How to create a Litecoin wallet

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The best wallet options for Litecoin for reliability

Litecoin, LTC or Lightcoin is a digital decentralized cryptocurrency registered in 2011. An alternative to bitcoin, it is open source, and it is still being mined. The final number of coins mined will be 84 million. Owners or those planning to invest in LTC need to register on the Litecoin wallet official website, choosing, for example, the web version or choose another storage method without registration, but with the installation and configuration of a highly specialized software Providing. Analysts predict that in 2020, three quarters of all lightcoins will be mined. The litecoin cycle speed is 4 times higher than that of bitcoin, and the rate gain is steadily growing. In mid-2019, she occupied the 5th position in terms of capitalization.

 Litecoin wallet requirements

The storage method of litecoin is selected according to the following criteria:

  • Availability of access to private keys;
  • Convenience of the interface;
  • Software compatibility with the installed operating system;
  • Convenience of access to personal data;
  • Trust in software developers – at best, it is the official creator of the currency, an alternative is a
  • reputable company that you can trust to store cryptofinance;
  • Opportunities to restore and backup wallet access data.

What is a lightcoin wallet, how it looks and works

Litecoin Wallet wallet is software or online versions with full or limited functionality for safe coin saving. You can also transfer LTC to it and send them in payment for goods or services. The most reliable options with private keys, when personal finance information is always available to you and is under your responsibility.
No matter how the wallet for litecoin is created, it has a fixed length of the open part – the address that is transferred to others for transactions. It consists of 33 characters, the first – L. The private key is longer – from 51 to 52 characters, it can not be disclosed to third parties. Anyone who knows the private part of the address is able to make any transactions with lightcoins.

Lightcoin wallets come in several forms:

  • Online version;
  • Can be placed on a cryptocurrency exchange;
  • Software – for computers, tablets, other desktop devices with a full-blown volume of blockchains and lightweight options;
  • Mobile versions for smartphones
  • Hardware – physical USB devices with additional protection levels;
  • Paper version.

The most popular and sought after LTC wallets:

  • Online lightcoin wallets such as Bloco.io, Rahacott.io, Cryptonator.com, Holytransaction.com and others.
  • Cryptocurrency exchanges where lightcoin is one of the currencies with which transactions are made.
  • Litecoin Core wallet is the official software for lightcoins.
  • Litecoin Electrum Core is a lite version of the previous version.
  • The mobile version of Loaf Wallet is designed specifically for lightcoins, but is only supported on iOs.
  • Data on a flash drive or hardware variation.
  • Third-party multi-currency wallets: Keepkey Wallet, Agama, Exodus.
  • The paper version that is created on liteaddress.org.

When LTC is small or the idea to acquire this type of cryptocurrency arises for the first time, beginners begin by storing on the exchange or online version. With an increase in the number of coins and their long-term accumulation, it makes sense to have a lightcoin wallet in the local version, a paper version or a hardware device with a private key.

The number of coins and the lightcoin wallet itself can be checked on the website explorer.litecoin.net or live.blockcypher.com/ltc/. The public part of the key is entered in the field.

Online Wallets (Litecoin web wallet)

Storing Litecoin in an online web wallet is suitable for active traders and novice crypto enthusiasts. After registering on the site, you can immediately create a wallet for lightcoins and use it at your own discretion (it is advisable to familiarize yourself with the rules of the site). Key benefits of ltc online wallets:

  • Intuitive registration and opening of accounts in the necessary cryptocurrency;
  • Lack of voluminous software for installation on a computer or smartphone;
  • Multicurrency;
  • Access from any device equipped with Internet access;
  • High level of protection and encryption: pin codes, multi-signatures, 2-FA and more.

Most online sites provide access to cryptocurrency storage for free.

Among the shortcomings – most of these services do not provide the ability to save a private (secret) key.

Storing lightcoins on the exchange

When registering on a cryptocurrency exchange, you independently open a litecoin wallet, to which you can transfer the earned or accepted coin. Lightcoins are available for purchase immediately after replenishment of the account with currency or rubles. Fiat finance can be easily exchanged for litecoin or any other currency.

If you specialize in cryptocurrency trading as a trader, then it is more profitable to leave lightcoins on the exchange. If bidding and earning on the exchange rate difference is not the main goal, then the exchange results can be sent to another place for saving ltc. Withdrawal of funds from the exchange is carried out with a commission, so choose a strategy in advance so as not to transfer currency constantly and not to lose interest on each transaction.

All major exchanges work with litecoin: Exmo, Binance, Livecoin, Bitmex, Bitzlato and a number of other platforms. The most liquid platforms for exchanging ltc are Exmo and Livecoin, here you can most quickly earn on the exchange rate difference.

When creating a wallet or an account on the exchange, you do not receive data on private keys, they remain on the developer’s server, and this is a significant minus for security.
The installation of additional programs on your computer or smartphone is not required. If you want to make money on frequent exchange operations with litecoin, it is advisable to use this type. But if lightcoins are bought for accumulation, with the desire to get growth in the long run, start another option.

Do not use exchanges and exchangers for long-term storage. It is these resources that more often than others become the object of hacking fraudsters, where cryptocurrencies are taken from.

