Litecoin


Augie asked 6 months ago

I bought a litecoin one week ago it is sitting in coinbase what should I do to protect this coin, do I need to put it into a wallet?? Any help is appreciated ty

1 Answers
Steven Hay answered 6 months ago

Hi Augie,
 
To duplicate my answer to your same question elsewhere:
 
Coinbase storage is called an exchange wallet. Desktop storage is called a software wallet. I would say a software wallet like Electrum Litecoin (found at https://electrum-ltc.org/) is a better option than trusting Coinbase to store your money.
Electrum is a so-called light wallet, which means you won’t have to download and sync the full Electrum blockchain, which takes a while. Another nice aspect is you can later add a Trezor or Ledger hardware wallet to Electrum for greatly improved security. I would say it’s worth doing so if you plan to get more coins!
Read more: The Complete Guide to Selecting Your Litecoin Wallet | 99Bitcoins

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