Litecoin has appreciated by 5,000% by now and made the news. With its value rising, you should check out the list of Best Litecoin Wallets.
Litecoin (LTC) was developed as a ‘silver’ if Bitcoin would be considered as Gold. Litecoin address some of Bitcoin’s shortcomings. It is four times (84 million) as abundant as Bitcoin. Also, processes a block within 2.5 minutes, compared with Bitcoins 10 minutes.
- What is a Wallet?
- Best Litecoin Wallets
What is a Wallet?
A cryptocurrency wallet serves as a way to store private and public keys. It can be stored on hardware devices or software applications. Also, one can simply use a paper-based wallet with the public and private key printed on it.
Essential features of a Good Wallet
Control over your private keys
Wallet needs to provide you full control over your private keys. That would prevent anyone from freezing your funds. It also protects you from unauthorized transactions. Wallets must not store the private key on their server. They must store them on your hardware protected with encryption. Ensure that your wallet is backed up.
Transactions are signed and broadcasted to the Lightcoin network. When a wallet uses a full node for this purpose, it ensures the highest level of security. Otherwise, a third party trust is required. Full nodes offer the best level of protection but they are difficult to maintain as they use a lot of space and bandwidth.
An open-source wallet allows for anyone to check the code and scrutinize it. This makes sure that there is no secret code hiding in the software. Additionally, a wallet also needs to be a deterministic wallet. A deterministic wallet derives its keys from a single starting point known as a seed. The seed allows for an easy backup/ restore of a wallet without needing any other information.
Full Control over fees
Wallets must not pre-decide the fees. They must offer flexibility and let you choose the fees. Wallets must also suggest fees based on real time. This offers great flexibility to the users.
Wallets must prevent spying on your payments by rotating addresses. Ensure that you always use a new address whenever you are transacting. Wallets must allow you to use Tor so that your Bitcoin address is not associated with your IP address.
How to Select among the Best Litecoin Wallets
Depending on your needs choosing a Litecoin wallet is contextual.
- Do you require a wallet for small and frequent transactions?
- Plan to use wallets that support multiple cryptocurrencies?
- Want to store your wealth in cryptocurrencies?
- Also, do you plan to trade cryptocurrencies?
Evaluate this list of best Litecoin wallets based on the questions above.
Best Litecoin Wallets
Ledger Nano S and Trezor are two of the most popular hardware wallet available today. They have multi-cryptocurrency support including Litecoin. It comes along with a backup seed key. This allows you to restore your wallet in case the device is lost or stolen or malfunctioned. Hardware wallets fall under cold wallets. As they are offline, they offer the best security.
|Ledger Nano S||Trezor|
|Multi Apps Support||Yes||Yes|
|Backup and Restoration||Yes||Yes|
|Display||50 Millimeters LED||Bright OLED 128×64|
|Operating System||Windows, Mac, Linux or Chrome OS||Windows, macOS, Linux|
|Size||98mm x 18mm x 9mm||60mm x 30mm x 6mm|
|Control over Private keys||Yes||Yes|
| Environment |
|Very secure environment||Very secure environment|
|Transparency||Not review enough||Complete transparency|
- Official Litecoin wallet.
- Get Lightcoin Core here
- Free to use.
- Great developmental support.
- Full control over private keys.
- Available for Windows, Mac, and Linux.
Litecoin core is a main full node implementation of Litecoin network. Meaning, it needs to stay in sync with the blockchain. Hence, it takes up a significant amount of resources.
- Get it here: Jaxx
- Easy to use interface
- Multi-asset wallet that supports up to 13 cryptocurrencies (including Litecoin).
- Private keys remain in your control.
- Easy backup with 12-word backup seed key.
- Supported Platforms: Desktop (Windows, Mac OS, Linux), Extension (Chrome, Firefox), Mobile/Tablet (Apple, Android).
- No registration required/ No need to share personal information.
- Has support for smart contracts.
This is a very popular multi-currency wallet. Additionally, it also has a built-in cryptocurrency exchange with the use of Shapeshift. Jaxx also has an active development community running it. It also allows the export/import keys, which is quite useful.
- Prefered Litecoin wallet for iOS.
- Get LoafWallet here
- Developed by the creator of Litecoin, Charlie Lee.
- Also, great developmental support.
- Moreover, an open-sourced wallet.
- 12-word backup seed key for backup.
LoafWallet is a fork of the popular Bitcoin wallet breadwallet. It offers a good user interface. Consequently, simple to use for people new to cryptocurrencies.
- Get Liteaddress here
- Full control of private/public keys.
- Cold storage and offline environment.
- Cheapest and secure alternative.
- Good for privacy.
A short video on making paper-based Litecoin Wallet.
Paper wallets come with their own problems. They are delicate and can be easily damaged. Can be easily lost too. Making transactions can be an involved task. Change address error can lead to the loss of your coins.
We have briefly covered the list of best Litecoin wallets. It is strongly not recommended to store your Litecoins on an exchange. Hence, if you are simply looking to store/hold cryptocurrencies go for a hardware wallet. You can always hold some amount of funds in mobile wallets. It is recommended to go for official wallets as they have strong developmental support.
After you have chosen a wallet from the list of best Litecoin wallets, get it from the official site. Watch helpful video tutorials to get comfortable with the wallet.