Litecoin was the first altcoin and has remained in the top five cryptocurrencies by market cap since its inception in 2011.
If you plan on purchasing LTC, you’ll need to create or buy a secure wallet. You can choose from a number of wallet types – some of which prioritise security, others that aim for ease-of-use. Which you decide on will depend on how much LTC you plan on owning and what you’d like to do with it.
Keep in mind that the most secure LTC wallet is one that gives you full ownership of your private keys. If you store your LTC on an exchange or website where you do not own your private keys or your private keys are stored on the company’s server, you put your investment at risk.
Here are the three most common types of LTC wallets.
Mobile wallets are apps that are installed on your smartphone or tablet that allow you to store your LTC on a mobile device. These types of wallets make in-person LTC transactions fast and easy; it’s as simple as scanning a generated QR code or using a ‘tap to pay’ function.
If possible, opt for a mobile wallet that stores your private keys on the device and not on the company’s servers.
Here are a couple of mobile LTC wallets for you to check out.
Sometimes referred to as online wallets, web LTC wallets are accessed via your browser. Although web wallets are convenient and easy to use, they are not very secure. The wallet provider will most likely store your private keys on their server, meaning you don’t have total control over your assets.
That being said, many crypto owners use web wallets as they are a fast and convenient option. It’s about finding a wallet that works for you.
Here are two web wallets that are compatible with LTC.
Unlike mobile and web wallets, hardware wallets are physical devices used to store cryptocurrencies. Hardware LTC wallets are extremely secure – private keys are stored in a special, protected area that cannot be transferred or shared as plain text.
Plus, the best hardware wallets are immune to malicious viruses that target wallet information.
Here are a few hardware wallets worth checking out.
If you need any help choosing a LTC wallet or have issues with the setup process, please reach out to our friendly support team on [email protected] or via your Bit Trade dashboard.