LoafWallet Review 2020

Anisa Batabyal
| 06 May, 2020 | 2 min

LoafWallet is the best standalone mobile Litecoin wallet designed by the Litecoin founder Charlie Lee. And now, the Litecoin Foundation maintains LoafWallet. LoafWallet goal is to let users use mobile devices to trade Litecoin. Everyone with a mobile device running LoafWallet Android or LoafWallet iOS can download.

Today the industry includes exclusive crypto wallets. From hardware; to desktop, web, and paper, all of them have their own specific positive and negative aspects. Many deliver the latest in protection at cutting-edge, while the others are vulnerable to cyber-attacks.

Table of Contents

What is LoafWallet?

LoafWallet is the official wallet for the Litecoin (LTC) cryptocurrency. The digital wallet is Litecoin Foundation company-a non-profit organization.

  • LoafWallet, an open-source wallet (source code is available on GitHub), is easy to use.
  • The digital wallet is created and published by the Litecoin Foundation and Charlie Lee.
  • One objective: "Fostering Litecoin and its goods"
  • Loafwallet is one of those products that Litecoin designs and promotes.

Here's an interesting Loafwallet tutorial that will take you to every corner you need to know before you are going for the LoafWallet android app.

LoafWallet is the Litecoin Mobile Wallet most commonly developed by the Litecoin Foundation. This step-by-step Loafwallet tutorial will direct you through the development of your LoafWallet and will include a short tutorial on how to use LoafWallet to pass and receive Litecoin.

Install a Wallet

Step 1: Install a Wallet

You can download the LoafWallet android app for free from the App Store and Google Play. 

Step 2: Create a New Wallet And Set Your PIN to "Create New Wallet”

You will be prompted to key in your PIN again after keying in your PIN to confirm. Following wards, then you would set your PIN successfully.

If you forget your password, you'd lose access to your Litecoin (LTC), so make sure to set a Password that you can easily remember.

Step 3: Write Down The Paper Key 

The paper key is a list of 12 words that you'd like to write down on a piece of paper to hold in a safe spot. You'll need this paper key to restore your LoafWallet if your phone is ever stolen or changed.

To create your paper key, tap the "Write Down Paper Key" button and the pin key you just generated in Step 2. Tap "Next" after you write down a word until all 12 words are written down in order. If you forget a word, tap "Previous" and go back to the previous word. Please make sure you write down the terms in the order that they were given.

After all, 12 words have been written down, the app will verify that you've written them correctly by asking you to enter two of the words from the list. It is case sensitive, so make sure to write everything in the lower case. If the word is wrong, it is indicated in red focus. Otherwise, a blue checkmark is indicated, and you can press submit until you have two blue checkmarks.

Stage 4: Authentication by Fingerprint

You can either tap "Enable Fingerprint Authentication" or tap "Menu" at the bottom right of the screen to allow fingerprint authentication and pick "Security Center">"Fingerprint Authentication." To allow or disable fingerprint authentication, you can toggle the ON and OFF buttons here.

When authentication of fingerprints is allowed, you can authorize the transfer of LTC from your wallet using your fingerprint as long as you have selected it within the expenditure cap. You can either tap "screen" on the fingerprint authentication screen shown above or go to "MENU" > "Settings" > "Fingerprint Authentication Spending Cap" to configure the price cap.

When sending LTC over the cost cap, to allow the move, the PIN will need to be keyed in. Otherwise, you will approve the transaction using your fingerprint.

I Created My wallet, What Now?

After you have made a transaction via LoafWallet, the transaction information can be easily accessed from the home screen. The screenshot below gives an example of the info.

You can also view the blockchain transaction by tapping "View on the blockchain" This will lead you to Insight, a blockchain explorer at Litecoin. There you'll be able to see even more transaction information from your transaction ID.

You should try initializing with the blockchain by going to "MENU" > "Settings" > "Sync Blockchain," if you can see your transaction on insight but not on LoafWallet. Note you won't be able to send LTC during initialization.

Special Features: Loafwallet

  • Does not store Litecoin on servers: the funds are available 24/7 because they are not on servers 
  • The crypto wallet is open-source: the code can be found on GitHub through creating.
  • Quick process: Loafwallet connects to the wallet of Litecoin.

LoafWallet Fee

LoafWallet’ s transaction costs are very small, with an average transaction cost of $0.206 and a $0.06 median fee. The median represents the cumulative transaction cost that the Litecoin blockchain has paid divided by the maximum number of transactions.

Latest Updates of LoafWallet 

LoafWallet has been influential in how individuals and companies purchase, store, and transact Litecoin, "said Charlie Lee, managing director of the Litecoin and Litecoin Foundation Creator. "We plan to make LiteWallet even easier to connect regularly with Litecoin in already familiar ways."

Loafwallet is a mobile wallet for Android as well as iOS apps with lone payment authentication. Created in 2016 as an open-source project, Loafwallet targets Litecoin owners who buy and sell coins on a regular basis using their mobile devices. Anyone can access the wallet whatever their country of origin, provided they have their personal Android or iOS mobile device.

Pros and Cons

Pros

  • Security at High Speed.
  • Directly connected for fast transactions with the Litecoin blockchain.
  • Fees for transactions small.

Cons 

  • Help Litecoin only

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