Now that alternative currencies are gaining a lot of momentum, investors will be looking for ways to securely store their coins. Litecoin is quickly gaining a lot of momentum, and there are some good wallets out there to keep balances away from exchanges. After all, it is important to take full control over funds at all times, rather than keeping funds in exchange wallets and run the risk of having money getting lost or stolen. This list does not include hardware wallets, as those will be covered in a future article.
The Block.io service provides multisignature wallet solutions to Litecoin users all over the world. Sending a transaction requires two signatures or more, one from the individual user and one from the company itself. This also means the private keys of every wallet are stored by the Block.io team, which may turn off some people. On the flip side, it does support HD wallet structures, which adds some more convenience to the table. Block.io supports Bitcoin and Dogecoin alongside Litecoin.
We have touched upon the Exodus cryptocurrency wallet before, as it supports quite a few different cryptocurrencies. To be more precise, Exodus supports Bitcoin, Ether, Litecoin, Dash, Dogecoin, and the Golem Network Token. Moreover, users are always in full control over their private keys, which is always good to see. It is also an open source wallet, which will be appreciated by quite a few cryptocurrency enthusiasts.
Mobile users looking for a Litecoin wallet may want to give LoafWallet a chance. That is, assuming they use the iOS operating system, as it does not appear to have an Android counterpart as of right now. Loafwallet was added to the iOS App Store nearly a year ago, and offers all of the functionality most Litecoin investors are looking for. After all, mobile wallets need to cater to both novice and experienced users alike.
Loafwallet is a lightweight client, which means users will not spend hours synchronizing with the blockchain. It also uses AES hardware encryption and app sandboxing to prevent attacks from injecting their own addresses within specific transactions. It is also compatible with the Apple Watch, which can be a nice addition for those who are looking for said functionality. Last but not least its worth noting LoafWallet is an open source project which can be found on GitHub.
Bitcoin users will be all too familiar with the Electrum wallet. It is not surprising to learn some developers have ported this codebase to support Litecoin as well. It uses a seed passphrase to protect the wallet and restore a wallet from a backup. Electrum-LTC can be downloaded for Windows, Linux, and OS X according to the official website. This is another lightweight wallet that will provide blockchain synchronicity in seconds, rather than hours.
Even if a user were to lose their Electrum-LTC wallet, they can always restore it in the app through the twelve-word seed. There is also an option to generate offline wallets for cold storage purposes. Plus, users can export their Electrum-LTC address’ private key to any other Litecoin wallet, which supports the importing of private keys. The source code for Electrum-LTC can be found on GitHub as well.
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