Cryptocurrencies are becoming something to keep an eye on, and investors are keen on securing their coins. Litecoin is among the digital currencies that are gaining popularity fast, and safe wallets have been created to help investors keep balances separate from exchanges.
It is essential to be in full control of funds, every time, instead of storing funds in exchange wallets and face the risk of losing money.
Block.io offers multi-signature wallet services to all Litecoin users around the globe. For a transaction to send, it requires two or more signatures, one from the particular company and the other one from the individual user.
This implies that the Block.io team stores the private keys of each wallet—this pushes some people away. However, one advantage of Block.io is that it allows for HD wallet structures, which is of great convenience to some investors. Block.io supports Litecoin, Dogecoin as well as Bitcoin.
Exodus does not support many online currencies. To be specific, it only supports Litecoin, Bitcoin, Ether, Dash, Golem Network token and Dogecoin. Its upside is that users are in total control of their private keys; something that investors love. Moreover, it is an open source wallet—many digital currency enthusiasts will appreciate this.
Every user in search of a Litecoin wallet may want to try out LoafWallet (assuming they are using iOS since it is not available on Android gadgets yet). LoafWallet was included in the iOS App Store about a year ago, and it offers all the services that a Litecoin investor could ever need. In any case, a mobile wallet should fit the needs of both experienced and novice users alike.
LoafWallet, being a lightweight client, users do not have to spend a lot of time synchronizing with blockchain. Moreover, it uses app sandboxing and AES hardware to stop attacks from injecting their addresses within certain transactions.
An investor can use LoafWallet with the Apple Watch—which is an added advantage for someone looking for that kind of functionality. Finally, LoafWallet is also an open source project.
The Electrum wallet is very common among Bitcoin users; so it does not come as a surprise that some developers have ported the code base to also support Litecoin. It applies a passphrase to guard the wallet and restore a particular wallet from a backup. Electrum-LTC is compatible with Windows, OS X, and Linux depending on the official website.
Like LoafWallet, Electrum is also a lightweight client that offers blockchain synchronicity within seconds, instead of hours.
A great advantage of using Electrum is that, if a user loses their wallet, it is possible to restore it in the app via the twelve-word seed. Users can also generate offline wallets for their cold storage purposes.
Finally, investors can export the private keys for their Electrum address to any Litecoin wallet that allows the importing of private keys. Electrum source code is available on GitHub.
