Best Litecoin Wallet 2018 | Litecoin Wallets That Are Safe To Use

Litecoin has seen a meteoric increase in market value in the year 2017. From a value of $4.40 at the beginning of the year, it reached an all-time high of $360.93 in December 2017. That is equal to an 8200% increase.

This gives you all enough reason to start investing in Litecoin. One of the prerequisites to buy Litecoin is to be in possession of the best Litecoin wallet to carry out Litecoin transactions.

Litecoin, being a cheaper version of Bitcoin, is used for everyday transactions. Not each and every Litecoin wallet in India will have the same features and capabilities.

You must choose one that can work on a platform you are comfortable with and has sophisticated security features.

This article will help you pick out the best Litecoin wallet by comparing eight of the best Litecoin wallets available. All these wallets are accessible for anyone looking for Litecoin wallets in India.

Read on to know more about the following:

  • What is Litecoin?
  • How does a Litecoin wallet work?
  • Best Litecoin Wallets
  • Hardware Wallets
  • Desktop Wallets
  • Mobile Wallets
  • Paper Wallets

WHAT IS LITECOIN?

what is litecoin?

In simple terms, Litecoin is the silver to Bitcoin’s gold. Litecoin was created as a peer-to-peer cryptocurrency that was released as an open-source client on Github in 2011.

It is a fork of the Bitcore client; that is meant for cheaper, everyday transactions. It is a lighter version of Bitcoin that is faster and cheaper.  

With a current market cap of $3.5 billion, it is in the 7th position among all other cryptocurrencies in the world, at the time of writing this article.

The boom in its market value, as well as the soaring prices of Bitcoin, has caused led to many investors looking to purchase Litecoin.

LITECOIN WALLET

A cryptocurrency wallet is a software program that is used to store a user’s public and private keys as well as carry out and keep track of all transactions.

A Litecoin wallet can be one dedicated to only Litecoin or a multicurrency wallet that can work with other cryptocurrency wallets as well.

Some things to look out for in a great Litecoin wallet are:

  • Simple Interface & Easy-to-use
  • Secure and Private (use of PINs, two-factor authentication, etc.)
  • Reliable Customer Support
  • Reasonably Priced
  • Ability to Own and Control Private Keys
  • Frequent Upgrades and Updates
  • Backup Facility (in case you lose your wallet credentials)

Also Read : Everything you need to know about Cryptocurrency Exchange Platform

HOW DOES A LITECOIN WALLET WORK?

HOW DOES A LITECOIN WALLET WORK?

A cryptocurrency wallet, unlike a traditional wallet, does not store any currency.

Instead, they are software programs that they store your private keys (secure digital code only known to you and the wallet) and are meant to execute crypto transactions and monitor them as well.

Your wallet will also have a wallet address which is a string of letters and numbers where anyone can send Litecoin to you.

Your public key is also associated with the wallet which is essentially a hashed version of your wallet’s address.

When someone sends you a certain amount of Litecoin, they use your private keys to sign the ownership of the coin to you. To unlock the coin, the stored private keys and the public address that the coin was assigned to, must match. This will increase your Litecoin balance and decrease the sender’s balance.

To send money from your wallet, the transaction needs to be authorized by using your private keys. You need to enter the recipient’s wallet address for funds to be transferred to their account.

This means that there is no physical transfer of coins. Instead, a record of the transaction is made on the blockchain.

It is a common mistake to store your Litecoin on online exchanges which makes them vulnerable to attack. The most prudent thing to do is to transfer your Litecoin to a secure Litecoin wallet.

BEST LITECOIN WALLETS

Here are the top recommendations for wallets that can be used to store Litecoin:

Hardware Wallets

Hardware Wallets litecoin

Hardware wallets are devices that can connect to a computer via the USB port. These are the safest wallets since they are offline and hence there is minimal chance of your data being stolen. They are cold storage devices.

Ledger Nano S

Ledger Nano S has been topping the list of best crypto wallets and is our top recommendation for a Litecoin wallet.