Litecoin core

Litecoin Core was developed by the creator of the currency, this is official software, therefore it is constantly supported by the technical service. All your private data is in private access. For registration in the system and using the program you do not pay anything. We recommend downloading the lightcoin wallet on the official site litecoin.ogr, only in this way you can get the latest version of a proven and working program. Before downloading, specify your operating system. On the device where the software is installed, there must be at least 17 GB of free disk space to download the entire previously created blockchain of the system.

According to users, this is one of the best lightcoin wallets. The program is installed on your computer or smartphone. Compatible with Windows, Linux, Mac, Blackberry and Android. The software is positioned by the developer as the most reliable option for LTC.
When installing the software, synchronization takes the most time, which occurs over the entire period of the currency’s existence: from the date of creating lightcoins to the day of downloading and installation. It will take several hours or even days, it all depends on the resources of the computer. Therefore, you can start synchronization at night or in the background. Remember to back up and copy it to a disk or USB flash drive. After that, save the private keys electronically, archive or print and hide in an inaccessible place.

Remember, if you download Litecoin wallet not on the official website for LTC, but on third-party web resources of dubious origin, even if it is a verified forum, you risk losing your passwords, seed phrase, secret keys and even the coins themselves. Be careful and use official sources!

 Litecoin Electrum Core

The Electrum wallet for Litecoin is a lightweight version of the previous version or a thin client in another way. Its installation takes place without synchronization and downloading the stored blockchain. After starting on the device, you can immediately receive and transfer currency. The program gives access to private data. When installing, it is important to remember the 12-word Seed. You may need it to reinstall it on another device or if you accidentally delete a program. Words can be archived in a text file or printed on paper, and it is better to use both options.

Developer Electrum ltc Wallet has provided versions in several languages. When you first log in, the software automatically opens in English. It is enough to choose once the language that suits you from the ones proposed. You can create a copy of the installation file, but caution is unnecessary if you are sure of the reliability of the stored sid. For beginners, the interface will not seem very convenient, so experienced traders and crypto investors often use this version.

Loft wallet

For Apple users, the Loft Wallet mobile app is the best way to work with lightcoins, as it was created specifically for this. Its developer is the official creator of the ltc currency Charlie Lee (aka Charles Lee).

The software is tied to Coinbase, where you can automatically buy lightcoins. The mobile application is supported by a group of developers online. New users are assigned a seed of 12 words, which is useful when reinstalling the application in case of a smartphone breakdown or when buying a new gadget.

 Hardware Wallets for LTC

The best hardware versions are Keepkey, Trezor, Ledger Nano. The cost of the first two is within $ 99, the average price of the Ledger Nano is $ 75, although there are no functional differences between the devices. This is the only option for which you definitely have to pay. All other software are downloaded and installed for free.

A distinctive feature of hardware wallets:

  • Reliability;
  • Compactness;
  • Stylish design;
  • Support for multiple digital currencies simultaneously.

The process of using hardware devices is simple: setting a password, generating a sid for recovery, confirming operations through the screen. When conducting a transaction with lycoins, they are not imported to a computer or other device. The operation is recorded inside the electronic chip. Confirmation takes place with the click of a button.

Hardware wallets are the most secure option against hacking, even if the device falls into the hands of third parties, it cannot be hacked without a PIN code. When trying to select an access PIN, the hardware encrypts the stored data and deactivates the cryptographic keys.

On initial launch, a secret phrase of 24 unrelated words is generated. It is important to keep them in several places so that you can restore access if it is lost.

Multicurrency Wallets

You can connect different types of cryptocurrencies to a multi-wallet, not only Ltc, the number varies from 7 to 15 and above. They feature user-friendly interfaces and real-time access to courses. Created for computers with different operating systems and smartphones. They are characterized by a high speed of operations.

The choice of software depends on the operating system and the tasks that you are pursuing. Well suited for earning on course jumps, paying for goods and services. Most of them give access to private keys, which compares favorably with wallets on cryptocurrency exchanges. The best options are Exodus and Jaxx.

Paper wallet

The simplest and most reliable way for long-term accumulation and saving of lightcoins is the paper version. Address generation occurs during random cursor movements or by entering random character sets on LiteAddress.org. The received address, QR code and private key should be printed out and stored in a safe place. To transfer lightcoins to this wallet, you need to use only the address data – the public part of the key. By passing a private key to someone, you give your cryptofinance to your disposal.

It is advisable to photograph and save the QR codes generated along with the keys and save them digitally on a computer and flash drive.

In conclusion, I note that the main criterion for choosing a wallet for lightcoins is how developers relate to updates, maintenance and security. The second criterion for what purpose it is opened: exchange, purchase, accumulation or settlement. The choice in favor of a free or paid product is up to you. Hardware wallets, despite the price, remain popular among experienced traders, but it is not always advisable for beginners to purchase them. At the initial stages and while there are few coins, the most suitable way to store cryptocurrency is to register an online wallet or open it on the exchange. When litecoin becomes enough to make it a pity to part with them in the event of a hacking hack, get the most suitable option for you: paper, hardware or official dekstopny version. Focus on your own feelings from the use of the interface and the speed of maintenance by developers.

 

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