Litecoin, as we know, is one of the fastest growing cryptocurrencies and the apple of the eye for investors. Mining Litecoin is not as difficult as mining Bitcoin. Litecoin uses Scrypt, which is a cryptographic algorithm by nature. It accepts and transfers payments faster than Bitcoin (2.5 minutes as opposed to 10 minutes).
Litecoin is the third largest cryptocurrency after Bitcoin and Ethereum. It is based on Bitcoin’s open-source database, and thus shares a few similar features as that of the Bitcoin network. Litecoin is an instant, near-zero cost payment method, which is described as a peer-to-peer digital currency. It is a global payment method that is followed throughout the world. Litecoin is a fork of Bitcoin and the two are technically identical.
Litecoin wallets are similar to your normal digital wallets in which you store money. You can send or receive money from anyone across the globe. The basic feature of a Litecoin wallet is the private key (password) that is a special signature, without which the transactions cannot take place. To make the transactions really secure, one must have access to the private keys. Public Keys are derived from the Private Keys. The wallet generates an address from the public keys which makes the transaction verification process easy and less time consuming.
There are various types of Litecoin wallets available, let’s have a look at them in detail.
1. Mobile Wallets: You can download these wallets before purchasing Litecoin. The best thing about them is their portability, and some wallets do offer in-app purchase of Litecoin.
2. Desktop wallet: There are two parts of this wallet-
(a) Full node wallet: in this wallet you download the full Blockchain on your system, which helps investor backing the Litecoin blockchain network by being some another person to validate confirmations.
(b) Light wallet: they function fast as they work on the Blockchain that is stored online
3. Website wallet: they are easy to setup as the applications are designed in such a way that second step automatically pops up once the first step is completed. It doesn’t take space on the computer system and has 0 time of synchronize.
4. Hardware wallet: these are the small handy devices, which store your coins safely, once you plug in this device then only you can perform any transaction. There is 0 computer space and 0 sync time consumed, which can be carried around with you.
5. Paper wallet: this is the best wallet to keep your money in, you can generate Litecoin address by any online Litecoin wallet generator and then takes out the print of your address and password. Once you are successful able to do this, no hacker can reach you and to make you money more secure encrypt the wallet, which means it is impossible that you face any problem.
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