Electrum Litecoin Wallet Review 2021
The Electrum LTC wallet is an open source, desktop-based wallet that was designed specifically for Litecoin (LTC).
Electrum Litecoin wallet is a lightweight Litecoin client with lots of similarities to its mother wallet, Electrum Bitcoin. It has the advantage of being early on the crypto scene. But does this make a difference in its features and functions?
What is Electrum LTC Wallet?
What is Electrum LTC wallet? It is an open source, desktop-based wallet that was designed specifically for Litecoin (LTC). The code for Electrum was released in 2011 and though it was initially a Bitcoin-only wallet, developers have created other versions.
According to its website, it is a community-maintained port of the Bitcoin wallet, Electrum, to Litecoin. Its design is simple yet feature-filed, making it appropriate for all levels of users, beginners and more advanced.
Electrum Litecoin wallet is a desktop software wallet compatible with:
What wallet type is Electrum Litecoin?
What cryptocurrencies does the Electrum Litecoin wallet support?
What fees does Electrum Litecoin wallet have?
There are no Electrum Litecoin wallet fees for setting up or using the software. However, users pay the usual network fees that go to miners for transaction confirmation.
How to open your Electrum Litecoin Wallet account
To get started, let us find out how to open Electrum Litecoin wallet:
Step 1: Go to electrum-ltc.walletdownload.org and click “Downloads”
Step 2: Click the “OS X executable” button to initiate download
Step 3: Once the download of the .dmg file completes, run the software and follow the prompts to complete installation
Step 4: You will get the question “How do you want to connect to a server?” Select “Auto-connect” and click “Next”
Step 5: Give your wallet a name and choose where to save it then click “Next
Step 6: On the next screen which asks the type of wallet you want to create, select “Standard wallet” and then click “Next”
Step 7: On the keystore page, select “Create New Seed” and click “Next”
Step 8: You will get a 12-word mnemonic phrase which you can use to regenerate your wallet if ever it fails
Step 9: Retype your seed to confirm it and then click “Next”
Step 10: Set a password for your wallet and make sure to tick the “Encrypt wallet file” box
Step 11: Your wallet will now generate addresses and when it’s done, click “Next”
Congratulations! That is how to open a wallet on Electrum Litecoin!
How do I add cryptocurrencies to Electrum Litecoin Wallet?
Next, let’s learn how to add currency to Electrum Litecoin wallet:
Step 1: Click the “Receive” button on the top right side
Step 2: Copy the receiving address, which is your Electrum Litecoin wallet address and paste it on an exchange or in another wallet to transfer funds.
Use this process to transfer Litecoin to your wallet from any other source.
Since it is a Litecoin-only wallet, we will not go into how to transfer Bitcoin to Electrum Litecoin wallet, how to transfer Ethereum to Electrum Litecoin wallet or how to transfer Ripple to Electrum Litecoin wallet.
How to send payments on Electrum Litecoin wallet?
Now that we have some funds, here is how to send payments on Electrum Litecoin wallet:
Step 1: Click the “Send” button in the middle of your screen
Step 2: Enter your recipient’s address in the “Pay to” tab, an optional description, the amount to pay and the fee, and then click “Send”
How do I receive payments on Electrum Litecoin wallet?
To receive payments on Electrum Litecoin wallet:
Step 1: Click on the “Receive” button in your wallet
You’ll see here your crypto wallet address.
Step 2: Copy the receiving wallet address and send it to your counterparty then wait for the funds to reflect.
How safe is Electrum Litecoin Wallet?
There are a number of great Electrum LItecoin safety features that seek t protect user funds. Consider the topmost:
Optional Cold Storage
You can use Electrum Litecoin to generate as well as maintain offline wallets for cold storage of your funds. Using this option, it is now possible to sign transactions from a system that remains offline. After that, you can broadcast the transaction from a PC that does not hold your private keys.
Private Key Storage
Your private key Electrum Litecoin wallet is stored not on the operators’ servers but on the user’s hard drive. Even if the servers were to be compromised therefore, users’ private keys would not be affected. It also means that every user has the responsibility to keep their own keys and wallets secure.
Open Source Code
Electrum Litecoin wallet is based on open source code. Users can therefore view and audit the code. They can even identify bugs and bring them to developers’ attention to enhance safety. This also goes to show that the team behind it has nothing to hide and is open to public scrutiny.
Being open source also means that anyone can run the client and the resulting decentralized structure has no single point of failure.
Two-Factor Authentication and Multi-Signature Options
During setup, you have the option of incorporating these features for further security. 2FA requires a double layer of authentication before transaction processing. And if you have multiple users for an account, multi-sig measures will help make everyone accountable.
From the above safety features, Electrum Litecoin wallet has placed significant efforts to ensure security for its users. However, they have omitted one important consideration, regulatory compliance.
Very few crypto wallets and service providers are regulated. eToro is one such provider, mentioned earlier, who takes regulations seriously. In every jurisdiction where the platform operates, it is licensed by the relevant authorities.