Because it’s a digital product, Litecoin must be stored using special software. These storage apps are nicknamed “Litecoin Wallets” because they store this digital cash just like a leather wallet stores your physical currency notes. Litecoin wallets keep your LTC safe, and let you access, send, receive, and store your LTC for any amount of time.
You need to have a Litecoin wallet installed before you can start buying, selling, or trading Litecoin on the Anycoin Direct platform Creating a Litecoin wallet makes you able to save and send Litecoin. In this guide, we will explain to you what a Litecoin wallet is, what kind of Litecoin wallets are available, which Litecoin wallets we recommend, and how you can use your Litecoin wallet at Anycoin Direct.
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What is a Litecoin wallet?
A Litecoin wallet can either be a software, service, or gadget that saves your private and public keys and communicates with the blockchain. Your wallet’s public key, which also serves as your “wallet address”, can be viewed as the account number of your Litecoin bank account. The private key of your wallet can be seen as the password for your Litecoin bank account, which you can use to send Litecoin from your wallet to another.
Differences Between Exchange, Hardware and Software Crypto Wallets
Exchange, Hardware, and Software wallets are all used for different purposes. Let’s cover these in detail below.
What Kind of Litecoin Wallets Are There?
There are many different types of Litecoin wallets available. The possibilities range from digital wallets that can be accessed via your phone and computer to real physical hardware wallets. The different kind of wallets and their properties are described below.
Types Of Cryptocurrency Wallet
- Online
Pros:
Free
Easy To Set Up
Easy To access
Cons:
Prone To Scams
Limited Options
No Access Private Key
- Software
Pros:
Free
Easy To Set Up
Easy To acces
Cons:
Less Secure
Manual Updates
- Mobile
Pros:
Free
Easy To Set Up
Easy To acces
Cons:
Less Secure
Limited Options
No Access Private Key
- Full Node
Pros:
Free
Very Safe
Full Control
Cons:
Hard To Set Up
Require Disk Space
- Hardware
Pros:
Safest Option
Advanced Options
Cons:
Expensive
Less Accessible
Which Litecoin wallets does Anycoin Direct recommend?
- At Anycoin Direct we have made a selection of recommended Ripple wallets for our customers:
Online wallet: LiteVault
Software wallet: Exodus, Guarda
Mobile wallet: Exodus Mobile
Full node wallet: Litecoin Core
Hardware wallets: Ledger, Trezor
Be aware, that Anycoin Direct is not responsible for the usage of these wallets. Always do your own research!
Read More:
Is Litecoin Core A Great Litecoin Wallet?
Is Trezor A Great Litecoin Wallet?
Is Guarda A Great Litecoin Wallet?
Is Exodus Mobile A Great Litecoin Wallet?
Is Exodus A Great Litecoin Wallet?
Is LiteVault A Great Litecoin Wallet?
How can you use your Litecoin wallet on the Anycoin Direct platform?
After you have set up your Litecoin wallet, you can start buying, sellingor trading Litecoin. You can find your Litecoin wallet address if you click the receive button in your wallet, which has to be filled in the flow when buying Litecoin. To sell Litecoin you need to click on the ‘send’ button in your wallet, which will let you fill in the Litecoin address of Anycoin Direct provided to you in the sell flow.