Last updated on September 10th, 2017 at Ten:36 pm
Your Litecoin wallet will be perhaps the most significant device you have for securing and protecting your Litecoins and other digital currencies, so make sure you take some time to familiarize yourself with them!
What are Litecoin Wallets
Like Bitcoins, Litecoins can be stored in a digital wallet. This wallet will track the total value of your Litecoins and permit you to conduct various transactions. It might be lighter to think of your ewallet as a sort of email system, except instead of sending and receiving messages, you can send and receive Litecoins and money. You can also track your history of exchanges and monitor your financial transactions.
Web wallets – You store your Litecoins on someone else’s sever.
Desktop / mobile wallets – You store your Litecoins on your device (e.g. your laptop).
Each type of wallet has it’s pros and cons. Web wallets are risker since someone can hack the companies servers and steal your coins, but on the other forearm you can use them from anywhere in the world. Offline wallets are considered safer since someone will need physical access to your computer to steal them, but you will also be able to send Litecoins only from that specific device.
Some wallets are entirely free, while other wallets charge fees for various transactions. Make sure you read any fine print when choosing a wallet and pay close attention to any fees, as they can add up very quickly. There are several Litecoin wallets presently available, so we will go over some of the most popular options. Unlike Bitcoin there aren’t many options for Litecoin wallets, so I attempted choosing the top Trio for you to cosider.
Hardware wallets – These wallets are a puny chunk of hardware that connects to your computer via a USB portal. They permit you to send and receive Bitcoins with finish security as all of the “important stuff” is done offline on the hardware device. These types of wallets are the most recommended but they also come at a price.
If you want a deeper understanding of how wallets work please observe this movie about Bitcoin wallets. Even tho’ the topic is Bitcoin wallets, the same principles apply for all cryptocurrency wallets:
Top Five Litecoin wallets available
TREZOR – TREZOR is a hardware wallet that can hold Litecoin as well as Bitcoin, Dash and other cryptocurrencies. It costs around $99 but is well worth the extra security you get by using such a wallet. Also, since it’s a multi currency wallet you can use one TREZOR wallet for many different coins.
Ledger Nano S – The Nano S is very likely one of the best wallets around. It’s a hardware wallet that can store Litecoin, Dogecoin, Bitcoin, Dash and even Ethereum. It costs around $59 and has similar features to the TREZOR.
Litecoin-QT – This is a desktop wallet for Litecoin which I personally use. Very convenient but you need to reminisce that once you use this wallet it means that your computer now stores all of your Litecoins. Litecoin-QT is 100% free to use.
Jaxx – A cross platform Bitcoin and altcoin wallet. Jaxx works on Desktop and mobile and is very intuitive and effortless to use. You can read our total review here.
Exodus – A beautifully designed wallet for Blockchain assets. Permits you to hold Bitcoin, Litecoin, Ethereum and other cryprtos. Read our review here.
Liteaddress.org is a plain service that will generate a Litecoin key and address for you. You can then print the key and address and securely store Litecoins offline. Due all of the thefts that have occurred with Bitcoins and online wallets, many people now choose to store coins offline. This service is undoubtedly worth a look if you are looking for a way to lightly store Bitcoins offline. Read this post to understand how to create a 99.9% safe paper wallet.
Before selecting your Litecoin wallet
When selecting a wallet for any of your digital currencies, you need to make sure that you are very careful and go with a trusted and semitransparent company. There have been numerous Bitcoin scams that have resulted in people losing thousands, and even millions of dollars worth of Bitcoins. Periodically, people attempt to save petite amounts of money by selecting less semi-transparent wallets with cheaper fees. Unluckily, attempts to save pennies sometimes result in people losing hefty sums of money.
Companies that are backed by Silicon Valley ventures, or are officially incorporated in the United States and other developed countries, for example, are very likely more trust worthy than companies that don’t disclose their location, or are located in areas with poor enforcement measures.
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15 Comments on “The Finish Guide to Selecting Your Litecoin Wallet”
I have a seagate individual cloud device, is it possible to set up a wallet on this, and then to log in from different devices or computers . also how secure would this be compared to having the wallet on my PC
Is it possible to have a Litecoin Core wallet on my Desktop and another Litecoin wallet ( Loafwallet ) on iOS IPhone that sync to display the same data , if you think its safe then how do I do this ?
I invest $170 worth of LTC at litecoin-storage.com and it seems i was scammed. Can anyone validate if this is a scam site?
I have aTrezor wallet which I am wooed 99.99999%, I have copied down the correct recovery seed for…,
However, as I put in more funds I indeed want to check that I copied down everything absolutly correctly. Is there anyway you can view the recovery seed as you did on initial set up without messsing the Trezor or its contents up ?
After you write down the seed you’ll be requested to re-enter it so you can check it’s written down correctly.
Hi Tom, you can ask the Trezor support team how you can verify your seed phrase.
My name is Divine, These is fantastic and educational, if u dont mind i will love to join your forum for more enlightment on these and other question i will love to ask
Hey Divine, welcome on board! Thanks for the kind words, keep on reading us.
Hey Zsofia, what wallet would you advise for Monero?
I presently have a Jaxx wallet but I don’t think it supports Monero.
I’m using Kraken as an exchange, could I use the Monero address from Karken to mine into, then convert it to Bitcoin and send it to my Jaxx wallet?
Any suggestions you might have would be greatly appreciated.
Hi Mike, we have an article about Monero, it also has a section about the wallet: https://99bitcoins.com/beginners-guide-to-monero/, you can use any address to mine Monero to as long as it is a valid Monero address on the blockchain.
Can i keep my litecoin and bitcoin together in Trezor.