Being a hardware wallet, it works offline which means that your private keys and transaction records are safe from being hacked and misused.

It is a multicurrency wallet that offers support for 23 cryptocurrencies as of 2018.

Features

  • 24-word phrase or seed key in case you forget the private key
  • Universal two factor authentication for added security
  • Robust stainless steel body which is easily portable
  • Built-in high contrast OLED display
  • Allows for backup and restore by using recovery keys
  • Multiplatform wallet (support for Windows, Android, MacOS, Linux
  • Funds can be monitored with the Ledger Live companion app

Pros

  • Can be used while on the go
  • Works with different currencies and platforms
  • State-of-the-art security and privacy
  • Simplicity (only works with the help of two buttons)

Cons

  • More expensive than other kinds of wallets
  • Less reputed than other hardware wallets
  • Can get lost or stolen

The Ledger Nano S can be bought for $95 on the Ledger website.

Trezor

trezor wallet

Trezor is another hardware wallet which was incidentally, the first ever hardware wallet to come into existence.

Like the Ledger Nano S, the Trezor wallet can also store multiple currencies include Bitcoin, Ethereum, Dashcoin, Litecoin, Zcash, etc.

Features

  • Small in size with OLED display
  • 24-word seed key for recovery purpose
  • Protected by a 9 digit PIN (everytime a wrong PIN is entered, the wait time for the subsequent attempt increased by a power of 2 and is irreversible)
  • No apps or downloads to compromise security

Pros

  • First hardware wallet ever backed by a strong reputation
  • Advanced protection from hacking since it does not access any external network
  • Multiple currency support and conversion from and to fiat currencies
  • Easy-to-use interface

Cons

  • Higher costs
  • Can only be used while plugged in

The Trezor wallet can be purchased in various models on the Trezor website. The prices vary from model to model starting at around $120.

Desktop Wallets

DESKTOP WALLET

Desktop wallets are applications that store your private keys and carry out transactions on a desktop. Compared to hardware wallets, they are not as secure since they are not offline. This makes them susceptible to attack from hackers.

Also Read : Possible Bitcoin ETF Approval to Lift BTC Price

Exodus

Exodus is one of the best free desktop wallets out there.

It can be run on different desktop operating systems such as Mac, Windows, and Linux. It is very popular for its easy-to-use and attractive interface.

It offers support for various currencies such as Bitcoin, Dashcoin, Ethereum, Dogecoin, etc.

Features

  • 12-word seed key for recovery
  • Makes use of SpaceShift technology to facilitate exchange between different currencies
  • Colorful and unique interface with graphics charting tools
  • Instant customer support

Pros

  • Private keys are stored on the desktop itself
  • Completely free of cost
  • Multi-platform support
  • Tutorials and videos ideal for beginners

Cons

  • Does not offer two-factor authentication
  • More prone to hackers since it is connected to the internet
  • No mobile version

The Exodus wallet can be downloaded for your desktop from the Exodus website.

Litecoin Core

Litecoin Core is the official wallet for Litecoin. Since it is a core wallet, the entire blockchain needs to be updated every time it is used which can take a long time.

It is a desktop wallet that can be downloaded on Windows, Mac and Linux operating systems.

It offers support for various currencies such as Bitcoin, Dashcoin, Ethereum, Dogecoin, etc.

Features

  • Easy to use full-screen interface
  • Official wallet which means it can be completely trusted
  • Uses passphrase to secure the wallet

Pros

  • Private keys are stored within the interface
  • Multiplatform support
  • Free to use (transaction fees have to be paid)

Cons

  • Single currency wallet
  • Hot wallet so more prone to hacking
  • Slow since entire blockchain needs to be synced

The Litecoin core wallet can be downloaded for your desktop from the official Litecoin website.

Electrum LTC

Electrum LTC

Electrum LTC is yet another desktop wallet.

What makes it different from the official Litecoin wallet is that is faster and lighter in size.

