Litecoin wallet is the very first and basic stage before you start using Litecoin for any serious transaction, be sure to read to know everything about different wallets and take appropriate steps to secure your wallet. Always remember that it is your responsibility to choose your wallet carefully and adopt good practices in order to protect your money.
There are several Litecoin Wallets that can run on a PC / Laptop running on Windows, Mac OS, and Linux. You will also find wallets that can run on mobile devices such as the iOS or Android based smart phones. In order to make it easy to understand we categorized wallets in four categories.
- OS Based Wallet (QT Wallet)
- Offline Wallet (Paper Wallet)
- On-line Wallet (Web Based Wallet)
- Mobile Wallet
Operating System Based Wallet (QT Wallet)
When it comes to selecting a wallet we always advise you to go for OS based wallets. These wallets are often the easiest to set up and most secure if you tweak the settings a little bit. Only disadvantage of QT wallet is that you have to download the entire block chain first (currently 6 gigabyte) which can take up to 2 -4 days the first time you start the client and several minutes every time you start the client afterwards. You can download Litecoin QT client (official download here) based on your operating system.
Offline Wallets (Paper Wallet)
If you are considering storing litecoins for a long time, make sure that you store in offline or paper wallet. Paper Wallet offers much better security and zero chance of theft if done properly. Offline Wallets are often referred to as cold storage, since offline wallets are not connected to the internet, hence cannot be hacked or stolen by malwares.
On-line Wallets (Web Based Wallet)
On-line Wallets aka Web Wallets are the easiest to set-up and convenient option to store your coins but it comes with a cost of requiring a higher degree of trust in the provider. Many reputed on-line wallets offers good security features, such as two-factor authentication and SMS verification still there have been several high-profile incidents in which web-based wallet services were targeted by hackers and coins belonging to the users were stolen, without any way to retrieve them.
I personally prefer using on-line wallets only when i have to store my coins for a day or week. If you want to use a web-based Bitcoin wallet make sure to activate security measures such as two-factor authentication. Check the updated list of web wallets on official site (click here)
Mobile wallets are basically an app with basic functionality of sending, receiving and storing coins with some exclusive features such as ability to create payment requests in the form of QR codes, and scan such requests made by others. Many experts believe that a mobile wallet is most secure option for crypto coins due to mobile data encryption making mobile wallet nearly impossible to hack. (official download here)
Now problem is that currently we do have wallets for Android only, as Apple does not allow litecoin applications on its platform to offer sending and receiving features. But it seems Hive (official website) found a loophole and released an iOS app which stores coins on their own server instead of iPhone itself.