Litecoin cryptocurrency wallets: features, types, examples of official LTC wallets. Part 1

If you intend to make money by investing in cryptocurrencies, namely Litecoin, then you need to choose a reliable LTC wallet. Different versions of official litecoin wallets allow you to implement individual tasks with maximum security and reliable coin transactions.

Let’s analyze which LTC wallet is the best for the average investor, trader, and ordinary user. Let’s study the features of storage for litecoin in order to understand their differences, advantages, and disadvantages.

What are the types of LTC wallets?

Official litecoin wallets are special programs or stand-alone devices (devices). With their help, it is possible to securely store, receive and send litecoins when using a private key.

There is no actual placement and storage of cryptocoins in LTC wallets, since they are located in the blockchain code. However, the presence of a private key provides the user with access to some parts of the Litecoin system block sequence. It is these sections of the blockchain that form decentralized coins – litecoins.

LTC wallets, like storage of other cryptocoins, are divided into two categories. The fundamental point is to understand the features and capabilities of these types of LTC cryptocurrency wallets. It is necessary to focus on their specificity.

Hot official litecoin wallets

This is a group of special programs that operate via Internet access from mobile devices, laptops and desktops. The main advantage here is the speed and ease of access to digital assets – litecoin, bitcoin or other alternative cryptocurrencies.

But here comfortable conditions turn into increased risk. Hot LTC cryptocurrency wallets have vulnerabilities that are exploited by hackers who carry out attacks and steal coins.

Almost always, such storages store private keys in some place on the Internet. For example, in crypto exchanges or other types of official litecoin wallets.

This aspect significantly reduces the degree of reliability. This is why experts strongly urge you to use a wallet to hold small amounts of crypto coins.

Cold LTC wallets

This type of storage for digital coins is a device that does not have a permanent connection to the Internet. Examples are paper wallets or hardware storage, two types of cold wallets for LTC.

Important! For cold crypto wallets, it is important to remember the key point:
– hardware wallets for litecoins should be purchased exclusively from the manufacturer;
– create paper repositories exclusively on proven, reputable services. Fraudsters are able to disguise themselves to imitate official litecoin wallets to steal coins!

Both forms of Litecoin wallets – hot and cold – are divided into types. These modifications have different levels of security and range of capabilities.

Types of wallets for LTC coins

It is convenient in certain situations to use all 5 types of cryptocurrency storage for litecoins. Of course, each goal involves the use of the most optimal, reliable option.

Desktop official litecoin wallets

There are programs that can be installed on a desktop PC that create LTC wallets. However, for laptops this storage format is also considered desktop.

Taking into account the peculiarities of the work, we can distinguish two categories of this type of storage:

– full – provide for downloading and storing the entire blockchain of the Litecoin system. Of course, synchronization time increases, installation is long, and RAM is heavily overloaded;

– partial – the block chain remains on the service of the LTC wallet developers, and the user works remotely. Here, fast synchronization with the network occurs, and resource consumption is minimized.

LTC desktop wallets are characterized by high security. They contain cryptocurrency, without the need for a constant Internet connection. Access to the network is only needed during operations – outgoing transactions or receiving coins.

The main disadvantage of desktop official litecoin wallets is that due to low mobility they cannot be used on different computers. That is, existing litecoins can be used only from one PC where the storage is installed.

Expect our continuation of material next week.