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What Is Cryptocurrency?
There’s a good chance you’ve heard of cryptocurrency by now, particularly if you’ve heard of Bitcoin. Cryptocurrency exists by using a certain form of technology that’s most commonly referred to as “blockchain”. This type of technology is unique because it’s decentralized, meaning it only exists because it is spread across multiple devices (usually computers). The management of any transactions and records is stored on multiple devices to enhance the technology’s security.
Types of Cryptocurrency
There are various types of cryptocurrency currently available and many more in the development stage. The most common types of cryptocurrency that you’ve probably heard of are Bitcoin, Litecoin, Ripple, Stellar, NEO, and Cardano. As of April 2021 and according to Sofi.com, there were more than 10,000 different types of crypto to choose from.
What Is Special About Litecoin?
Throughout history, humans have had a tendency to become more averse to risk as long as the potential value gain from the risk becomes higher than it was before. In the cryptocurrency world, this means Litecoin wallet is immensely valuable as a Bitcoin testnet. What’s even better is that using it as this type of testnet increases aggressive innovations and solutions that can be applied to both the Litecoin and Bitcoin network.
What Is a Crypto Wallet?
Throughout history, humans have had a tendency to become more averse to risk as long as the potential value gain from the risk becomes higher than it was before. In the cryptocurrency world, this means Litecoin is immensely valuable as a Bitcoin testnet. What’s even better is that using it as this type of testnet increases aggressive innovations and solutions that can be applied to both the Litecoin and Bitcoin network.
What Can You Spend Cryptocurrency On?
Cryptocurrency can currently be spent on just about any service or product. Currently, the number of entities and brands that accept cryptocurrency isn’t all that high. However, this doesn’t mean you can’t use crypto to pay for your favorite products and services. With the right wallet, it becomes easy to spend crypto by connecting to your PayPal and more. Some of the most common ways that crypto holders spend their money are:
- Giftcards
- Real estate
- Video games
- Travel
- Gifting purposes
Best Wallet for Litecoin
If you have purchased Litecoin or you’re thinking about buying some, you should carefully research which wallet is best for this specific type of crypto. To make things simple, we’ve done heavy research for you and created a quick list of the best crypto wallets that store Litecoin.
KeepKey is definitely a winner when it comes to being one of the best Litecoin wallets. It fully manages the private key generation and facilitates secure outgoing and incoming transactions. By working together with the software on your computer, it enhances private key management even when you’re crypto is held offline on the KeepKey device.
Ledger is one of the most advanced crypto wallets available and it just so happens to store Litecoin. Both private and public keys are stored on the device, and it features a couple of notable advantages when compared to other wallets. The hardware wallet is not only more advanced than most but it is virtually immune to hacks by viruses and hackers.
The Trezor wallet has been available to the public since 2014. It was the first hardware wallet to hit the cryptocurrency market and is definitely worth considering when looking for the best wallet for Litecoin. It also is compatible with several other forms of crypto, making it a perfect investment for crypto beginners as well as those who are more advanced.
The Takeaway
The importance of having a secure wallet to store Litecoin should never be undervalued. With a secure wallet, it becomes possible to keep your digital assets out of the hands of hackers and thieves as well as to avoid broker and transaction fees in many circumstances. If you’re looking for the best Litecoin wallet, make sure to do your own research and combine it with the research we provided to make the most informed decision.
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