Tag: Best full-stack crypto wallets

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Cryptocurrencies

Bitcoin Gold Core Wallet Review: What Sets This Wallet Apart?

The Bitcoin Gold Core Wallet is a wallet that stores Bitcoin Gold coins. Bitcoin Gold –like Bitcoin Cash- is a fork of the original Bitcoin currency. It aims to fix one of Bitcoin’s flaws; the increasing centralization of Bitcoin’s mining industry. The original creators of Bitcoin wanted anyone to be able to mine with their personal computer and earn some extra cash from their spare computing cycles.

The Bitcoin Gold Core Wallet is a wallet that stores Bitcoin Gold coins. Bitcoin Gold –like Bitcoin Cash- is a fork of the original Bitcoin currency. It aims to fix one of Bitcoin’s flaws; the increasing centralization of Bitcoin’s mining industry. The original creators of Bitcoin wanted anyone to be able to mine with their personal computer and earn some extra cash from their spare computing cycles.

The Bitcoin Gold Core Wallet is a wallet that stores Bitcoin Gold coins. Bitcoin Gold –like Bitcoin Cash- is a fork of the original Bitcoin currency. It aims to fix one of Bitcoin’s flaws; the increasing centralization of Bitcoin’s mining industry. The original creators of Bitcoin wanted anyone to be able to mine with their personal computer and earn some extra cash from their spare computing cycles.

As Bitcoin’s value grew, however, miners adopted extremely efficient (and expensive) custom-built application-specific integrated circuit (ASCI) mining rigs. This made Bitcoin mining a highly specialized industry since consumer PCs could not (and still can’t) compete with these custom rigs. Bitcoin Gold solves this while, at the same time, builds on Bitcoin’s tried and tested systems.

Bitcoin Gold Core Wallet Key Features

Bitcoin Gold adopts most of Bitcoins’ underlying infrastructure. However, it utilizes the Equihash proof of work algorithm, which cannot be sped up by custom hardware. This eliminates the disproportionate advantage that such rigs confer to their owners. It also utilizes a per-block difficulty adjustment algorithm, replay protection, and the Bitcoin Gold core wallet, which is built on the Bitcoin core.

ASCI Resistant

On average, every ten minutes, a computer on the Bitcoin blockchain network adds a block to the end of the blockchain and gets a crypto reward for that. Miners compete for the privilege of getting to add a block, primarily because of that reward. They do this by racing to solve a mathematical problem. Because Bitcoin uses an SHA-256 hash-based algorithm, the most computing power entity stands the highest chance of adding a block to the chain.

Bitcoin Gold, however, uses the Equihash memory intensive algorithm. For this reason, it is much harder – if not impossible – to game the system by having powerful rigs at your disposal. This bodes well for Bitcoin Gold Core wallet users since to use the wallet, you need to download the whole Bitcoin ledger onto your computer, which allows you to mine with your spare cycles if you want to.

Full Bitcoin Node

As mentioned above, you cannot use the Bitcoin Gold core wallet as a standalone wallet. You need to download the full node during the initial setup process. Despite weighing in at hundreds of gigabytes, having the full node on your computer offers a number of advantages.

Firstly, you do not require having your transactions validated by a third party; you can verify them yourself.

Additionally, since the node relays and validates your transactions on the Bitcoin network, you can choose the priority you want your transactions to be given, and by extension, the fees charged for each transaction. Further, you can validate and verify other people’s transactions, earning some extra coin.

Hot Wallet

The Bitcoin Gold Core Wallet requires an internet connection. This means your funds are easily transferrable. The name ‘wallet’ is, to some degree, misleading since the Gold Core wallet doesn’t store funds in the same way a physical wallet does. In contrast, it allows you to change the records stored on the blockchain ledger- a copy of which you’ll need to have on your computer, as explained above.

Security and Privacy Features

Purely by being based on blockchain technology, the Gold Core wallet is a very secure crypto storage option for Bitcoin Gold currency holders. Its creators didn’t stop there, however. They’ve built upon the Bitcoin network, leveraging its strengths and security features. Additionally, the Bitcoin Gold Core wallet is based on the Bitcoin Core wallet, making it one of the safest wallets available.

