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While cryptocurrencies have yet to fully take over in the real world in a way that enthusiasts have predicted, there are nonetheless some signs that various currencies are making it in the traditional business space, even if only to a limited extent.Once a currency reaches a critical mass of users who are confident that the currency is indeed what it represents and probably won’t lose its value, it can sustain itself as a method of payment. Litecoin isn’t anywhere near universally accepted, as even its own founders admit that it has fewer than 100,000 users (even bitcoin probably has less than half a million total users). But as cryptocurrencies become more readily accepted and their values stabilize, one or two of them – possibly including litecoin – will emerge as the standard currencies of the digital realm.How Do You Mine Litecoin?аккаунт bitcoin ethereum org
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Desktop or Mobile Wallet
If you have a small number of coins and you want easy and quick access to them, it is best to use a desktop or mobile wallet (software wallets). These are great as they do not take up much space on your computer or mobile, and they are reasonably secure.
What is Litecoin: desktop wallet Exodus.
With these software wallets, you are the only person that has access to your private keys. Not even the development team of the wallet can see them.
You can also set up recovery options on your software wallet. So, if you forget your password or your computer breaks, you can still get access to your coins.
Private Key: Think of this as the password to your bank account — this is used to access your wallet.
Public Key: Think of this as the username to your bank account — this is used to send/receive coins in your wallet.
There are lots of different software wallets to choose from, with Exodus being one of the more popular picks.
Hardware Wallets
In the real world, you wouldn’t want to store your life savings in your leather wallet, would you? This is the same when storing your Litecoin!
The safest way to hold your coins is to use a hardware wallet. This is the cryptocurrency equivalent of a vault!
Hardware wallets allow you to store your coins offline, meaning that they are never connected to the internet. Although it is less convenient if you need to send or receive your coins quickly, it is the safest option.
The most popular of these is Ledger Nano S. Even though hardware wallets come with a price, you have to consider the importance of security, especially if you hold lots of coins.
Ledger Nano S also allows you to view your recovery password on the screen. By writing this down and storing it somewhere safe, you can regain access to your Litecoin if somebody stole the hardware device.
What is Litecoin: hardware wallet Ledger Nano S.
If you have read our “what is Litecoin?” guide so far, you should now know what it is, how the technology works and how to safely store it!
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