An online Litecoin wallet is probably the most important tool you’ll have to protect and secure your online currency, so it’s essential that you take the time to familiarize yourself with how this type of online wallet works and which company offers the best service.
How a Litecoin Wallet Works
Like Bitcoin, the Litecoin wallet allows you to conduct a variety of online transactions. This type of system can be thought of as a sort of email system, but you’ll send and receive Litecoin cash instead of messages. You’ll also be able to monitor transactions and view your transaction history.
You can choose from a web wallet, which will store your online currency on someone else’s server, or a mobile wallet, where you can store your currency on your PC or another type of compatible device such as a smartphone or tablet. Each type of digital wallet has its advantages and disadvantages. Some experts consider web wallets to be riskier because a hacker can hack into a company’s server and steal your currency, however, this type of digital wallet can be used from anywhere in the world. An offline wallet is considered a much safer choice because someone will have to get physical access of your laptop or desktop in order to get your cash, but you’ll only be able to send your digital currency from that specific device.
Some digital wallets are totally free to use, while others will charge a small fee per transaction. Be sure to read the fine print before you make your choice and look for any hidden fees.
Currently, there are several Litecoin wallets to choose from, so we’ll go over some of the top choices the pros recommend.
While there aren’t as many wallet options for Litecoin as there are for Bitcoin, you’ll still have a decent selection to choose from.
Loaf Wallet is an online Litecoin wallet that’s designed for iOS devices only. It’s also backed by the Litecoin Association.
This is a free digital wallet that features a clean interface that makes it simple to use. The wallet allows you to store your funds using a twelve-word backup seed key.
We recommend this service for those new to the cryptocurrency market.
Jaxx is a great, easy to use multi-currency digital wallet. It supports thirteen cryptocurrencies including Litecoin and allows its users to store their funds using a twelve-word backup seed key. Crypto users will enjoy the easy to use interface, and the ability to import and export keys whenever needed.
For multi-currency lovers, it also features Shape Shift built right in, so you can easily exchange one currency for another.
This digital wallet is available on IOD devices, and Firefox and Chrome extensions.
Litecoin Desktop Wallets
Litecoin Core is a free desktop wallet, which means if you download this program, your desktop will be your Litecoin wallet. Your Litecoin keys will be securely stored right on your desktop. This program is compatible with both Mac and Windows devices.
Electrum is another popular Litecoin desktop wallet. This is a lightweight digital wallet, which means you won’t have to download the blockchain and wait several days for it to sync up. This program also uses the twelve world security seed key feature. This program is compatible with Linux, OS X, and Windows.