What is a Litecoin wallet and why it's needed
To store, send and recieve Litecoin, it's necessary to have a Litecoin wallet. But what exactly is a Litecoin wallet, and what's its purpose?
Cryptocurrencies are digital, so you need some digital identifier to prove it's your crypto – and that's what a LTC wallet does. It has a unique private key that provides access to your crypto, and it also has a public address used to receive your crypto. The public address can be freely shared, but the private key must be kept safe; this ensures a secure Litecoin wallet.
There's a wide variety of crypto wallets to choose from, but they all work the same: a simple online Litecoin wallet does the same thing as a dedicated hardware device. What's different is the level of security they provide and their user experience. Custodial wallets have inherent risks that we encourage our users to get faimiliar with.
When selecting a wallet for LTC, consider these aspects: opt for a Litecoin wallet that balances security with the user experience you desire.
This is what we've done with the Paybis wallet. It's a completely free Litecoin wallet that comes with safety features but still remains easy to use.
Getting your Litecoin wallet
Now that you know what is a Litecoin wallet, let's see how you can get one.
At Paybis, we've made the entire process really simple; all it takes is just a few steps:
Log onto your Paybis account or sign up if you don't have one;
Click the Wallets tab on the top of the page;
Choose Add wallet and select Litecoin from the dropdown menu.
Congratulations! You now have a fully functional Litecoin wallet and you can start using it.
Using your LTC wallet
The first thing you can do with your Litecoin wallet is to add some Litecoin to it. You can add it from an outside source using your public address – just click “Deposit” to view it.
If you're interested in obtaining Litecoin, you can explore our exchange. You already know how easy it is to get a LTC wallet at Paybis – and you can be sure that getting some LTC is just as simple.
You can also send your LTC to another wallet – we do not place any restrictions on your crypto. And, when we say you get a free LTC wallet, we mean it – there are never any withdrawal or maintenance fees, apart from the standard blockchain fees.
Or you can simply HODL your crypto, that is, keep it in your Litecoin wallet until it increases in value.
