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                                        Steps to Set Up and Add Litecoin to Wallet | The Top Coins

Steps to Set Up and Add Litecoin to Wallet | The Top Coins

26 Jul 2021

Many transactions nowadays are using digital wallets. A digital wallet is a financial account that lets netizens do their payment transactions online with their smartphones or other devices. Digital wallet is also the primary interface for cryptocurrency transactions, like Litecoin or LTC.

Litecoin crypto is the first altcoin that is cheaper and faster than Bitcoin currency. It's a peer-to-peer cryptocurrency that is based on a less complicated algorithm, the Scrypt algorithm. This algorithm provides an easier and more accessible way for Litecoin mining than Bitcoin mining

Sending and receiving Litecoin requires a digital wallet or a Litecoin wallet. There are different types of Litecoin wallets.

Litecoin Wallet types

One of the vital decisions to make in Litecoin crypto is choosing the best Litecoin wallet. You should consider factors like your knowledge in crypto and the amount you're investing. With that, here are the types of Litecoin wallets:

Paper Litecoin Wallet

A paper wallet is a simple form of LTC wallet that has excellent security. The LTC in this wallet is kept in cold storage.

The downside in a paper wallet is you need to have private and public keys documented on a paper that you need to safeguard.

Hardware Litecoin Wallet

These are USB devices that are also kept in cold storage. Hard wallets are meant to make transactions offline, giving them an extra layer of security. A hard wallet is expensive, however, it's still the top pick of long-term LTC investors.

Web Litecoin Wallet

Web Litecoin wallet does not require an installation of software It only requires internet and private keys. It's controlled by a third party from the server, making it vulnerable to hackers and third parties. 

Mobile Litecoin Wallet

For casual investors, a mobile wallet is one other option aside from the web. It's user-friendly, but it may not be the safest wallet available. 

Desktop Litecoin Wallet

This wallet runs programs on your computer or your laptop. It's ideal to use a desktop wallet if you're only investing in a small number of funds. This is because it's still run by an internet server.

Which Litecoin Wallet Should I Choose?

If you're a casual investor and not yet well-versed on how to use Litecoin wallet, the recommended LTC wallet for you is a web or mobile wallet. 

If you have enough experience in LTC and crypto in general, you may opt for a hardware wallet. It's the most secure wallet for LTC.

For long-term investment, a paper wallet is an ideal choice because it's in offline mode, hence it's not vulnerable to hackers online. The only disadvantage of a paper wallet is that it may not be the safest wallet because of its material.

Litecoin Wallet Apps

Are you an Android user looking for an LTC Wallet app? An IOS user? Litecoin supports both Android and IOS.

Litecoin Wallet Apps

Litecoin Wallet Android offers - here are the different Litecoin wallets for Android devices:

  1. Freewallet - this is a digital wallet that lets you manage your LTC. In Freewallet, you don't need to have a backup as the wallet does it for you. 

  2. Litewallet Android - Litewallet Android has been up and running for a while now. With Litewallet, you can pay, receive, and request anytime and anywhere with maximum security.

  3. Uphold Litecoin Wallet- If you want a smooth and secure transaction among your currencies, crypto, and metal, Uphold Litecoin wallet is the option for you. 

Litecoin Wallet IOS users can use - for IOS devices, here are some of the few Litecoin wallets you can choose from:

  1. Freewallet - one of the most flexible Litecoin wallet IOS users can take advantage of is the Freewallet app. You can make transactions such as storing and sending LTC for free.

  2. Litewallet iOS - this digital wallet is ideal for first-timers and casual investors because of its user-friendly interface. 

  3. Uphold Litecoin Wallet - If you want a safe, secure, and convenient way to keep your LTC, Uphold Litecoin Wallet is your best choice.

How to Set Up a Litecoin Wallet?

Now that you know and understand Litecoin wallets, the next step is to set up your wallet. For Freewallet users, here are the simple steps to setting up an LTC wallet:

  1. Download the Freewallet app from Google Play or AppStore.

  2. Register by putting your email address, mobile number, and Facebook or Google account.

  3. Create a password and a PIN code. 

For Uphold users, set up a Litecoin wallet by following these steps:

  1. Register for an Uphold account

  2. Follow the account verification process. 

  3. Add LTC to the dashboard.

  4. Add Money to your account.

How do I Add Money To My Litecoin Wallet?

Litecoin wallets have their steps in adding funds to their digital wallet. For Freewallet, users can either buy Litecoin or deposit from another wallet. Here's how to buy Litecoin from Freewallet.


How do I Add Money To My Litecoin Wallet

  1.  Select the "Buy" option in Freewallet.

  2. Pick the currency you prefer to buy LTC with.

  3. Key in the amount or sum.

  4. Enter some personal information that you will be asked for.

  5. The funds are added to your balance.

If you want to add money by depositing from another platform, follow these steps:

  1. Click the "Receive" option in Freewallet. A QR code and an address will pop up. 

  2. Either scan the QR code or paste the deposit address when you send LTC from the other platform,

  3. LTC is added to your balance. 

For Uphold, adding funds to your wallet is simple and quick:

  1. Click "Add Funds."

  2. Choose the payment method of your choice- bank account, fiat card, and more.

How to Send Litecoin from Paper Wallet and other wallet types.

To send Litecoin using a paper wallet, transfer it to your mobile application by scanning the private key. You can send Litecoin from a paper wallet after it has been imported to your mobile.

 Let's take a look at how you can deposit and receive Litecoin using the NiceHash wallet.

  1. Log in to the NiceHash account and select the Wallet tab.

  2. Select the "Deposit" option.

  3. In the "Deposit to" tab, select Litecoin, then click “SHOW (LTC) ADDRESS."

  4. Open your Litecoin wallet and find the "Send" or or "Withdraw" option.

  5. Paste your deposit address from your NiceHash account to Litecoin wallet. You can also scan QR codes if available.

  6. Validate the transaction in your Litecoin wallet. 

If you're using a desktop Litecoin wallet, here's how you can send LTC:

  1. Click "Send".

  2. Under "Pay to", type your intended recipient.

  3. Input the amount you want to send. And select "Send." 

For receiving Litecoin from desktop Litecoin wallet, take these simple steps:

  1. Input your "Label," whichever label you prefer like payment for something or a person.

  2. Type in the amount under "Amount." You can also include a message.

  3. Select "Request a Payment." A new window will appear.

  4. Select "Copy Address" and send it to your intended recipient, to whoever you want to request Litecoin from.

  5. The receiver can only send the amount of Litecoin you have requested.

Conclusion

Litecoin is definitely a game-changer because of its faster transactions and less complicated algorithms. There are many ways to set up an account and create transactions with Litecoin. But before holding LTC, you must know which among the LTC wallet and applications are best for you. 

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