Litecoin wallet? Why not?
In the short series on safe and easy crypto wallets, AirdropAlert has already covered two top boys, Bitcoin and Ripple, and now we’re proceeding to the Litecoin wallet. This time it is Litevault. Why? We’ve listed 5 reasons down below! Plus, at the end of this piece, you will find Franklyn Richards’ exclusive comments on the wallet’s upcoming updates! They sound promising!
It’s not that a Litecoin airdrop is coming anywhere in the near future, but this month the network celebrates its 7th anniversary being the second cryptocurrency with the longest history after Bitcoin. So you can check it out simply for that reason. But rather than that, look into Litecoin if you’re about to build a well-diversified portfolio. As of October 2018 Bitfinex, OKEx, HitBTC have Charlie Lee’s LTC listed among their top-10 traded cryptos. Maybe you should do it, too.
According to Andreas Antonopoulos, Litecoin has found quite an interesting niche in the market. First of all, LTC’s average confirmation time takes roughly 2.5 minutes, which is faster than it is on the Bitcoin network. Furthermore, the coin has been the first altcoin to apply top-notch mechanics such as SegWit and atomic cross chain swaps.
“The network is following the core roadmap, and that is the good place to be,” says Antonopoulos, “so far Litecoin, in many ways, has managed to deliver on the promise of silver to Bitcoin’s gold .”
Without further ado, check on the exchanges that trade Litecoin, buy some and go back here to read about the Litecoin wallet Airdrop Alert experts recommend for beginners.
A quick note before we start. You have probably read our blog tackling hot wallets’ specificities. In many ways, it was our explicit reference to only using a hardware wallet where possible. Still and all, to transfer small amounts of money to the exchange from your online wallet might be very handy. Suppose you’re coming to be a day trader, then, an online wallet might turn into an absolute necessity for you.
5 quick reasons why we picked Litevault wallet
- Certainly, this Litecoin wallet is an easy start for beginners.
- Furthermore, it allows you to export and import your private keys directly which means you’ve got a backup.
- Also, in comparison to an official Litecoin wallet, LoafWallet, Litevault has got more monthly users on the website, 54K to 21K.
- Most importantly, no-one can touch your private keys if you go with Litevault.
- Finally, there has been no proper guide on this wallet so far, for all you crypto lovers out there.
Check out LoafWallet if you’re on the lookout for an official wallet and want to use a mobile app as opposed to an online client.
Litevault 1 min installation guide
First, access the website and hit “register”.
Second, click into “register” to create a new address. Make sure to save your password in someplace offline. Your browser can only decrypt your wallet with your password. The developers don’t know your password. So if you forget or lose your password, nobody can help you, and you will not have a chance to access your funds. How many times should we repeat the words “your password”, anyways, for you to fully grasp the importance of your password?
At this point, the website will generate an identifier you are going to use while accessing your wallet. Let your browser save it, or do it manually yourself. FYI, if you lose your ID, they will help you restore it.
This is what your new Litevault wallet looks like. Hit the “Generate new address” button.
Below you will see your public address (aka public key) string.
Seems like now is a good moment to take care of your backup. For that reason, access the Import/Export page and click into “Export wallet/JSON”.
Copypaste your private key and public key (aka public address) and keep them in someplace offline.
Probably, to set up 2FA at this point would also be a wise move. Note, the client will not ask you to enter the 2FA code into the bar every time you access it. But maybe once a week. So no worries. For Litevault it’s totally normal.
Wait for the window to pop up, and that’s it. Finally, 2FA for your wallet is set up, and you’re ready to go.
Seems like you’re ready to send…
…and receive your LTC safely.
Old Litevault vs New Litevault
After having completed this guide on Litevault, here at AirdropAlert, one of us briefly mentioned that it would be great to ask guys from Zulu Republic to proof-read the piece on their wallet and to see what we’ve missed. A quick reminder: Zulu Republic acquired Litevault in April 2018. So it totally made sense, and we asked them, and the guys informed us they were working “on a major update for Litevault to be released in the coming months“. See how the lifeblood of quality blogging is the right timing? 🙂
We’ve missed the most important part! But by then we already had this guide on our hands, so while waiting for the later version, please, please, feel free to use it. And, most importantly, enjoy this exclusive little teaser on the upcoming changes. This is Franklyn Richards speaking, a founding member and director of the Litecoin Foundation.
LiteVault is going in a direction no other wallet has. It’s bold and colourful with a real emphasis on the user experience and interface. It is less of a website and more like an application, what a cryptocurrency platform should be, seemless, simple and secure with everything the user needs at their fingertips. It’s something that really needs to been seen and experienced and we look forward to sharing everything soon.
Important note: in this blog post, the company shed some light on the upcoming changes after all. Inter alia, they are planning to address Segwit support and the new UI/UX design across all devices.
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Blockchain wallet ← P R E V I O U S
N E X T → Ripple wallet