Litecoin Wallet Reviews – Top NZ Wallets to Use
Litecoin Wallet Basics Litecoin (LTC) is a decentralised digital currency and payment system, which is very similar to Bitcoin. Litecoin is also one of the.
Litecoin Wallet Basics
Litecoin (LTC) is a decentralised digital currency and payment system, which is very similar to Bitcoin. Litecoin is also one of the most robustly developed coins on the cryptocurrency market. However, before Kiwis buy Litecoin, it is important to learn how to use a Litecoin wallet to store coins.
What is a Litecoin Wallet and Why do I Need One?
A Litecoin wallet forms what is essentially your very own Litecoin bank account. A wallet stores coins you own. More importantly, wallets are used to send and receive new Litecoin transactions.
Create a Free Litecoin Paper Wallet
For new to market Litecoin investors, Litecoin paper wallets represent an easy, free way to create a Litecoin wallet in seconds. Users can start by visiting https://liteaddress.org. After following easy on-screen instructions, site visitors are provided with a printable Litecoin wallet with a public and private key.
When buying Litecoin on an exchange like Easy Crypto, paper wallet users enter their public key address details. If a public key is entered correctly, LTC coins are deposited into wallets accordingly.
LTC Paper Wallet Benefits
- Creating a Litecoin paper wallet is completely free.
- Paper wallets store Litecoin offline. (The same way balances are with hardware wallets like Nano Leder and Trezor devices.)
- Moving a Litecoin balance from a paper wallet is easy. All a paper wallet user needs to do is set up a new hardware or app wallet, and enter their LTC private key information.
One drawback of paper wallets rests with the fact that it is not possible to spend crypto online or in real life with a paper wallet. A paper wallet is, therefore, only really suitable for long-term storage.
Nano Ledger S Hardware Wallet
When storing any cryptocurrency, it is always best to store coins offline. This way, it is very unlikely to hack or steal Litecoin balances from centralised app or cryptocurrency exchange servers.
Paper wallets are one way to store coins offline. However, if Litecoin users intend to trade or transact LTC on a regular basis, a hardware wallet is more suitable.
- At present, Nano Ledger S hardware wallets are one of the most secure and affordable hardware wallets on the market.
- A Nano Ledger S hardware wallet is capable of storing Litecoin and several other top market cap cryptocurrencies offline.
- Physical devices are linked to wallet apps which it is possible to use safely on even malware and virus-infected PCs.
- It is easy to backup and restore a Nano Ledger S Litecoin wallet balance, by generating a 12-word encrypted passphrase.
One drawback of using a hardware wallet rests with the fact that the cost to purchase a wallet is comparatively high. However, most cryptocurrency investors consider hardware wallets worth paying more for, given their security benefits.
Litecoin App Wallets
When investing in a hardware wallet is not an option, most Litecoin users will be best served instead by a Litecoin app wallet.
App wallets available for PC, Android, and IOS devices are usually free. App wallets are also (arguably) the easiest to use cryptocurrency wallets.
Top Litecoin app wallet choices for 2020 include:
- Loaf Wallet – Loaf Wallet is a standalone Litecoin wallet available for Android and IOS devices. Loaf Wallet is popular among LTC users, thanks to the fact that Loaf Wallet is completely opensource. Wallets also feature security architecture comparable to most hardware wallets, and are easy to backup and restore.
- Coinomi – Coinomi is a multi-currency app wallet. As well as Litecoin, Coinomi, therefore, also supports over 100 other altcoins. This makes it easy to store large cryptocurrency portfolios. LTC private keys are also stored locally on PC, IOS and Android devices. It is, therefore, not possible to hack or steal coins from centralized Coinomi servers.
- Atomic – Atomic is an app wallet like Coinomi. However, Atomic is also capable of executing Atomic Swaps between the Litecoin and Bitcoin blockchains. As a result, users can exchange LTC for BTC instantly and fee-free.
LTC Wallet Safety Essentials
Litecoin paper, hardware, and app wallets all have merits. However, whichever wallet you use, it is imperative to learn how to backup and restore wallet balances.
With app and hardware wallets, backing up balances is easy. All users need to do is generate a recovery passphrase. However, with paper wallets, it is only possible to create a backup by physically copying paper wallet keys.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 24, 2022