Lіtесоіn is an open source software project and its coin – LTC, always remains within the top 10 most popular cryptocurrencies. Litecoin was released under the “MIT/X11” license. Its properties are quite similar to that of Bitcoin. Litecoin operates on the Scrypt algorithm and incorporates the “SHA-256” algorithm. Scrypt favors large amounts of high-speed RAM, rather than raw processing power alone (which is the case with Bitcoin). As a result, Scrypt is known as a “memory-hard-problem”. Litecoin makes use of a blockchain to maintain a public ledger of all transactions. Transactions are processed pretty quickly, and a small fee of around 1/50th of the transaction amount is cut per transaction (service fee). The average block mining speed in Litecoin is 2.5 mins (Bitcoin takes 10 minutes per block).
Buying Litecoin is easy, and care must be taken to ensure that the bought cryptocurrency is well kept. Although there are provisions to store coins on sites that allow its purchase, it is advisable to use cryptocurrency wallets. These wallets allow users to conduct transactions and safely store cryptocurrency. There are several different types of wallets which allow for either cold storage (offline storage) or online storage. The most popular wallet type is the hardware wallet. These are extremely secure and are used by more than one-third of all cryptocurrency enthusiasts. They look like USB devices and are portable. Mentioned below are some of the best wallets suitable for Litecoin.
Best Litecoin Wallets
Rahakott is a fairly new wallet on the market. It provides the functionalities a wallet should including; sending and receiving Litecoin and being able to track transaction history. Creating an account is easy as is the sign-in procedure. There is no need to log in using a username, e-mail address or telephone number. A simple mnemonic phase serves the purpose. Rahakott also makes use of 2FA (Two Factor Authentication) which provides for additional security. Hackers cannot log in to your account even if they have the password due to this feature. Sub-wallets can be created on Rahakott which is useful when it comes to tracking payments received from different sources. The anonymity of users is further enhanced as new addresses are created every time a transaction is underway.
Exodus is one of the most popular desktop wallets used to store Litecoin. It is free of cost and supports multiple cryptocurrencies (most of the major cryptocurrencies as well as altcoins). One of its most fascinating features is its “Spaceshift Technology”. This allows for a user to exchange a coin within his/her wallet for another coin. The user interface is fantastic – It is easy to navigate and simple to use. This wallet can be used across several platforms, including Windows, Linux, and Mac. In case you have lost your wallet, it can easily be recovered using the 12-word recovery phase set during the creation of your account. Despite its obvious security, Exodus lacks 2FA support which is a significant disadvantage. It does not have a mobile application which is a loss in today’s age. When all is said and done, however, this wallet is perfect for newbies and should definitely be considered.
Ledger Nano S
A Ledger Nano S hardware wallet is one of the most inexpensive, and popular hardware wallets, and is available for $95 USD. It looks like a USB device. A user can sign into the device through a 4 digit pin each time it is plugged into a computer. Transactions cannot be manipulated with, as they are physically verified on the embedded screen with the press of a button. What makes it more secure is the fact that it also supports high second-factor authentication; FIDO (Fast Identity Online) on websites and their subordinates (like Google, Google Dropbox). Such is the security provided, that these wallets can be used on computers that are hacked and will remain uncompromised. The Ledger Nano S holds popular cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin. An added advantage is the fact that each cryptocurrency can be managed from the same device. During setup, a 24-word seed is created offline. This is used for recovery purposes. An additional word (checksum) can be added to the seed but must not be forgotten, as it is added to the original 24-word seed. A Ledger Nano S wallet can be used in offline mode as well.
Trezor operates as a cold storage device, which essentially means it is always offline. It was initially created for the safe storage of Bitcoins, as its name literally means “vault”. Trezor can be used for Ethereum with the MyEtherWallet web interface. Trezor also supports popular cryptocurrencies like Litecoin, DASH, and Zcash. Ethereum is supported through an external wallet called MyEtherWallet. It is a small, key-shaped device which is connected to a computer through a USB cable. The cost of a Trezor hardware wallet is $110 USD. It is considered to be the most secure wallet available. A pin code is required to access the device and after every wrong attempt to enter the pin, the user has to wait twice the length of the previous wait time. During setup, a 24-word seed is created offline. This is used for recovery purposes. An additional word (checksum) can be added to the seed but must not be forgotten, as it is added to the original 24-word seed.
So there are our three favorite wallets to keep your Litecoin safe. It’s hard to determine which one is technically the best Litecoin wallet as they all have advantages and disadvantages. Either way, we feel confident that any one of these will serve your Litecoin wallet needs – finding “your best” is up to you. Happy Litecoin Hunting!
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