Since Bitcoin price has skyrocketed, almost everyone has turned their eyeball on altcoins. Some altcoins have even grown more than Bitcoin over the last few months.
So, Today in this article we will be talking about Litecoin, the first altcoin which was created in 2011 by Charlie Lee.
Litecoin is a peer to peer cryptocurrency which makes the transaction faster a cheaper than Bitcoin. Each litecoin block takes 2.5 minutes while Bitcoin block takes 10 minutes.
Litecoin has grown over 2000% in last 1 year and is still increasing steadily. Since its inception, Litecoin has managed to be in top 5 cryptocurrencies in the world.
So If you already have Litecoin(LTC) or planning to buy some in the near future, then this post is a must read for you. Here I will give you a detailed information about all the Top and Best Litecoin wallet where you can safely store your LTC.
- 1 What is a Litecoin Wallet?
- 2 Best Litecoin Wallet for 2017
- 3 Frequently Asked Questions
What is a Litecoin Wallet?
A Litecoin wallet is an interface which allows you to send, receive store your Litecoins safely.
There are different types of wallets some focus on security while some are easy to use but compromise security. Some wallets allow you to check your transaction history instantly while some needs to connected to their respective portals/sites in order to check the history or manage funds.
The most secure wallet is the one where you own the Private Keys. If you store your LTC on a site or exchange where you do not own the private keys, then in an event of a hack, you might lose your Litecoins.
According to me, a secure wallet must fulfill these conditions:
- The wallet should allow you to Own the Private keys
- It should have simple User Interface
- It should be compatible with various devices and Operating systems
- It should be affordable
- There should be an active team of developers or the company should be reputable
- It should have a reliable way to restore and backup currencies
So before selecting any Cryptocurrency wallet, just make sure that all these above points are fulfilled.
Best Litecoin Wallet for 2017
Ledger Nano S
As always Ledgner Nano Tops our list of best crypto wallets. It is one of the most popular and secure wallets currently available in the market.
Ledger Nano S is a Hardware wallet which means you own the private keys of the wallet thus your Litecoins are extremely safe.
It needs to be configured when you use it for the very first time. You need to set a password(Private Key) and then you will get a 24-word phrase(Seed Key) which needs to store safely. This Seed Key will be required if you forget your Password. If you lose this Seed Key, then there will be no way to access your wallet ever again.
#CageTip: Make 2-3 copies of the seed key and store them in safe places.
Ledger Nano S comes in a Stainless steel body which makes it robust and attractive at the same time.
If you own various other cryptocurrencies, Ledger Nano S allows you to store them as well.
Currently Ledger Nano S support 9 cryptocurrencies, these are:
It costs around $65 but its worth if you want to store your currencies without any worry.
Exodus Desktop Wallet
If you are looking for a Free Litecoin wallet, then you must try Exodus which is also my favorite desktop wallet.
This wallet is absolutely free to use and is extremely safe. The only drawback is that you can use this only on your computer(Mac, Windows and Linux).
Exodus has a really attractive User Interface which you will surely love. You can store various other cryptocurrencies along with Litecoin and also check the real-time portfolio through a pie-chart.
You need to download Exodus on your Desktop and then configure it. You will get a 12-word seed key which would be needed if you want to restore/recover your wallet in case your computer gets damaged. Being a Desktop wallet, The private keys will be stored in your Desktop itself.
Exodus team is quite active and you would instantly get the solution in case you face any issues.
LoafWallet (iOS Only)
If you are an iOS Mobile user, then here is the best way to store your Litecoins on your Mobile.
Loaf is a Moible only Litecoin Wallet. This wallet has been developed by Charlie Lee, the founder of Litecoin.
This wallet is backed by Litecoin Association and has a group of active developers behind it. Loaf wallet also allows you to directly purchase Litecoins from Coinbase instantly. You can know more about Coinbase here.(You will also get $10 for free on Coinbase).
This is a Free Wallet and is only available for iOS users.
You will get a 12-word seed key which would be used if you restore your Mobile.
Here comes another Hardware Wallet called Trezor. This is the first HD wallet that came into existence.
Trezor allows you to store Litecoin safely in a tiny device. It has a small OLED display which shows you 9 digit security code everytime you want to access it. It also has a 24-word seed key which you would need incase you wish to restore it.
