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!
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:
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 …
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.