Litecoin is up there at the top when it comes to cryptocurrency rankings, right behind Bitcoin and Ethereum. If you want to try it out, you’ll need to take the first step and get yourself a wallet. All cryptocurrencies require the person holding them to have wallet software available so that they may be able to do transactions, though the wallet itself does not hold the funds.
The wallet merely allows people to do transactions on the blockchain. Wallets do this by having access to your private key and allow you to create new blockchain addresses so that coins can be held in them. This is why selecting the right one would be quite beneficial.
The basic considerations
When selecting a Litecoin wallet, there are several factors to consider. One of the primary ones is to know where exactly where you will be primarily accessing your Litecoins. Wallets can run on a PC, which means they are compatible with Windows, OSX, and Linux. These are usually heavy wallets and download the entire blockchain as part of the initialization process. Use them if you usually buy from your desktop. If you want to be more mobile, iPhone, iPad, or Android-compatible wallets are also available. These are more lightweight but tend to have fewer features.
Different users will have different needs, though. It is good to remember that each wallet tries to make a compromise between convenience and security. This means that if you’re aiming for convenience, it would be best to not expect advanced security features. This is fine for those who are casual users. If you’re a business operator, though, may be a wallet focused on security would be better for your use.
Though most wallets are available as download software, there are also alternate options. A web-based wallet service allows people access to their Litecoin without needing to download anything. However, wallet services have a tendency to be hacked. If you want to use a web-based wallet, then you should select one that has a good reputation and that has solid security features. This can include options like two-factor authentication.
If you really want to go the distance in security, you may opt for an offline Litecoin wallet. If you are storing a lot of Litecoins, then offline storage should be considered since it ensures that you will not be hacked. Check around for available cold storage wallets to go for that maximum protection of your funds.