Along with Litecoin, Trezor allows you to store 6 other cryptocurrencies.
- Bitcoin – BTC
- Ethereum – ETH
- Ethereum Classic – ETC
- Dogecoin – DOGE
- Dash – DASH
- Namecoin – NMC
- Zcash – ZEC
Trezor is almost similar to Ledger Nano S but is a bit more expensive and costs $99. Being the oldest player in the industry, Trezor has a huge reputation.
Jaxx is a Multi-currency wallet which allows you to easily manage your cryptocurrencies on Mobile and Desktops.
Being an HD wallet, it provides a 12-word seed key which you need to store safely. Since, you own the private keys, this wallet is quite safe to store your Litecoins.
You can use Jaxx on iOS, Android, Mac, Windows, Linux, Chrome and Firefox extensions.
#CageTip: Many users have reported various issues and it also has a low rating on Google Playstore.
Liteaddress (Litecoin Paper Wallet)
If you have a large amount of Litecoins and want to store it for a longer period of time, then you must consider Litecoin Paper Wallet. You can make one at liteaddress.org.
Your Private Key and the Public key will be printed on the paper and you need to store it in a very safe place.
Unlike Hardware Wallets, This is one of the cheapest and safest ways to store your Litecoins offline.
If you are wondering how to make a Paper Wallet, see our complete guide on How to Make a Bitcoin Paper Wallet. Making a Litecoin wallet is exactly similar to that of Bitcoin Paper Wallet.
#CageTip: Make sure to make 2-3 copies of your Paper wallet & Store them secretly.
Litecoin Core (Desktop Wallet)
Litecoin Core is the official Litecoin Wallet which is absolutely Free to use.
You need to Download Litecoin Core on your Desktop and the private keys will be stored on the Desktop itself.
Since it is a core wallet, it will sync the whole previous Blockchain and this could take a lot of time(Upto 4-5 days).
Being an official wallet, it is extremely safe to store your Litecoins. You can download it on Mac, Windows and Linux computers.
Electrum-LTC (Desktop Wallet)
Electrum-LTC is also a Desktop wallet but is a bit faster and lighter than Litecoin Core.
This wallet does not sync the whole Blockchain thus you can start using it as soon as it is downloaded.
At the time of configuration, you will get a 12-word seed which makes sure that your funds are safe and secure. It has another feature where you can ‘freeze‘ your funds i.e. no one can send the Litecoin from that address.
But if you are new to cryptocurrency world, then I won’t recommend this wallet at all. This wallet does not have a clean UI and looks too much techy.
You can download it on Mac, Windows and Linux operating systems.
So These were the Best Litecoin Wallet currently available in the market but you might still have a lot of questions in your mind.
Frequently Asked Questions
What is a Litecoin Address?
A Litecoin Address is a string of letters and number where people can send your Litecoins. It is similar to your email address where you can send and receive mails.
How to make a Litecoin Address?
You will get a Litecoin Address whenever you signup on any Litecoin wallet. You can make multiple Litecoin address and store your crypto separately.
How to add Litecoins(LTC) in my Litecoin Wallet?
You can Buy Litecoin from any exchange or coinbase and then send it to your Litecoin Wallet Address. It quite simple and quick.
Which is the Best Litecoin Wallet for me?
To be on a safer side, I always choose Hardware wallets. I have been using Ledger Nano S and it supports various crytocurrencies as well.
While selecting a Litecoin wallet, make sure that you own the Private Keys.
What is the most common Newbie Mistake?
Don’t keep your currency on the Web wallet or Exchange for a long duration. Many people have lost their money in Exchange hacks.
The future of Litecoin is quite bright and you must invest some of your funds into it for long term profits.
I will keep on trying our more Litecoin(LTC) wallet and add them to this list.
If you have used any Litecoin wallet, then do share your experience in the comments below.
Don’t forget to share this helpful guide with Litecoin enthusiast.!
Check out some other great pieces:
- How to Buy Bitcoin with Credit Card
- Best 8 ways to store your Ethereum
- Best ways to keep your Ripple(XRP) Safe
- Where you can spend Bitcoins Instantly
- Buy Litecoin with Bitcoins