Compatible with Tor

As you well know, the Bitcoin blockchain is a publicly available ledger. Anyone can keep a copy of it if they wish and analyze it for their various ends. This makes it very difficult to introduce falsified transactions since all the other computers in the network will cross-check and reject it. The disadvantage of this, however, is that anyone can trace your identity if they are determined.

The Tor network is an encrypted web communication protocol that ensures the privacy and anonymity of its users. It does this by leveraging a series of nodes (read servers) that mask your IP address and any inadvertently revealed personal data. The Bitcoin Gold core wallet leverages the Tor network, routing all your transactions and traffic through its transport layer, effectively hiding your original IP address.

Hierarchically Deterministic

Since Bitcoin Gold is derived from Bitcoin, it inherits the Hierarchical deterministic nature of the Bitcoin core wallet. This means that after you use your receiving address, a new one is generated for you. These addresses are your public keys, as you share them publicly with anyone who you’d like to send you money. As all these keys are governed by a single key pair, called the extended public key (xpub), previous addresses remain completely usable.

To access the funds from each of your public addresses, you need to use its corresponding private key. These private keys are also governed by a single key pair, called the extended private key (xpriv). The xpriv is effectively the one key that rules all the others, while the xpub is the one key that brings together your addresses and binds them to your wallet.

Open Source

Much like the Bitcoin core wallet, the Bitcoin Gold core wallet is open source. Anyone can audit, make suggestions, and contribute to its codebase. This means that security loopholes are caught and fixed faster than on proprietary software since more people are on the lookout for bugs. Additionally, all processes are transparent since changes have to be publicly declared and vetted before they are committed to the wallet’s main branch.

How to Set Up and Activate the Bitcoin Gold Core Wallet

Before setting up and opening a Bitcoin Gold core wallet account, you should consider a few things.

Available Disk Space

As has already been established, you cannot run the Gold core wallet as a standalone wallet application. You need to download the full Bitcoin node, which at the time of this writing, is around 200GB. However, you cannot only have 200 gigabytes of storage available since this node grows in size as the number of transactions increases.

The application files will also occupy some space, so it’s probably best to have a few terabytes of spare storage. Additionally, you should set aside a few USB sticks or hard drives to backup your wallet. It is recommended that you regularly back up your wallet on at least two external drives. Do this before upgrading your wallet and after a series of transactions.

Device Security

Due to the sensitive nature of the data this software will store on your computer, you need to ensure that your computer is completely free from malware. Install anti-virus/ anti-malware software and run a full scan. Fix any problems the software identifies before installing the Gold core wallet.

Additionally, make sure you scan all the USB sticks you use to back up the wallet and take care not to install software from shady sites, as some of this software may have masked its malware well enough to escape the anti-virus radar.

Regularly (and promptly) install software and operating system updates, as they usually include security patches.

Internet Connection

During the initial set-up, you will need to download the full bitcoin node. This will require you to have a very reliable internet connection, one that’s fairly fast and that doesn’t impose strict limits. After the initial download, you will then need to maintain a good internet connection since your node needs to communicate with other nodes on the network as transactions happen.

After appropriately set up your device, you can then follow the steps outlined below to open and activate a Bitcoin Gold core wallet account.

Download the Bitcoin Gold Core Wallet

You can get the Gold core wallet from the official Bitcoin Gold website. The software is available for Windows (64 and 32 bit, Vista and later), Mac OS (v10.1 or higher), Linux (64 and 32 bit), and ARM Linux (64 and 32 bit). Installation instructions might vary depending on your platform, but the process should be fairly straightforward.

Start the Software

Launch the wallet. This will begin the node download. Your internet and PC speed will influence the amount of time this process takes, but you’ll likely need to be a little patient as this huge-volume data transfer takes time. You won’t have to repeat this, however, as it’s a one-time download.

Set Your Password

Once the node has been fully downloaded, go to the wallet settings, hit ‘encrypt wallet,’ and set your password.

