What is a Litecoin wallet and why it's needed
To store, send and receive 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 an 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. Protecting the private key helps prevent unauthorised access to the wallet; it does not protect against changes in Litecoin's value or other risks associated with holding cryptoassets.
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 familiar with.
When selecting a wallet for LTC, consider its custody model, access controls and user experience. References to wallet security concern technical and account-protection features only; they do not reduce the investment risks of holding Litecoin.
This is what we've done with the Paybis wallet. The Paybis custodial wallet includes account and transaction-protection measures described in the linked information. These measures relate to the operation of the wallet and do not protect against changes in Litecoin's value or other investment risks. The wallet is accessed from your Paybis account, and the steps for adding an LTC wallet are set out below.
Getting your Litecoin wallet
Now that you know what is a Litecoin wallet, let's see how you can get one.
To add an LTC wallet to your Paybis account, follow the steps below:
UK customers must complete additional mandatory steps, including a 24-hour cooling-off period, before making their first transaction. The process is not immediate, and access depends on successful completion of each required step.
- 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.
Once the wallet has been added, it will appear in your account. Buying Litecoin or using relevant cryptoasset investment services remains subject to the applicable UK onboarding and financial-promotion requirements.
Using your LTC wallet
UK customers must complete additional mandatory steps, including a 24-hour cooling-off period, before making their first transaction. 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. Any purchase remains subject to eligibility, verification, payment approval, service availability and transaction limits.
You can also request to send your LTC to another wallet, subject to applicable account, compliance, network, service and transaction-limit restrictions. Paybis may charge a fee for outgoing transfers, and blockchain network fees are payable and may vary. The applicable fees are shown before you confirm the transfer. See the Paybis fee information and the wallet withdrawal guide for further details.
Or you can hold your Litecoin in the wallet. Its value may rise or fall, and there is no guarantee that it will increase. You could lose all the money you invest.
