Investments made in crypto pose a risk in itself. And the wallet in which these digital assets are stored also needs to provide some safety and assurance. Investors nowadays are smart and are well aware of the available safeguarding wallets. But you must ensure that your choice of wallet such as this trading platform is perfect with regard to your security.
Now, coming down to the types of wallets, there are varied varieties of choices ahead of you. To store your Litecoins, with your own specifications one can pick any. The three modes of storage are online wallets, offline wallets, and also hardware wallets. There can be several factors that should be brought under notice when picking a suitable wallet. For storing your Litecoin, it must include a user-friendly base, security, easy features, and price.
Security is, no doubt, the most important and effective element. And then comes the user-friendly system of wallets. It basically means that the wallet is handy and can be used for daily transactions. The price of the particular wallet is another essential aspect. Different wallets have wide-ranging prices depending on which kind we are looking for.
But among numerous bases of wallets, the best are the ones that provide safety and security. Hardware wallets in this context are a perfect pick. They have a dual purpose. They ensure safety as well as a user-friendly medium.
To draw further attention to your needs and specifications there are classifications for this. Let us roll down to some types of wallets and their details:
- Online Wallets
These wallets are the easiest to store. They are a part of the websites whose services permit you to store your Litecoins in them. The convenience makes it super easy for the users to make payments and store coins. The only drawback is that they are less secure in comparison to other wallets.
The private keys which are locked online have a high chance of hacking. However, many online wallets offer the facility of two-factor authentication.
- Desktop wallets
Desktop wallets are software programming systems. We can download and install this program on your computer to make use of it. The key feature that the kind of wallet holds is that your computer stores the private keys. This is contrary to online wallets which have the possibility of hacking. Yet they pose a problem. The online wallets are easy to maintain.
But this type of wallet needs software installation and maintenance.
- Mobile wallets
Mobile wallets are in the form of apps that offer the facility of downloading apps. With the help of this, one can easily and quickly download an app and store their respective coin. It is convenient and accessible at the same time.
Besides plenty of merits, the main drawback is a pull-off. The private keys in this mode are stored in the phone. This has a high chance of hacking. This is because the phone can be stolen or lost.
- Hardware wallets
Hardware wallets are the best form of wallets yet. They are physically available devices that have the ability to store your Litecoins. There is a diverse expanse of merits it has to offer to its customers. The foremost one is that the tokens are stored offline.
Here goes the second one, it is super secure and has private keys on the device. Yes, the private keys are not stored online which poses threats to security. The only drawback we could state is the inconvenience of having the device all the time. In order to use the wallet deposits for transactions one needs to carry the device around.
- Paper wallets
This system is drawn on pieces of paper on top of which private keys are printed. The benefit that this system upholds is that the private keys are offline and not online. Offline does not hinder security. However, the user needs to ensure the fact that the printed paper wallet is in the right place.
The loss of such wallets can pose a threat to the user. So, this is the disadvantage it has. It is not very convenient enough to carry around paper wallets everywhere. Moreover, this facility does not encourage a digital framework of the base. This resides in traditional methods of payment modes.