What is Litecoin?
Litecoin was initially created by Charlie Lee as a fork of Bitcoin. Litecoin’s main mission was to become a cheaper cryptocurrency than Bitcoin as well as achieving higher transaction speeds.
Litecoin uses a slightly different PoW system that doesn’t need as much computational power as Bitcoin. Additionally, Litecoin seems to be almost immune to flood attacks, something that Bitcoin has been a victim of. Litecoin charges a fee for every single output, Bitcoin charges the same fee for numerous tiny outputs which makes a flood attack economically viable.
Types of Wallets
Litecoin is one of the oldest cryptocurrencies which means it has a wide variety of wallets that support it. We will be covering the best and most popular options.
All Cryptocurrencies usually use 5 types of wallets.
Desktop wallet:
This type of wallet is for PC or laptop devices. The desktop wallet will only be accessible from there. These are generally safe wallets but not the safest option as your PC could easily get infected by a virus or hacked.
Online Wallet:
This is generally simpler and easier to use. It's available on any device as long as it has internet access. This is a very convenient but risky method of using cryptocurrencies as your private keys are stored online and controlled by the third-party in question.
Mobile Wallet:
Similar to online wallets, these are generally easy-to-use and have to be downloaded on a smartphone. They also have fewer features as they are much lighter and don't require as much space as the desktop model. It's generally a safe method of handling cryptocurrencies although one could easily lose the phone and private keys.
Hardware Wallet:
This type of wallet stores private keys on a hardware device, usually a USB. A hardware wallet can support multiple cryptocurrencies and it's fairly easy to use but can be costly. This is one of the safest wallets available as it helps users transact easily without much risk. Even if the user loses the hardware wallet, he will still have the ability to recover his wallet by recovering the seed.
Paper Wallet:
This wallet provides the highest level of security and it's fairly easy to use and understand. In essence, a paper wallet is a physical copy of both the public and private keys and it can be printed on a piece of paper. The only real danger or downside of this type of wallet is losing the physical copy. Other than that it's virtually impossible for someone to 'hack' your paper wallet.
Litecoin Wallets
As previously mentioned, Litecoin is an old cryptocurrency and has the support of many wallets. On the hardware wallets option, we can find two of the best hardware wallets on the market. The Ledger wallet and the TREZOR.
The Ledger Nano X and S
The Nano S is the classic hardware wallet that includes support for many other cryptocurrencies. This wallet is really small and almost weightless.
The Nano X is the newest version of the Ledger hardware wallet. It offers support for more than 22 coins and 1250 ERC-20 tokens. It also has the option to connect to the Ledger Live Mobile app which enables users to manage their assets anywhere.
The Ledger Nano S provides one of the most robust security measures in the cryptocurrency market. It uses the same secure chip used in credit cards os passports. It also includes the option for an easy backup.
The Jaxx App Wallet
This mobile wallet is available on Android and iOS. The wallet supports more than 80 other cryptocurrencies and offers an easy-to-use interface. The Jaxx App has built-in third-party apps like ShapeShift to allow customers to trade their cryptocurrencies.
It also has the option to track the top 100 cryptocurrencies by market capitalization, price, etc. The Jax App delivers news related to the blockchain and cryptocurrencies daily.
This is a great wallet with a 4.5-star rating on Google play from more than 1,000 users. It is one of the most popular android wallets for cryptocurrency assets.
The app comes with a renewed security system that hashes your password up to 5,000 rounds. However, it's important to keep in mind that you can still lose your phone, which makes mobile wallets generally not that safe.
The Jax Wallet is also available for desktop and Chrome.
Litecoin QT Wallet
This is the official Litecoin Wallet available on Windows, Linux and, Mac OS X. This wallet acts as a full node for Litecoin. This means that it will take quite a bit of space and requires to download the whole blockchain to work.
This wallet is made for advanced Litecoin and cryptocurrency users as they can verify transactions on their own if they wish to.
Exodus Litecoin Wallet
The Exodus wallet is a desktop wallet that allows users to manage more than 100 cryptocurrencies including Litecoin. According to the reviews, it is one of the best-designed wallets out there and allows users to easily customize their portfolio.
The Exodus wallet has an Exchange integrated which allows traders to easily exchange their digital assets. There is however a big problem with this wallet and it's the lack of security. The wallet doesn't offer any advanced security features.
Liteaddress.org Paper Wallet
This isn't an official Litecoin release. This wallet is, however, an open-source JavaScript Client-Side Litecoin wallet generator.
It is a really simple way to generate a paper wallet. In order to safeguard this paper wallet, users need to print the address and private key. Users can easily check their current balanced by using an explorer.
To spend the funds inside the paper wallet, users will need to perform a sweep of the full balance into another account.
So Which Wallet is the Best?
It depends on the user's personal needs. The official Litcoin platform offers a wide variety of wallets. If you are looking for the safest wallet, the paper wallet provided by Liteaddress.org is clearly the best option.
It's not only extremely secure but also really easy to use.
If you are looking for a more convenient wallet, you can make use of the desktop or online wallets. The desktop wallet is a bit more secure but requires you to download and install the software which can take up a lot of space.
Users looking for a mobile wallet can make use of the Jaxx wallet. This is a great multi-currency wallet with really good reviews and a renewed security system.
As always, no matter which wallet you choose, protecting your private keys is your number one priority.
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