Why is CoinSwitch the best wallet to store Litecoins?

Litecoins are one of the top cryptocurrencies in the market as of 2021. They have a market cap ranking of #17 according to CoinMarketCap and a total value of $14.23 billion in terms of its market share. First created as an alternative to Bitcoin, Litecoin is often hailed as the ‘Lite version of Bitcoin’. The coin uses almost the same procedures for its networks like Bitcoin, with a few improvements here and there.

Litecoin is a lucrative investment opportunity driven by an extensive network and several fundamental advantages.

This article will discuss why Litecoin investors buy Litecoin wallets more than ever. LTC, just like any other asset class, is vulnerable to a certain extent. Whether cold or hot, investing in a wallet is the right thing to do if you have a large holding. The utility of a Litecoin wallet is immense, and we, in this article, will make the case that the Litecoin wallet provided by CoinSwitch is one of the best wallets out there for storing your LTC.

Key Takeaways

• Crypto wallets don’t store your coins – all they do is keep your private keys safe and sound.
• CoinSwitch is one of the most efficient online wallets out there for Litecoins.
• With low fees, high efficiency and 2FA security protocols, CoinSwitch keeps your LTC holdings safe.
• CoinSwitch also provides its users with an exchange in the app that allows them to add or sell their holdings directly without the hassle.

Understanding Litecoin Wallets

Crypto wallets are instruments that allow investors to store their private keys securely. A private key is a sort of like the password that you use to access your cryptocurrencies and use them for transactions around the network. Crypto wallets allow you to keep your coins, in this case, Litecoins, safe and accessible, allowing you to send and receive coins in payments or transfers. These wallets come in many forms.

• Paper wallets – Your crypto keys are written on a physical medium like paper and stored in a secure place where they can be kept privately. This makes using the currencies harder and less efficient than other wallets that hold your keys digitally. For most people, it makes more sense to store their keys on online platforms instead of paper wallets if they plan to transact with it frequently.
• Hardware wallets – Here, keys are stored in a USB drive and kept in a safe place. They’re better than paper wallets because whenever you want to use your coins, simply connecting your USB to a computer will do the job.
• Online wallets – These keys are stored in an app or specially-designed software, usually one that 2FA protects. The advantage of using an online wallet is that it makes receiving, sending and using your crypto as easy as transacting with a credit card, bank account or net banking.

Unlike a regular wallet, crypto wallets are not wallets that store your currencies. The cryptocurrency holdings of every investor always live on the blockchain network. However, they can only be accessed using a private key. Your keys as an investor are the receipts of your ownership of digital money, which allow you to make transactions. Thus, if you lose your private key, you lose your money. If you are a prominent investor with a significant amount of holdings in LTC, you must make sure that your private keys are stored somewhere safe and secure. That’s where a trusted cryptocurrency exchange comes into play.

Points to Consider While Choosing The Best Litecoin Wallet

If you’re someone looking to invest in a safe and secure Litecoin wallet, you must make sure that you make the right choice. Choosing a wallet can be a simple task if you know what you’re looking for. Here are some features you should consider when in the market for an LTC wallet.

• Simplicity – Cryptocurrencies are confusing enough for beginner investors, and Wallets should be as simple to use for people just entering into the space as possible. If you’re not an expert at crypto and its transactions, you must consider how user-friendly and accessible the wallet is.
• Support – Wallets store large amounts of assets most of the time. As an investor, you will interact with your coins a lot. With multiple transactions, deposits and withdrawals, you must have the safety net of solid customer support when you need it.
• Transaction fees – If you don’t want to lose out on your gains by paying massive fees, you must choose a wallet with zero (or low) transaction fees. Transparency and accountability in terms of fees are very critical.
• Safety and security – You must choose a wallet trusted by a large customer base and has no history of loss of funds. Avoid investing in a wallet with a repeated history of breached servers, low maintenance networks, or unsafe practices.

Different Types of Litecoin Wallets

Many different Litecoin wallets all do the same thing – store your coins’ private keys safely. However, the way and medium they hold your keys are other. The possibilities of all kinds of wallets are different and have various utilities.

Type	Pros	Cons
Online	Almost always free Easy to set up and use High accessibility	Prone to scams Limited options No access to the private key
Software	Easy to use Small fee Private key access	Comparatively less secure than other options Manual updates
Mobile	Free Easy to set up Easy to access	Less secure Limited options No access to the private key
Full Node	Very high security High individual owner control Customisable	Hard to set up for beginners Requires significant disk space Low compatibility
Hardware	One of the safest options out there Advanced customizability options Physical security	High entry cost Low compatibility Requires a computer and USB port to access

These are some of the Litecoin wallets available and their respective pros and cons.

Features of Best Litecoin Wallet

CoinSwitch is the best Litecoin wallet out there to store your Litecoins. Here are some of the best features of your CoinSwitch Litecoin wallet:

Best Litecoin Wallet India

Fees

CoinSwitch Kuber charges zero fees on all withdrawals and deposits to and from the app. When you link your bank account to the app and transfer your funds, CoinSwitch doesn’t charge you anything, no matter how frequently you make withdrawals or deposits. CoinSwitch Kuber is one of the only low-fee exchanges out there.