It can be downloaded on Windows, Mac, and Linux interfaces on your desktop.

Features

  • 12-word seed for recovery
  • Freezing funds option to make transactions impossible
  • Does not need to make use of a lot of disk space and memory

Pros

  • Small in size
  • Faster than Litecoin Core since the entire blockchain need not be downloaded
  • Multiplatform support

Cons

  • User Interface can be improved
  • Hot wallet so more vulnerable to attacks

The Electrum LTC wallet can be downloaded from the official website on your desktop.  

Mobile Wallets

Mobile Wallets

Mobile wallets are mobile applications that can be used to carry out crypto transactions. They are much smaller in size and have limited functionality because of the storage restrictions on phones. The advantage of using mobile wallets is that they are portable and can be used anywhere on the go.

Also Read : What is Blockchain? | Beginner’s Guide

Jaxx

Jaxx is one of the best software wallets to manage your crypto for both mobiles and desktops.

It offers support for around 13 cryptocurrencies which can be exchanged within the application by using Shapeshift technology.

jaxx

Features

  • 12-word seed key for recovery
  • Multiplatform support on Mac, Windows, Linux, Android, iOS, Chrome and Firefox extensions
  • Private keys can be imported/exported easily from desktop and mobile versions
  • Seamless integration between mobile and desktop versions
  • Support for different exchange rates
  • Transaction fees can be customized

Pros

  • Multi-Currency support and exchange features
  • Easy and attractive user interface
  • Can be used on the go
  • Ideal for beginners

Cons

  • Some security concerns have been raised
  • Absence of two-factor authentication

Jaxx can be downloaded from the official website for your phone or desktop.

LoafWallet

This mobile wallet was developed by Charlie Lee who is the founder of Litecoin exclusively for iPhones.

Since it is made by the creators of Litecoin, it is a highly respected and trustworthy wallet.

loaf wallet

Features

  • 12-word seed key for recovery
  • Allows direct purchase of Litecoins from Coinbase
  • Open sourced wallet
  • AES hardware encryption for advanced security

Pros

  • Created by the team behind Litecoin
  • Recovery is possible
  • Sleek interface
  • Fast working

Cons

  • Not recommended for storage of large amounts of Litecoin
  • Only available for iPhone

The LoafWallet can be downloaded from the official store on your iPhone.

Paper Wallets

Paper Wallets Litecoin

A paper wallet can be used to refer to a piece of paper on which you store your private keys, or in this case, a software that can generate your private keys and then print them out. To transfer funds, you have to use this paper wallet’s address either by entering it manually or by scanning the printed QR code.

A paper wallet is the cheapest and safest way to store your private keys.

Also Read : Litecoin Falls To Lowest In 3 Weeks As Cryptos See Red

Liteaddress

Liteaddres is the best way to print out your public and private keys and store them safely for a long period of time.

This piece of paper needs to be stored in a very safe location to prevent misuse.

Liteaddress

Features

  • Full control to the user to create and store public and private keys
  • Can be used for various cryptocurrencies
  • Great for storing crypto for an extended period of time

Pros

  • Safest wallet
  • Free of cost
  • Simple and straightforward creation process
  • Cold wallet hence not susceptible to any online hacking or theft

Cons

  • Can get lost or misplaced
  • Not convenient for regular trading

You can make a paper wallet using the Liteaddress website.

CONCLUSION

Looking at Bitcoin’s ever increasing prices, Litecoin offers the best alternative option for investing in crypto. It also has a wide variety of wallets that can be used to carry out Litecoin transactions depending on your purpose.

For a beginner, a great Litecoin wallet recommendation would be the Exodus wallet with its easy to use interface. If you are a hardcore crypto enthusiast, then there is no better wallet than the Ledger Nano S because of its advanced security features.

Whichever wallet you use, always be careful about hacking threats. Using multiple wallets is also a good idea since not all of your currency will be lost should you get hacked.

Most importantly, never leave your currency in an online exchange since this is a sure shot way for you to lose it.