally, they are the most secure, considering the fact that only the holder of the hardware wallet, is able to make transactions with it and since it works offline, it is free from cyber attack. They are the best for storing large amounts of Litecoin.
- Online wallets
Online or hot wallets are able to function when they are online. They are also secure but are susceptible to cyber attack. Most Litecoin wallets fall into this category.
- Desktop wallets
A desktop wallet is simply one which functions on a desktop computer or laptop. They may be hot or cold but are software or apps, which are downloaded and installed on the PC on which it will be used.
- Mobile wallets
These are wallets made for mobile devices and are compatible with Android, iOS or Windows. They are the least secure Litecoin wallet types, but are the most convenient, considering they are portable. They work online and are also installed on the mobile device.
- Paper Wallets
These are pieces of paper which have your private keys written on them. Private keys are used to access your Litecoin wallet and also to retrieve them if lost; therefore if you lose your paper wallet, it will be difficult to get access to your Litecoin again. For Litecoin, paper wallets are not advisable to be used because they lack certain functions.
Here are the best Litecoin wallets you may choose from.
Top 10 Litecoin wallets
Launched in 2016; Ledger is widely regarded as the most popular and the best hardware wallet because of its security. Ledger Nano S is just one model in the Ledger series. It is a physical portable vault for Litecoin, which resembles a USB flash drive and can be connected to an activated device such as a laptop or desktop, for use. Having a metallic case, it costs about €58 and is easy to use. Transaction fees on Nano S depend on the speed of transaction confirmation you choose.
TREZOR is a cold hardware wallet, launched in 2014 for Bitcoin, but is also used for storing Litecoin and many other altcoins. It is super secure and is actually hack-free, offering the highest security level possible, because it is a thumb-sized screen device that does not require password or username for the account. Only the user with the TREZOR Litecoin wallet can access the Litecoin account. TREZOR has a good web interface but costs even more than ledger. It is very good for storing large amounts of Litecoin.
Exodus wallet is a hot wallet that was launched in 2016 and allows you to store various other currencies except for Litecoin, such as Litecoin, Dogecoin, Bitcoin, and Dashcoin. It has a web interface and can directly exchange Bitcoins for Altcoins including Litecoin. It is user-friendly and does not support smart contracts. Nonetheless, it has not more than an average security, but it stores your private keys on your computer.
Jaxx is a mobile and desktop wallet which is able to store many altcoins including Litecoin. Jaxx is known for its compatibility with many operating systems including Windows, iOS, Linux, Android and Chrome (extension). With Jaxx, all the private key is on your computer, and no one can access your Litecoin. Therefore the security of your coins is solely in your hands. It has a wonderful user interface and is great for beginners.
This is the first standalone Litecoin wallet, made for iOS, which offers accessibility, security, and simplicity. The Loafwallet is only compatible with the iOS operating system currently, and it has an excellent user interface. This wallet also has an Apple watch app, and for security, it is frequently updated. It is an open source wallet which allows you to restore your wallet using a 12-word backup Seed key. It was developed by Charlie Lee, Litecoin’s very maker.
You can trust Litecoin core because it is one of the Litecoin wallets listed on the Litecoin official website. Before it can be used, it downloads all the blocks on the Litecoin blockchain and this may take some time and space, but enables the users to take part in monitoring the Litecoin blockchain. It describes the decentralized nature of the Litecoin system. Litecoin core is a desktop wallet and is used online, but all your private keys will be stored on your desktop device. It is available on Windows, Mac, and Linux operating system.
Electrum-LTC is also a desktop Litecoin wallet, but it is a lightweight client. It is as fast as, but lighter than the Litecoin core wallet. Spectrum -LTC lets you retrieve your wallet using a 12-word seed key and is secure. However, it doesn’t have the best user interface; this makes it more difficult for beginners. The special feature of this Litecoin wallet is its freeze function, which makes it impossible to send Litecoin from that frozen address. It is compatible with Windows, Mac OS X, and Linux operating system.
LiteVault is an online web wallet, which functions inside your web browser. As its name goes, it is as secure as a vault and LiteVault is unable to access your coins, as they are encrypted on your server alone. It is listed on the official Litecoin website, so you can trust this wallet. Using this wallet, the owner can access their coins on any device with a web browser, and it offers backup.
- Litecoin wallet
This is easy to use Litecoin wallet, which is compatible with Android. It also syncs your wallet with the block chain before you use it. This wallet must not be backed up as you can freeze your wallet if you lose your device or access it from any other Android or iOS device. It is smart, beautiful and secure as a Litecoin wallet.
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