Pros

• CoinSwitch Litecoin wallets have very high accessibility and can be used online for transactions, deposits and withdrawals.
• It is an online wallet, which can be used just as easily as net banking or a debit/credit card.
• CoinSwitch has sophisticated security mechanisms that prevent fraudsters, scammers and hackers from accessing your keys.
• Availability of 2FA security setups that place a very high value on user authentication
• Fast withdrawals to and from your CoinSwitch wallet to your bank account.
• Exchange located within the app for easy tracking of the market, buying the dips or selling the highs.
• Easy tracking of percentage returns on your Litecoin holdings under the Portfolio tab of the app.

Why Choose CoinSwitch Litecoin Wallet

CoinSwitch Litecoin wallet is one of the best Litecoin wallets out there. There are several reasons for that. Firstly, CoinSwitch is not just a wallet – it is predominantly an exchange. Hence, buying, selling, withdrawing, transacting and depositing Litecoin is accessible on the app. Users don’t have to download a separate application to store their Litecoins when they already use CoinSwitch to buy their crypto.

Secondly and more importantly, CoinSwitch is super secure. We duly conduct KYC before you open an account with us, verify your bank details as per standard norms, and ensure that everything’s in place before you start transferring funds and buying Litecoin. Along with OTP and other 2FA mechanisms, we provide that no one except you can access the app and your holdings. The app is also tightly knit with your contact details. At every withdrawal or deposit, we send you an email intimating you. This way, we keep you in the loop even if someone manages to get hold of your account.

Thirdly, CoinSwitch Kuber operates an online wallet accessible on your smartphone. With only your smartphone and a stable internet connection, you can use your crypto holdings in any way you like. Furthermore, CoinSwitch does not require you to carry a USB drive to use your crypto like hardware wallets. You need to use your app to transfer cryptos to the destination wallet, and voila!

Here’s How To Set Up CoinSwitch Litecoin Wallet

Setting up the CoinSwitch wallet is very easy.

• Step 1: Open CoinSwitch – The first step is to download the CoinSwitch Kuber app on your Android or iOS mobile phone. You could also visit our website and enter your phone number, and we’ll SMS you a link to the app!
• Step 2: Register and open an account – Once the app has been successfully installed, you will be asked to enter your mobile number for OTP verification. Once the OTP has been received and entered by you, you will be asked to set a PIN on the app for added security.
• Step 3: Complete your KYC – To complete this step, head on to the ‘Profile’ section of the app in the bottom right corner and click on ‘User Verification’. Enter your name, PAN number, date of birth and email address for primary verification of your identity. Once this is done, you will be asked to upload your PAN card’s picture and a picture of a government-issued ID card to complete the verification.
• Step 4: Add your bank account details – To transfer funds from your bank account to the CoinSwitch app, you need to provide the app with the relevant information. These include your account number and IFSC code only. The app sends Rs. 1 to your account to verify if the details are correct and if they are, the account is linked to your profile.

After this is done, you’re free to use the CoinSwitch App to buy Litecoins right from the exchange! The coins are automatically stored on CoinSwitch’s wallets for safekeeping. If you wish to transfer Litecoins from a different wallet to your CoinSwitch one, follow these steps:

• Open the CoinSwitch app and click on Litecoin.
• Navigate to the three. Dots on top of the screen and select one of the two options – Send LTC or Receive LTC.
• Corresponding to your choice, you either have to enter your target wallet address to send LTC, or you will be presented with the instructions for receiving LTC to your wallet.

Conclusion

Hence, this is everything you need to know about Litecoin investing and using a wallet to store your Litecoins in. As an investor, you must make sure that your investments are diversified across different cryptocurrencies and are insulated from market risks as much as possible. Furthermore, by using a secure wallet like CoinSwitch, you can also make sure that your holdings remain safe if you’re planning to keep them for the long term.

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Convert your LTC to INR directly here.

Common FAQs

Does blockchain wallet support Litecoin?

Yes, several blockchain wallets like CoinSwitch Kuber support Litecoin. All online Litecoin wallets store your LTC on the blockchain. The actual use of the wallet is to keep your private access keys to your LTC safe.

What is the safest Litecoin wallet?

CoinSwitch is one of the safest Litecoin wallets in India, with more than 10 million active users.

How do I withdraw money from my Litecoin wallet?

Using CoinSwitch Kuber, you can withdraw your Litecoins by clicking on the Withdraw LTC button on the top right-hand corner of your screen. After entering the target wallet address, your Litecoin will be transferred from one wallet to another. If you want to withdraw your money in INR, you can sell your LTC on the CoinSwitch Kuber exchange and transfer your funds to your bank account for free!

How do I transfer my Litecoin wallet?

If you want to transfer your LTC from one wallet to another, you need to go to the LTC section on the CoinSwitch Kuber app, click on withdraw LTC, enter the amount. And. the destination wallet address and viola! You will have transferred your holdings from one wallet to another.