Litecoin is one of the first altcoins on the market, having appeared back in 2011. It is called cryptocurrency silver, Bitcoin-lite, or bitcoin 2.0, because Litecoin partially borrowed the technology and basic principles from Coin 1. The creators of LTC are positioning the coin as a convenient payment instrument, focusing on the speed of transactions. Litecoin introduces the ability to conduct atomic cross-chain transactions (with other cryptocurrencies) and activates Segwit.
The project team is doing its best to ensure that LTC copes with the mission of fast and convenient transactions. In addition to the development of the network, the number of sites that support payments in this cryptocurrency is constantly growing. And with that, Litecoin’s capitalization and exchange rate is increasing.
In this review from ProstoCoin, let’s look in detail at the main Litecoin wallets, as well as how to register them and how to use them.
If you already have a wallet and are looking for information on buying Litecoin, use these instructions.
How to choose a Litecoin wallet
As with many other cryptocurrencies, the following types of wallets are suitable for storing and spending Litecoin:
- Hardware .
- These are physical wallets that are essentially modified USB drives with additional security mechanisms. For example, a PIN is entered for transactions and a seed is set for recovery.
- There are three popular products on the market: Ledger, a budget and reliable hardware wallet, the best seller on the market; Trezor and KeepKey.
Online wallets can also act as cryptocurrency exchanges, but storing cryptocurrency on them is not safe. It is best to use specialized sites to store Litecoin and other coins.
Other options for storing Litecoin online are Cryptonator, LiteVault, block.io.
Desktop wallets can be roughly divided into full-weight and light-weight. The full-weight official wallet for LTC is Litecoin-Core. You need to download the entire blockchain to use it fully. Lightweight options are Electrum LTC and Exodus multicoin wallet.
For mobile platforms.
“Narrowly focused” Litecoin wallet for Android is called LoafWallet. It syncs with the blockchain, so users don’t have to wait long for transaction results and download all the blocks. LTC is also supported by universal mobile wallets: Jaxx, Coinomi.
One of the easiest ways to store cryptocurrencies, since you are not in danger of hardware failure. You can generate addresses for LTC paper wallets at liteadress.org.
How to create a Litecoin wallet
Now we will take a look at the most popular wallets for LTC with instructions on how to set up/register them.
How to register litecoin wallet online
There is a good choice available here: Cryptonator, LiteVault, Block.io. Let’s stop on the first option, because it is the most convenient and anonymous.
To start an online wallet, go to the official website and click on “Registration”. Just enter your email address and password.
Everything is ready to use. All that remains is to set up two-factor authorization. To see your wallet address, click on “Show my Litecoin addresses”. You can generate even several hundreds of them.
How to set up a Litecoin wallet (desktop version)
Of course, the more practical option is a lightweight wallet, as it doesn’t involve downloading a whole blockchain to use it. For Litecoin, you can use Electrum-LTC or Exedus. Here is what the Electrum interface looks like:
In the Receive tab you can see the addresses to receive, and in the Send tab you enter already the addresses of the recipient of the cryptocurrency. You can download it on the electrum-LTC website.
Exodus is a universal wallet with support for various cryptocurrencies and the possibility of internal exchange.
Cold storage options for Litecoin
Litecoin can be stored cold on special hardware wallets – drives (USB, SSD) or paper wallets.
Speaking of devices, there are currently three major players on the market: Ledger Nano, Trezor, and Keepkey. They are similar to each other in many ways: reliable, compact, support several cryptocurrencies.
Ledger Nano is slightly cheaper than its competitors, while supporting a larger number of coins. The scheme of using hardware wallets is similar: setting a password, seed generation for recovery, confirmation of transactions through the screen. The devices also support software wallets.
Which one you choose is up to you. Ledger Nano, despite its lower price, is almost as good as its competitors.
A reliable and many underestimated option for storing LTC is paper wallets. Under no circumstances can you fall victim to hacking attacks with a paper wallet, you don’t have to rely on the longevity and reliability of computers/devices. Only if you lose your paper wallet (or generated address, QR), then it is fraught with loss of coins. So always make multiple copies and photos of the address.
To generate a Litecoin paper wallet use liteadress.org. First, you have to move your mouse or enter symbols to randomize:
A couple of seconds and the addresses are generated. You can print them out and write them down right away. Preferably in several copies. Your private key (on the right) is not to be disclosed. The address on the left is used to receive lightcoins from others.
How to restore the Litecoin wallet
Before you use your Litecoin-Core wallet, make a backup copy of it. And it is desirable to store a backup in several places at once.
You may need to restore your wallet in case of software or hardware failure. There are cases when Litecoin-Core does not work on your computer and you may need to reinstall it.
To restore access to your private key (wallet), you must (provided you saved wallet.dat):
- Re-install the client;
- Rename the backup file to wallet.dat (if it has a different name);
- Find and open the wallet installation folder;
- Replace the current version of the wallet.dat file with the backup version.
If you can’t remember which folder the main wallet files are stored in, then it can probably be found in the C-Users-User-AppData-Roaming branch. This directory may be hidden, and you need administrator rights to access it.
Now you know how to do wallet recovery.
What is the best Litecoin wallet? It’s up to you – after all, you will be using it. We hope that our guide answered most of your questions and helped you in choosing a Litecoin wallet.