Backup Your Wallet and Private key(s)

After logging in to your account, go to the file section and hit ‘backup wallet.’ Select the destination (this could be a USB drive, external hard drive, a mobile phone, or a CD) where you want the backup to be saved. It is recommended that you backup your wallet on more than one drive. To back up your private keys, go to the help section, hit ‘debug window’ then ‘console.’ Copy the key and store it well.

Congratulations, your wallet is now ready to use.

Bitcoin Gold Core Wallet Customer Support

This wallet is open-source, so you can raise issues and even fix them yourself if you’re skilled enough. However, for non-techies, the customer service can be contacted through the Bitcoin Gold website or via their various social media channels.

Verdict

The Bitcoin Gold core wallet is a secure solution for Bitcoin Gold holders. It is especially suited for those who’d like to mine and earn some extra crypto, and for those who have enough space and bandwidth to run a full bitcoin node.

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Cryptocurrencies

NEO GUI wallet Review: How Safe Is This Full-Stack Desktop Client?

NEO GUI is the Neo blockchain’s official desktop client and was developed by the Neo network developers. It is a full-stack client, implying that you will need to download the Neo blockchain into your computer. It works by synchronizing the desktop client functions with those of the Neo MainNet in real-time. Unlike desktop apps and light node desktop clients connected to the blockchain node via remote nodes, NEO GUI connects to the Neo network’s graphical user interface directly.

Best NEO GUI Wallet

NEO GUI is the Neo blockchain’s official desktop client and was developed by the Neo network developers. It is a full-stack client, implying that you will need to download the Neo blockchain into your computer. It works by synchronizing the desktop client functions with those of the Neo MainNet in real-time. Unlike desktop apps and light node desktop clients connected to the blockchain node via remote nodes, NEO GUI connects to the Neo network’s graphical user interface directly.

NEO GUI is the Neo blockchain’s official desktop client and was developed by the Neo network developers. It is a full-stack client, implying that you will need to download the Neo blockchain into your computer. It works by synchronizing the desktop client functions with those of the Neo MainNet in real-time. Unlike desktop apps and light node desktop clients connected to the blockchain node via remote nodes, NEO GUI connects to the Neo network’s graphical user interface directly.

On their GitHub download page, Neo GUI is said to support all the Neo network’s basic functions that include providing professional interaction between wallet and blockchain and maintaining high security for the wallet. But are these claims true? Is the wallet as intuitive and secure as advertised? We answer these questions and tell you everything else you need to know about the Neo GUI wallet in this review:

We start by looking at the basic features:

Neo GUI key features

Full-stack node: NEO GUI is a full-stack desktop wallet that requires you to download the Neo blockchain into your computer.

Synchronize with Neo blockchain: One of the critical factors that distinguish Neo GUI from other GUI desktop wallets is its synchronization with the Neo Network. While most other wallets use remote nodes to connect to the Neo blockchain, NEO GUI directly links to the NEO Mainnet’s user interface. It synchronizes with the network to ensure that transactions initiated on the wallet are recorded on the Neo blockchain in real-time.

OS-compatible: NEO GUI desktop client is also pretty versatile and compatible with Windows and macOS operating systems.

NEO GUI Security features

Password encryption: During the NEO GUI installation process and when creating the user account, you will be asked to secure the wallet by creating a password. Note that this not only serves as protection for the desktop wallet but also acts as an encryption tool.

Open source: Neo GUI wallet is built on an open-sourced blockchain technology and is open to scrutiny and critique by the crypto community. Therefore, anyone can access the Neo GUI source code from either the wallet’s official website or their GitHub page to view and audit its effectiveness and commitment to security.

Community-led development: NEO GUI is a community-led crypto project with no central governing body. Instead, updates and upgrades to the wallet emanate from the Neon Blockchain community’s suggestions and are led by blockchain technology experts elected by the community.

Anonymous trading: NEO GUI is committed to promoting user anonymity. To this end, the wallet allows for anonymous use of the platform since it doesn’t ask for your personal information when creating a user account, and neither will the blockchain collect and store information that is personally identifiable to you.

Non-custodial: Though the NEO GUI wallet can synchronize with the NEO MainNet and technically offloads most of its critical services to the Neo blockchain, it doesn’t store private keys on your behalf. Rather, it encrypts them and saves them on your computer.

