We’ll make sure you are able to purchase and sell your litecoin with the greatest of ease, but you are responsible for storing your coins. Litecoins are stored in a wallet, from here you are able to send, receive and manage your coins. Creating a wallet is simple and in most cases free of charge. In this article we’ll teach you everything you need to know about wallets.
Cryptocurrrency wallet explained for beginners
- Carry your wallet with you
- Less safe than a hardware wallet
- Managing your coins using your PC or laptop
- Less safe than a hardware wallet
- Safest storage method
Tip: You can use the Coinomi mobile wallet to buy your crypto’s at BTC Direct, without ever having to switch between tabs and applications. And since you don’t have to copy and paste your receiving address anymore, it’s way more simple and safe as well!
Mobile wallet: Coinomi wallet to store your litecoins
Creating an litecoin wallet is very easy. There are various options for storing your litecoins. Each type of wallet has its own characteristics, and are different in terms of ease of use and safety.
Which wallet should you choose? That depends on what you want to use your litecoins for and what your buying needs are.
Are you buying litecoin for the first time? Then a wallet for your smartphone is quick, easy and user-friendly. One of the most used mobile wallets for managing your litecoins is the wallet from Coinomi. You can see read how to create such a wallet:
- Go to the app store (iOS) or to Google Play (Android).
- Search and download Coinomi.
- Open the app and write down your recovery sentence of 24 words. Very important, this is the backup of your wallet!
- Set a strong password.
- Add litecoin to your wallet.
- Use your receiving address to receive litecoin.
Jaxx Liberty, litecoin on all your devices
If you’re looking for a modern litecoin wallet, Jaxx Liberty is the provider you’re looking for. This wallet is free and available for both your smartphone and your desktop. The wallet is also available as an extension for the internet browser Google Chrome.
Jaxx Liberty isn’t Jaxx’s first wallet, it’s a further developed version of their previous wallet (Jaxx). This new version is built by experienced developers and user feedback has been taken into account. What also speaks for the wallet is the fact that its owner Anthony Di lorio co-founded Ethereum.
The Jaxx Liberty wallet is very user-friendly. It’s ready to use immediately after downloading it, and you can navigate through the wallet’s different functions effortlessly. It has a built-in block explorer which makes it very easy to track your transactions.
With this wallet, you are in charge of your private keys yourself. The company behind it does not store your keys and is unable to access it. Privacy is guaranteed.
Jaxx supports over 85 different coins, for example litecoin, bitcoin and ether. You can download it for free in the App Store (iOS) or Google Play Store (Android). If you would like to download the software on your computer please visit jaxx.io.
In the video below, we’ll teach you how to set up an Exodus wallet. This is a software wallet you download on your computer.
How to use crypto software wallet Exodus
What’s a litecoin receiving address?
A receiving address is similar to your bank account number: people can use it to send litecoin to your wallet.
Would you like to receive litecoin? Then you provide the sender with your receiving address. Would you like to send litecoin to another wallet? Then you need the receiving address of the recipient. A litecoin receiving address always starts with an L or an M. This is an example of a litecoin address: MGxNPPB7eBoWPUaprtX9v9CXJZoD2465zN. Please note: this is just an example address. Make sure to always copy the receiving address from your own wallet.
Whilst a bank account number stays the same, a litecoin receiving address can change once it’s been used for a transaction. This way, not all transactions are linked to a single receiving address and your privacy on the network is better protected. Even though receiving addresses can change, old addresses always remain valid. All generated addresses stay linked to your wallet, meaning that you can keep using them to receive litecoin.
How do I send and receive litecoin?
When buying or receiving litecoin, you use the receiving address from your wallet. It’s important to use the correct address because if you use the wrong address, coins will be sent to a different wallet. So how do you get a litecoin address? Where do you find it?
The receiving address
First, log into your wallet. In most wallets, the receiving address can be found under the button ‘Receive’. A litecoin receiving address always starts with an L or an M. A litecoin receiving address will, in most wallets, automatically change once it has been used for a transaction. But don’t worry: old addresses will always stay valid and linked to your wallet.
To receive litecoin, copy the receiving address from your wallet and paste it in the BTC Direct order form.
Sending litecoin is just as easy! Click on ‘Send’ in your wallet. Enter the receiving address you’ve copied from the recipient. Fill in how much coins you would like to send, and then confirm.
For receiving as well as sending litecoin, always copy and paste the receiving address. Don’t write or type the address. This lowers the risk of making a mistake. All cryptocurrency transactions are irreversible: once the coins have been sent, there’s no way of getting them back.
Safety and backup
It’s important to secure your wallet the best way possible. The first step in safe storage is to make sure you store your seed phrase offline. A seed phrase consists of 12 or 24 words that are randomly generated. With these words you will always have access to your funds, even if you lose a password or if your computer crashes.
Write them down on a piece of paper and keep it in a safe place. Don’t take a picture of your seed phrase, most devices with a camera are connected to the internet which could give hackers access to your seed phrase and thus your coins.
Let today be your first day in the world of crypto. Get started with buying your first litecoin by clicking this button