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Forked from Bitcoin in 2011, Litecoin (LTC) has served as an experimental digital asset, incorporating new tech variations on the original BTC protocol.
The coin has garnered popularity in the crypto community and now has millions of users around the world. If you are a user of LTC or are interested in buying some coins, here are several wallet options you can try out for the safe storage of your Litecoin.
Ledger Nano S/X (Hardware Wallet)
Ledger Nano S is one of the most widely used offline cryptocurrency hardware wallets. Therefore, it can be a good option for LTC investors looking to store their holdings for a relatively long period.
One of the most attractive features of this popular wallet is the small build that makes it highly portable. The wallet also has a high-contrast OLED display that allows users to confirm and monitor their LTC transactions and coin balances.
The wallet uses Universal Second Factor (U2F) authentication to guarantee your coins’ safety when it comes to security. Users also need to set a 24-word phrase (Seed Key), which is used to recover funds if the storage device is lost or damaged.
The gadget looks like a small USB drive with two buttons used along with the OLED display to confirm and manage transactions. If the hardware gadget gets lost or corrupted, users can restore their LTC funds from a recovery sheet.
Litecoin Core (Desktop Wallet)
Litecoin Core is a free desktop client that serves as the official LTC wallet where users can store their coins. It is supported by the Litecoin Foundation, which regularly updates the wallet software to make it easier to use and more stable and secure.
As a full node, the desktop wallet requires users to locally store the LTC blockchain on their PC to support the network. After users download the blockchain, it syncs with the wallet enabling them to store, send/receive Litecoin, and view their transaction history.
The wallet is open-source, meaning that the Litecoin community can read the code and propose upgrades to modify the software’s operational and security features. In addition, the LTC customer support team is known for being very active and responsive to user requests.
This desktop client integrates the SegWit protocol used on the Litecoin network, making LTC transactions initiated on the platform faster and less expensive. This wallet is also highly versatile and offers support for Linux, Mac, and Windows operating systems.
When installing the Litecoin Core wallet, users get an encryption option to beef up their coins’ safety. The encryption entails entering a strong multi-character passphrase used to access stored private keys.
The wallet also integrates several security features to promote privacy and anonymous transactions. For instance, it obscures your IP address to protect your transaction history from prying eyes. Users can also opt to access their desktop wallet via the highly anonymous Tor Browser for added privacy.
Electrum-LTC (Desktop Wallet)
Electrum-LTC is a desktop app tailored to handle LTC coins. The wallet is a light node, meaning it doesn’t require users to download the entire blockchain and await a long synchronization before using the app. This Litecoin wallet also takes less space on your desktop computer compared to full-node wallets.
Electrum-LTC integrates the SegWit protocol for fast and cheap transactions. Users can also freeze their wallets in case of an attempted hack, barring malicious actors from moving LTC from that address.
A user’s private keys and seed phrases are encrypted on their hard drive and never sent to the wallet servers. LTC holders can opt to use the wallet as cold storage to keep their LTC coins completely secure. They can also export private keys to other Litecoin users if they wish.
Other security features include multi-signature functionality that requires a user to sign off on all transactions. Moreover, data obtained from the server is confirmed via simplified payment verification (SPV).
If a user’s computer crashes, they can recuperate and reestablish their wallet using their secret 12-word seed phrase.
The wallet is open-source, so the LTC community can inspect the code and offer proposals to the dev team for new features or improvements. It is currently available for Linux, Windows, and Mac OS X operating systems.
Jaxx Liberty (Desktop and Mobile Wallet)
Jaxx Liberty is a multi-platform wallet that offers support for various digital assets, including Litecoin. In addition, the wallet comes with Shapeshift integration, allowing LTC holders to exchange their coins for other supported crypto assets in-wallet.
Jaxx Liberty users enjoy multi-platform support on various desktop and mobile devices. The wallet is now available in iOS, Mac, Linux, windows, and android versions. It also works as a Chrome or Firefox extension, giving users the ability to accept LTC payments on the go.
One of the most touted features of this wallet is its sleek and user-friendly interface, which makes it a favorite for crypto newbies.
LTC users will find this wallet particularly suited to handle their coins due to its enhanced security and privacy. Users are in complete control of their private keys on their local devices and can export/import the keys whenever needed. LTC holders can also restore their funds with a 12-word backup seed key feature if they lose their account.
Litecoin continues to be one of the leading cryptocurrencies in the market, and millions of users are looking to invest in the lucrative coin.
Therefore, identifying a secure Litecoin wallet packed with innovative features is a priority for many in the crypto community. The guide above offers crypto enthusiasts a pick of some of the best LTC wallets that can secure their coins.