Offline backup: Like most other full-stack desktop wallets, NEO GUI doesn’t provide you with a recovery seed. It nonetheless provides you with two ways of backing up your data and private keys. For starters, you can download the decrypted version of the synchronized blockchain and save it offline or simply copy your wallet credentials on a piece of paper and save them offline.

How to set and activate the NEO GUI wallet

Step 1: Start by downloading the desktop client to your computer. You can download the updated version of this client from the NEO.org website or their GitHub page.

Step 2: The wallet is downloaded as a zip version. Once complete, unzip this file, and start installing it.

Step 3: The wallet will display the user dashboard once complete. Proceed to create a new wallet by clicking on the “wallet” tab and selecting “New wallet address.”

Step 4: The wallet will now require you to choose the database or folder in which you would like to save the file

Step 5: You also need to create a user name and a unique password.

Step 6: Your NEO GUI wallet is now active and ready for use

How to add/receive crypto into your NEO GUI wallet

Step 1: Log in to your NEO-GUI wallet and access the user dashboard

Step 2: Your public wallet address is visible here. Copy it and send it to the party, sending you Neo coins

Step 3: Wait for your coins to reflect in your wallet.

How to send crypto from your NEO GUI wallet

Step 1: Login into your NEO GUI wallet and access the user dashboard

Step 2: Click on the “Transfer” tab, and the drop-down menu, select the “Transfer” option.

Step 3: If you do not have any saved addresses, click on the “+” button to add a recipient

Step 4: On the pop-up window, enter the recipient’s wallet address on the “Pay To” section and the number of coins you wish to send on the “Amount” section

Step 5: Confirm that these details are accurate and hit “OK.”

NEO GUI wallet ease of use

The processes of installing the NEO GUI wallet and creating a user account are quite straightforward. Its user dashboard is also easily navigable and quite beginner-friendly. Nevertheless, we must mention that synchronizing the desktop wallet with the Neo Network takes time and can be overwhelming for a novice crypto trader/investor. Plus, the wallet is only available in English and Chinese languages.

NEO GUI wallet supported currencies

NEO GUI wallet is Neo-Specific and will only support the blockchain’s native token or any other cryptocurrency built on the Neo Network.

Currently, the wallet only supports NEO coins, Gas, the NEP-5, and NEP-6 tokens.

NEO GUI wallet cost and fees

NEO GUI wallet is free to install and doesn’t charge you for storing private keys. However, you will be charged a network fee every time you send Neo coins from your wallet. The fee is highly variable and depends largely on the type and the amount of coin/token you wish to process.

What are the pros and cons of using the NEO GUI wallet:

Pros:

  • The wallet has transparent based on the fact that it is not only community-led but also open-sourced
  • It has an easily navigable and beginner-friendly user-interface
  • The desktop client can be considered safer than most other desktop wallet apps and web browsers.
  • NEO GUI makes it possible for you to backup your coins offline

Cons:

  • The desktop client is only available to Windows and macOS operating system users.
  • The wallet requires significant storage space and also eats into your computer’s memory.
  • Unlike in the case of wallet apps where processing speed is dependent on the speed of the servers, NEO GUI transaction confirmation speeds depend on your computer’s processing power.

Comparing NEO GUI wallet with other Neo blockchain wallets

NEO GUI wallet vs. Neon desktop wallet

NEO GUI and the Neon wallet are similar because they are both Neo-specific and are also desktop crypto vaults. They are both non-custodial and have put in place similar security features. However, while NEO GUI is a full-stack desktop client, Neon is a light node desktop wallet. Further, while NEO GUI links to the Neo network’s user interface directly, Neon uses remote nodes to access Neo blockchain servers.

Verdict: Is NEO GUI wallet safe?

Well, we recognize that the full stack desktop client has put in place several highly effective security measures aimed at guaranteeing the safety and anonymity of your private keys. These include allowing for the creation of offline backups, allowing anonymous transactions, storing private keys in the wallet owner’s computer, and securing and encrypting the wallet with a password. These, plus the wallet’s commitment to transparency, are all commendable. However, we must mention that it ignores critical security protocols like two-factor authorization to safeguard your wallet against remote hacks. 

