In today’s diverse crypto wallet market, choosing the right one can be challenging. With options ranging from hardware wallets to desktop, mobile, and paper wallets, each type offers its unique set of advantages and disadvantages.
If you’re considering using a mobile wallet for Litecoin (LTC), you might want to explore Litewallet. Formerly known as Loafwallet, Litewallet is the official wallet for Litecoin and was developed by the Litecoin Foundation.
This guide will walk you through everything you need to know about Litewallet, including its features, fees, and security aspects. More importantly, we’ll help you have a clear look at the Litewallet review to help you decide if it’s the right choice for your investments or not.
Let’s get started!
What is Litewallet?
Litewallet is the official mobile wallet for Litecoin, a popular cryptocurrency. Developed by the Litecoin Foundation, it is an open-source application designed to make storing, sending, and receiving Litecoin easy and secure. Litewallet is available for download on both the Apple App Store and Google Play Store.
Originally called Loafwallet, Litewallet is based on the Bread wallet, which was a well-known Bitcoin wallet. This wallet is designed to provide users with a fast and low-cost way to manage their Litecoin holdings.
Suggested Read: 8 Best Crypto Wallets In The World | How To Protect Your Wallet?
Litewallet Features
Here are some key features of Litewallet:
- No Storage Limitations: Litewallet leverages the Litecoin blockchain’s capability to handle large volumes of transactions. This ensures that you won’t face storage issues, regardless of how many transactions you process.
- Extra Security: While you don’t need to verify your identity to download Litewallet, all transactions must pass through digital verification using cryptography. This adds an extra layer of security.
- Pseudo-Anonymous Transactions: Transactions are processed with pseudonymous addresses, providing a degree of privacy.
- Open-Source: Litewallet’s source code is available on GitHub, allowing developers to inspect and contribute to its development.
- No Server Storage: Your Litecoin funds are not stored on servers, meaning they are accessible 24/7.
Supported Currencies & Fee Structure
Litewallet exclusively supports Litecoin (LTC). It does not support other cryptocurrencies available in the market.
Litewallet Fees
Litewallet offers low fees for transactions:
- Regular Fee: Approximately 0.002 LTC.
- Average Transaction Fee: Around $0.206.
- Median Fee: About $0.06.
Users have reported occasional higher fees, reaching up to 0.45 LTC, but overall, Litewallet remains cost-effective.
Is Litecoin Wallet Safe?
Litewallet has several security features that make it one of the safest wallets out there –
- Community Trust: The wallet has a solid reputation among Litecoin users and boasts a 3.9-star rating on Google.
- Customer Support: Support is available through community channels like Twitter, Reddit, and Google+.
- Handling Speed: Litecoin transactions are faster than Bitcoin’s, taking about 2.5 minutes per block compared to Bitcoin’s 10 minutes.
- Tighter Security: Litewallet uses AES hardware encryption, app sandboxing, and code signatures to protect against malware and vulnerabilities.
Also Read: FBI Crypto Warning Against Unregistered Crypto Services
Conclusion – The Litewallet Review!
Litewallet is a reliable and user-friendly option for managing Litecoin. Its strong security features, low fees, and ease of use make it a good choice for both new and experienced Litecoin users. However, it is not suitable for Windows users, and its exclusivity to Litecoin may be a drawback for those holding other cryptocurrencies. Overall, Litewallet earns a thumbs-up for its performance and security.
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
