Official wallet

Trading
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Hi there

I’ve been investigating crypto for a little while and after messing about with short term trading i have decided to hold for the long term. The coins I have chosen are Litecoin and Algo
My Algo is in the official wallet. I wondered if there is an official wallet for Litecoin or is keeping my assets on Coinbase ok in the long term.
Hoping that the return from holding crypto is slightly better than the 7p interest I got from my bank!

Thanks

Phil

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I think Coinbase is reliable, and if you don’t know how to handle your keys, it’s better to leave the coins at the exchange. If others get a copy of your wallet, they’ll be able to sign messages that authorize coin transfers without your consent, effectively stealing coins from you.

With that said, you can download the Litecoin Core wallet for your laptop or desktop computer and wait for the whole blockchain (about 40 GiB in size) to be downloaded. Here is the link:

https://litecoin.org/#download

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@fredericomba Is there any advantage/disadvantage to use either Litecoin Core wallet or Exodus wallet?

Thanks in advance!

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There are multiple ways to secure your crypto assets a.k.a Coins.

1 - Leave them on the exchange from where you bought them. So for example, you buy at BINANCE /BITFINIX and leave them there. If BINANCE is hacked probably you will lose your coins too.

2 - Use 3rd party wallet softwares like from https://atomicwallet.io/. Your computer will become your wallet in that case. Keep your public /private keys in safe keep to retrieve your coins. If you lose your computer, you lose your wallet but it will be secured by passphrase so no one should be able to steal right away. By that time, you transfer your coins ot next wallet.

3 - Use hardware wallets like Nano Ledger and others. Go through their web sites and know how do they work. But those might be good option for people having lot of coins and want to keep them in their homes in their personal care.

In all cases you need to remember your public/private keys so you don’t lose your cryptos. Some people write them on piece of paper. Then you need to secure that paper from your kids …:wink:

I hope that helps.

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Are you affiliated with Atomic wallet? They seem to have some trouble brewing over how high their TX fees are… I would recommend the default Litewallet to OP. Don’t use a third party wallet unless you really trust it.

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Hello,

No I am not attached to Atomic Wallet nor represent any other crypto company etc. Just a technology
enthusiast like other folks.

Thank you for sharing this information as I got reference of Atomic Wallet from a friend of mine. I will pass on to him your comments.

Industry is still evolving and in few years some companies will be able to establish their unbroken reputation like Samsung, Apple, Microsoft, Oracle etc.

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Another reason for which my friend recommended to use Atomic Wallet was that it can hold multiple types of coins other than LTC.

But your suggestion to use wallet from full LTC Node is a good choice. I personally yet need to do all these experiments.

1 - Sending Coins to a Public address
2 - Receiving Coins on Public Address
3 - Exploring different wallets and how do they operate
4 - How Private keys are used etc.

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So you mean you haven’t send LTC yet to anyone?

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Not sent. Not Received, Not Transferred, Not Mined

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  1. Donate to the Litecoin foundation or the EFF or something.
  2. Put out a public donation address.
  3. Be careful with this.
  4. Read up a bit or learn about public key cryptography. KhanAcademy is a wonderful place to learn the basics.
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What is EFF?

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