There are exclusive crypto wallets in the market today. From hardware; to desktop, mobile, and paper, all have their unique positives and negatives. Some provide the latest in cutting-edge security, while the other is prone to cyber threats.

Well, there are some hardware wallets like TREZOR and KeepKey that comes under good counts. However, when it comes to web or mobile-based digital wallets, investors become little cautious.

Here’s an interesting guide on Loafwallet (LiteWallet) review that takes you to every corner you need to explore before going for the Litecoin Wallet.

What is Litewallet?

Litewallet is the official wallet for the cryptocurrency Litecoin (LTC). The digital wallet is a product of Litecoin Foundation- a non-profit organization. It was previously known as Loafwallet.

Litewallet is easy to use, open-source wallet, It is developed and published by Charlie Lee and Litecoin Foundation. It aims to promote Litecoin and its products.

Loafwallet (LiteWallet) is the fork that came from “Bread wallet”- the well-known Bitcoin Wallet. This Litecoin wallet is an application that you can install via App Store or Google Play Store. Another Litecoin wallet you can give a try is Litecoin QT.

The digital wallet allows you to store, send and receive your Litecoin anywhere at any time with a faster and cheaper rate.

Loafwallet Is The Best Standalone Litecoin Wallet Built For IOS And Android. It Is Available To Download For Free On The Apple App Store And Play Store!

If you want to import your funds into another wallet it’s even easier; as you have the access of your private keys. The app also imports the Mnemonic Phrases to recover your wallet.

Litewallet Features

Storage: The first thing to concern about: Are there any limitations with respect to storage? There are no such limitations when it comes to your Loafwallet. Litecoin blockchain is capable of handling any volume. This might be due to the constant block generation which helps in accommodating huge transactions.

Verification: No verification is required to download the Loafwallet. However, all the transactions via Blockchain need to pass a digital verification. Cryptography is the key to creating a signature or verification code- an added security measure to your Loafwallet.

The crypto wallet offers pseudo-anonymous transactions. If you want to store Litecoin in the digital wallet:

• Download the Loafwallet on either Apple store or Google play store
• Create a PIN or passphrase to recover at some point in time.

Special Features

• Does not store Litecoin on servers: The funds are available 24/7 as they are not on servers
• The crypto wallet is open-source: Developers can find the code on GitHub.
• Fast process: Loafwallet connects to the Litecoin wallet

How to Register on Litewallet?

The crypto wallet is available for free and requires no verification details. Let’s start up with the procedure:

Step 1: Download the Wallet

Loafwallet is accessible on both Google play store and Apple store. The size is 36 MB and works with Android version 6 and above. For IOS users, the digital wallet operates with the latest IOS version.

Step 2: Set UP

After you download the app, choose a passphrase. (Recover your funds in case of any issue). Set up a PIN code to access your funds.

Step 3: Load the Loafwallet with Litecoin

Now your crypto wallet is ready to use. Import your Litecoin from another wallet or buy some via exchanges that support Litecoin.

The crypto wallet generates a new address each time you complete the transactions.

To receive coins, click on “Receive” Litecoin and you get a unique public address. So, you can proceed with the address and follow the instructions to complete the transaction.

How to Add Litecoin 

A user can either buy or receive Litecoin in order to add them to the wallet.

Buy

• On the wallet tap on “Buy”.
• Select the partner and the fiat you will pay with.
• Tap on the arrow to start the process with our payment partner.
• Verify all the steps with ID and credit card
• Note the payment ID and the confirmation email from the partner.
• Funds are deposited to your Litewallet

Recieve

• On the interface Tap on “Receive”.
• You can show the QR code to your payee and they can scan the code in their smartphone with Litewallet or some other Litecoin wallet.
• Or, you can tap on “Share” and select Email or Text Message.
• Ask the payee to send your Litecoin.

How to withdraw funds 

A user can withdraw in 3 ways

• Use the tokens as payment to services or goods
• Exchange Litecoin with others by sending tokens to their LTC address
• Sell your Litecoin on an exchange for local currency. 

Open an account at a crypto exchange such as Coinbase, Binance, Kraken, or similar. Then select the Litecoin section and send it to the generated address. Withdraw to your connected bank account.

Supported Currencies & Payment Methods

The digital wallet is native to Litecoin. Litecoin is the only supported cryptocurrency on the wallet.

Fees & Limits

As you start using the wallet, go to settings and choose the currency you want to transact. You can choose between regular and economic fees.

Loafwallet fees are the lowest in the market which costs you 0.002 LTC. The average transaction fee is $0.206 and the median fee is $0.06. Though there have been complaints about the higher fees of up to 0.45 LTC.

Is Litecoin Wallet Safe?

The crypto wallet is safe. The Loafwallet safety depends on 4 major factors as listed below:

Community Trust

The digital wallet has already gained the trust of Litecoin users. Since the code is open-source, developers can easily monitor and update for bugs and drawbacks. The app owns a 3.9 star Google rating within favorable reviews.

Customer Support

Litecoin has a community serving Loafwallet users. You can interact with the developers and support team via- Twitter, Google+, and Reddit.

Handling Speed

Litecoin was developed 4 times faster than Bitcoin. When the Bitcoin block completes in 10 min, the Litecoin transaction speed is 2.5 min. The crypto wallet connects to the Litecoin blockchain to ensure the transactions get completed within the shortest amount of time.

Security

The digital wallet is built with enhanced security to protect Litecoin. The developer uses AES hardware to encrypt the crypto wallet’s code. In addition, The safety layer includes app sandboxing, code signatures, and many others to keep a bug-free wallet.

Conclusion

Litewallet checks almost all the boxes. It is credible and is powered by the Litecoin foundation.

The security, fees, ease of use, interface are all favorable. However, if you’re a Windows user this one’s not suitable for you. Conclusively this wallet surely gets a thumbs up.

FAQ

1. Is Litewallet Wallet available on Android?

Yes. LiteWallet is available for both Android and iOS versions under its rebranded name – LiteWallet.

2. Is Litewallet safe and secure?

Litewallet uses AES hardware encryption and app sandboxing as well as keychain and code signatures to protect coins from malware and browser flaws.

3. How do I cash out Litewallet?

Open an account at a crypto exchange such as Coinbase, Binance, Kraken, or similar. Then select the Litecoin section and send it to the generated address. Withdraw to your connected bank account.

4. How to add Litecoin to the wallet?

A user can either buy or receive Litecoins. Scroll above to know in detail

5. What happened to LoafWallet? I’m not able to find it on the Appstore?

Many users have faced the issue. With LoafWallet changing its name to LiteWallet without prior intimation, the application seems to have vanished from the app store.

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Source: https://coinpedia.org/crypto-wallet/loafwallet-review/