WLX is an online Litecoin wallet. However, it’s not just an ordinary wallet app for your LTC. It supports other cryptocurrencies and even some popular fiat currencies.
However, in this article, we’re going to look at WLX mainly as a wallet for Litecoin. We’ll explore some of the features that make it stand out from the crowd. By the end of this article, you’ll understand why WLX is the best LTC wallet out there.
But before that, let’s discuss what Litecoin actually is and how you can store it in online wallets. Read on!
What Is Litecoin?
Litecoin is a type of digital currency, also known as cryptocurrency. The origins of Litecoin are actually related to Bitcoin. Let’s go back to 2011 — the year LTC came to be.
On October 7, 2011, former Google developer Charlie Lee decided that Bitcoin deserved an alternative. That’s why he released a client on GitHub, which was open-source and was the basis for the Litecoin network.
Back in the day, Bitcoin was only gaining popularity, but it was nowhere near the popularity achieved in 2017. Nevertheless, Lee foresaw that cryptos would experience a boom and he wanted to offer a valuable alternative.
So — how is it actually different from Bitcoin? Well, LTC offers faster transaction times and is much more convenient to use. It is based on a different algorithm for hashing and the block generation time is significantly decreased.
According to CoinMarketCap, Litecoin is still one of the most popular cryptocurrencies in the world. Although it’s still not as popular as BTC, it’s definitely a valid candidate to overtake the throne, next to XRP, ETH, and other popular cryptos.
What else makes it different from Bitcoin is that it’s cheaper. At the time of writing this text, a single unit of LTC is about $50, whereas BTC is priced at over $9,000.
There are thousands of people out there who opt for LTC either to shop with it or use it for cryptocurrency trading. Just like Bitcoin, Litecoin also needs to be held somewhere. That’s why you need a proper LTC wallet online that would make your coins safely stored.
What Is a Litecoin Wallet?
Why do we need wallets in the first place? What’s their purpose?
In the world of paper money, wallets are there to help us organize those little pieces of paper and have quick access to our credit cards. But the wallet Litecoin owners use is a bit different.
Its primary function is similar to those wallets that we’re so used to — it stores money. Yet, that’s just one of the many possibilities that a good Litecoin wallet online offers.
Besides storing money, an LTC wallet will also help you send and receive cryptocurrency. Since LTC is transferred with no intermediaries (P2P), you can basically make transactions using a very simple process.
How the Best Litecoin Wallet Works
If you want to send money, you need a Litecoin wallet address of the recipient. While you’re using your wallet app, you need to enter the amount you wish to send, in addition to the recipient’s LTC wallet address.
You also get an address of your own. This address looks like nothing you’ve ever seen before. It’s usually just a string of random digits and letters. Yet, this is very important as other LTC owners will use this address to send money directly to you.
How to Open the Best Litecoin Wallet on WLX
Opening a Litecoin wallet online account is a fairly simple procedure that will only take a couple of minutes. Just follow these simple steps, and you’ll be able to store LTC very soon.
- Download the app — download the installation client to your device.
- Install the wallet — use the installation wizard to install the program. It’s a very straightforward process that is similar to every other installation you make.
- Enter your phone number — enter your phone number and you’ll receive a verification code that will help you verify and secure your account.
- Enter your passcode — passcode is something that you should create and remember at all costs. It will help you access your wallet for Litecoin.
- Enter personal details — to ensure that your LTC wallet is safe you should enter some of the personal details as requested. Your personal data is protected with state-of-the-art technology.
Safety & Security: The Essential Features of Every Wallet for Litecoin
When you want to store your money in a bank or a wallet, what’s the first thing you’re looking for? Probably everyone agrees that “safety and security” would be the right answer to that.
In other words, ever since the concept of money was created, people were looking for a way to ensure their funds don’t get stolen. This technology has been upgraded with time. Vaults equipped with laser protection may still be the most popular way to ensure security, but it seems that cryptocurrencies found something better.
Apart from using decentralized technology, Litecoin and many other cryptocurrencies are usually stored in safe wallets. Naturally, some wallets are safer than others, and you want to aim for the best LTC wallet that pays a lot of attention to security.
This is where WLX comes into play.
First of all, you should know that encryption plays a very important role in WLX. Everything you do and all the transactions you make in LTC are entirely encrypted and cannot be accessed by cyberattackers.
Being software that deals with money, WLX online Litecoin wallet is subject to frequent audits — both internal and external. That way, it is ensured that all operations are in order and that there are no illegal activities taking place.
The overall security is tested in various ways. Yet the best LTC wallet security is achieved with penetration testing. Essentially, all kinds of possible cyberattacks are simulated to see whether there are flaws in security, which, if found, are fixed immediately.
This way, proactive security is achieved. The WLX team can anticipate cyberattacks before they actually take place and prepare for them, making sure that your Litecoin balance is not damaged in the process.
The Anonymity of Transactions Are Important for Every Best LTC Wallet
Litecoin, as well as it’s big brother Bitcoin, was made with anonymity in mind. In fact, almost all transactions that are made in cryptos do not reveal any personal information about senders or recipients.
The WLX wallet can definitely be described as a reliable wallet, above all. Therefore, once you use this LTC wallet online to make a transaction, you can rest assured that none of your sensitive data would be revealed.
WLX Isn’t Only the LTC Wallet — You Can Store Other Cryptos Too!
WLX is undeniably the best wallet for Litecoin, but LTC is not the only cryptocurrency you can store here. This is the ultimate wallet for all popular cryptocurrencies at the moment.
Therefore, aside from storing your LTC, you will also be able to store BTC, ETH, and even XRP. All of these cryptos are actually subject to the same security measures that we described in this text, so you can rest assured that they are safe and sound with WLX.
WLX also has the attributes of a standard e-wallet. This means that you are able to store fiat currencies apart from the crypto ones. In other words, you will be able to store the good old American dollars, as well as British pounds and Euros. The safety mechanisms are just as active with fiat as they are with crypto, except that the total anonymity is not possible when you send and receive fiat currencies.
Finally, WLX is not just a wallet, but it can work as a sort of currency exchange. In other words, you can use this piece of software to manage your money however you see fit. Make sure to explore this option once you open an account and fill your balance with LTC or any other of the currencies that are accepted.
To sum up, WLX is the best Litecoin wallet for all LTC owners who are looking for top-notch security. It’s easy to install and use, as it takes only a couple of minutes to set up your account and begin using the services.
Apart from being a wallet for Litecoin, it is also available for several other cryptos and fiat currencies. So, those willing to store several types of money in one place can have the biggest benefit.