Storing Litecoin (LTC) and other digital assets in exchanges is not recommended. Indeed, the best thing to do is to keep them far from the internet. This applies to both large holders and small investors. A Litecoin paper wallet is going to be useful for users who want to protect their funds.
A cryptocurrency market is where you will want to keep your funds protected at all times. In order to do so, there are many hardware options for you to hold your virtual currencies. If you are a long-term Litecoin holder, one of the solutions is to own a hardware wallet. However, if you are not able to acquire one or just want another solution, a paper wallet can work.
What Is a Litecoin Paper Wallet?
A Litecoin paper wallet would allow you to store your funds without worrying about hackers. Indeed, attackers would not have the possibility to access your funds at all. Paper wallets are not connected to the internet, which is their main characteristic.
Paper wallets are literally made of paper. They can be printed from safe sites on the internet, and they can be used to store the funds you need. These wallets are the best solution for users who do not have hardware wallets and hold Litecoin. In just a few steps, you will have the possibility to protect your funds without worrying about hackers.
Users will have the public and private keys printed in a piece of paper that can be used unlimited times. The downside of this method is the fact that it can get lost or broken at any time. Indeed, paper wallets do not usually last long compared to hardware wallets. This is the reason why you should keep special care about them.
Paper wallets were mostly used during the early years of the crypto market. At that time, the industry was not yet so developed as it is now. This allowed many individuals to properly store their funds. However, over time, many of these users lost their funds, considering they forgot where they placed their wallets.
Why Should You Avoid Cryptocurrency Exchanges to Store Litecoin?
Cryptocurrency exchanges are usually a great place to acquire funds. Indeed, if you want to buy digital assets, they are for sure the best platforms to use. Nonetheless, it may be somehow unsafe to handle virtual currencies in these platforms.
It is not expensive nor uncomfortable. However, it is certainly important to understand that these platforms are generally targeted by attackers and hackers. This makes them very unsafe to store large amounts of funds.
This could be one of the main reasons to store funds in a paper wallet. This would work as long as users store their funds for long periods of time. Individuals that keep their funds for a short time in a paper wallet may realize that they would be uncomfortable. As this is not a device or is not connected to the internet, it can be more tedious to use it. This applies to users who want to make daily purchases or use their wallets on a daily basis.
Hardware wallets were thought and planned as a solution to long-term holders who wanted to keep their funds safe. However, a Litecoin paper wallet would provide a cheap, fast, and secure way for users to store LTC. You don’t need to hold just one Litecoin hardware wallet, but you can have several of them. In this way, you reduce the risk of losing all the funds at once.
Litecoin Paper Wallet Generators
There are several websites that would allow you to properly create your Litecoin paper wallet. It is always important to check that the site is the official one, and this is not fake. There are several scammers and phishing sites which would steal your data. It is always recommended to check that. One of the websites you can use to start a Litecoin paper wallet is liteaddress.org. However, things can change in the future. You must always be aware of the sites you use to create a wallet and deposit your funds.
If you search on the internet, try to look for recommendations, recognized websites and who supports them. Understand whether the Litecoin paper wallet generator is genuine or not. This is why you will need analytical skills and realize whether the site is trustworthy or not.
Once you have selected the site, you will be able to generate your paper wallet that would work at all times. Remember that you must keep the wallet protected and in a safe place. Moreover, it is always a good practice to keep the private key in different places in case you lose it.
If you want to check your balance, the process is very straightforward. Obviously, you will not be able to do so in a paper. This is why you can always copy the public address in a Litecoin explorer. You can google Litecoin explorer and paste your public address on the search bar. This would provide you clear information about the transactions received, sent, and the funds stored.
Remember not to give the private keys to anybody. The private keys of your Litecoin paper wallet are only for you to confirm you hold these funds.
Using a Litecoin paper wallet is a good idea for users who want to hold their funds for long periods of time. It is not recommended if you want to make daily purchases or if you usually use your funds.
Remember that Litecoin paper wallets have their issues, and they are not perfect. You must take care of them very well. Moreover, you must be aware of the way in which you create a paper wallet, as many sites may be trying to scam you, which may be very costly for you.
Featured image: theliteschool.com