Litecoin is considerably known as ‘Silver to Bitcoin’s Gold. It is a reliable, transparent and decentralized cryptocurrency which was established on the basis of MIT/XII legal regulations. Litecoins are similar to Bitcoins but there is a major difference between both. Litecoin’s administration is absolutely de-centralized and its open-source protocols are used for the generation and trading of the coins.
In 2011, Litecoins was released by ‘Charlie Lee’ on the GitHub platform. With Litecoin, the transactions can be carried out in an instant manner and for that negligible transaction fee are to be paid. Till now, Litecoin’s market capitalization has reached more than $7 billion ($7,773,681,137 USD) and a total of 55 million Litecoins have been supplied to the investors.
Wallets are used to store the digital currency and also permit the user use the money on various platforms to buy or sell different objects. The wallets are the most important aspects for trading cryptocurrencies. With the increase in trading of cryptocurrency, there are many wallets that are recently being introduced in the market. However many of them are built with the purpose of doing fraudulent activities that can prove to be dangerous in future. As no one can blindly trust the third-party service providers, therefore, it is the user who needs to assure the safety of their funds and pay attention to key features of the wallets before acquiring any.
Here are some key points which should be kept in mind while choosing any Litecoin Wallet:-
- Wallet’s Security: The attribute which needs to be given utmost importance is the security of the wallet i.e. user’s token money is stored safely. To assure the security of the wallet, the user should check if the wallet possess following features:-
Ø Two-factor Authentication: It is a concept primarily used to enhance the security measures of the wallets. In simple words it is setting up the most valuable accounts to check your identity twice, instead of checking it once. 2FA comes into account when you make use of a password along with something to prove you are who you say you are.
Ø Multi-Signature Option: Also called as multisig, is a form of technology that adds additional security to the transactions. This option requires many keys to provide authentication to the Litecoin transactions.
Ø GPU Resistant: The wallets which are based on ASIC algorithm enable decentralization which further prevents it from any kind of cyber-fraud.
- Anonymity of the wallet: Litecoin itself focuses on the anonymity of the transactions, thus users should go with the same kind of wallets. It also means that when the user registers with the wallet, he doesn’t have to provide personal details deeply.
- Customer Care Services: While using the Litecoin wallet if user faces any problem with the payment using the wallet, then there is a provider’s support team who is ready to solve the user’s problems for 24*7. Because in the era of digitalization, no one can know when the user would need help, so it is crucial for the third-party to be available every time. Users must take the fact into account before picking any wallet
- Backup Facility: It is always necessary to seek some extra security measures as there can be times when cyber-attacks happen. To overcome this, wallets should have backup options in order to keep the user’s money safe. The wallets should have the option that if at any instance, user’s wallet is lost; he can restore it via a different platform.
- Universality: The wallet should have its reach in every zone of the world. It means that wallet can be used on almost all platforms to pay for different items. Sometimes, there are some vendors who don’t accept payments through specific wallets because of their less reliability or integrity.
- Multiple Interfaces: The wallets should be accessible through various interface or operating systems simultaneously. This is a must-have attribute for cryptocurrency wallets. It simply means that wallets can easily be approached through desktop, windows, Linux, and Mobile etc.
The user interface should also be interesting so that users can easily pay for different services, checks their balance, or see the history details without struggling so much. The interface should be simple enough so that individuals who don’t acquire much technical knowledge about wallets can also access that easily.
- Key Sweeping: The wallets should possess the feature of transferring the amount from software wallet to paper wallet at any instant. This overall helps in reducing the complexities and providing ease to the user
- Utility: The wallets should process the transactions in the minimum time possible. It should not be that sort of transaction whose execution consumes a lot of user’s time. The processing or execution times of the wallets are the critical factors in determining the applicability of the wallet.
- Cost-Effectiveness: The wallets should generally carry no installation charges and thus should be freely downloaded on any platform. It is also considered as one of the measures to choose the suitable wallet for Litecoins.
- Legitimate Companies: People usually tend to go for wallets that charge fewer fees and ultimately fall into the trap of paying hefty amounts at last. Hence, they should try their best to save themselves from these kinds of fraudulent service providers and be vigilant before giving money to somebody hands. In fact, users should go for the wallets which are backed by legitimate companies. Users should also check the company’s origin and other details before associating with it.
The above attributes also determine the kind of experience user need to have before dealing with different cryptocurrencies. It is recommended that user should seek for outlined qualities, rating and reviews of that particular wallet before picking any and going ahead with it. Hence, transparency and integrity of the wallet need to be scrutinized well before storing the currency.
Litecoin wallets are of different types such as hardware, desktop and software wallets etc. The best known Litecoin wallets that are currently available in the market include Ledger Nano S, JAXX and Exodus Wallet. These wallets are secure, safe to store and transact the money. So, users can easily rely on these wallets.