Author Topic: Keeping your LTCs safe  (Read 148 times)


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Keeping your LTCs safe
« on: February 07, 2018, 03:20:40 am »
As with most other cryptocurrencies the best way to keep your litecoin safe is in a hardware wallet (e.g. Ledger Nano S) or have your private key stored offline (e.g. have it written on paper, with no digital copy).

Holding Litecoin on exchanges generally means you do not own them. This is because the exchange website holds your private keys, and if they decide to liquidate that means your coins will go too. To protect yourself and friends always keep the majority of what you hold on wallet where you hold the private keys, and use 5-10% for trading if you want to.

Harware wallets which allow you to hold your private keys and keep your coins securely encrypted (only buy from their official website shop, never from ebay or another 3rd party seller!)
-Leger Nano S

Wallets that allow you to hold your private keys, which are most popular as they are secure, bug free and allow you to export your keys to other compatible wallets:

Wallets which are on exchanges and you do not own your private keys, i.e. these are just exchanges.
-Coinbase/GDAX  - They are linked: free transfers between them

To be extra safe make sure you are on the official website links, that are secured connections and verified. E.g. Coinbase looks like:

Most websites ask you to bookmark and ensure https:// is showing before the website address. This is because we are all able to make mistakes, but keeping a keen eye out in this example and many others can help you protect yourself everywhere on the internet.

It takes just take those few extra checks to ensure your coins are safe.