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Cryptocurrencies

Lisk Core Crypto Wallet Review: Is It The Safest LISK Wallet Yet?

Lisk Core crypto wallet is a full node desktop client and one of the most popular wallets for the LISK blockchain. And on their website, LISK Core is described as a highly innovative wallet focusing on both “Best user experience and security.” But Lisk Core is more than a crypto wallet and can easily pass for a Lisk Blockchain annex. It not only provides you with a direct link to the LISK blockchain but also integrates the unique App-Builder tools.

Lisk Core crypto wallet is a full node desktop client and one of the most popular wallets for the LISK blockchain. And on their website, LISK Core is described as a highly innovative wallet focusing on both “Best user experience and security.” But Lisk Core is more than a crypto wallet and can easily pass for a Lisk Blockchain annex. It not only provides you with a direct link to the LISK blockchain but also integrates the unique App-Builder tools.

Lisk Core crypto wallet is a full node desktop client and one of the most popular wallets for the LISK blockchain. And on their website, LISK Core is described as a highly innovative wallet focusing on both “Best user experience and security.” But Lisk Core is more than a crypto wallet and can easily pass for a Lisk Blockchain annex. It not only provides you with a direct link to the LISK blockchain but also integrates the unique App-Builder tools.

This review seeks to determine whether Lisk Core is the most secure Lisk wallet yet and how its integration with the Lisk blockchain network has improved its efficiency. We will also be looking at such factors as ease of use, customer support, pros, and cons before comparing it to equally popular Lisk wallets.

Lisk Core wallet key features:

Full node desktop client: Lisk core wallet directly integrates the graphical user interface for the Lisk Blockchain. Therefore, installing the desktop client translates to downloading the Lisk blockchain on to your computer and synchronizing it with Lisk mainnet. The process may be time-consuming and takes up significant computer storage space.

Blockchain explorer: The desktop client also integrates a blockchain explorer tool for Lisk Mainnet. Via the explorer, you can monitor the Lisk decentralized network, monitoring transactions, wallets, and vet blockchain delegates.

Hardware wallet support: Lisk core desktop client is also highly versatile. It, for instance, can be integrated with Trezor and Ledger hardware wallets. And this integration comes in handy in maxing the number of supported cryptocurrencies and boosting the wallet’s safety.

Vote for delegates: Lisk blockchain operates on the proof-of-stake consensus algorithm. Staking LSK tokens gets you involved in the Lisk network’s decision-making processes. It could, for instance, ensure that you participate in voting for Lisk network delegates.

Lisk SDK App builder: One of the unique features that help set Lisk apart from the competition is the LISK SDK that gives you a platform to develop decentralized apps. And unlike other blockchain-linked app builder platforms that seek to introduce new programming languages, LSK SDK supports the all-popular JavaScript and TypeScript languages. Plus, you also get to interact with some of the Dapps built on Lisk SDK.

Lisk Core security features:

Password encryption: You will be required to create and secure your Lisk Core desktop client with a password when installing the wallet and creating a user account. This passphrase doesn’t just secure your wallet but also serves as an encryption tool.

Open source: The wallet Lisk desktop wallet is built on an open-sourced technology. Anyone is free to view and audit its code for possible loopholes or malicious codes. Blockchain security experts are especially advised to query this code, that’s available on GitHub and participate in the Lisk Bug Bounty Program that rewards individuals who discover loopholes or suggest security patches for Lisk.

Non-custodial: Though Lisk desktop client integrates directly with the blockchain user interface, it doesn’t store your digital assets in the Lisk servers. Rather, the Lisk desktop wallet saves your private keys within the computer.

Recovery seed: The Lisk Core desktop client will also backup your wallet and provide you with a recovery seed. That comes in handy when recovering lost private keys or restoring the desktop client on a different computer.

How to set up and activate the Lisk Core crypto wallet:

Step 1: Download the Lisk Desktop client from the wallet’s official website or GitHub

Step 2:  Install and on upon launching, click ‘Create New Wallet.’

Step 3: Enter your name and create a unique multi-character password for the wallet

Step 4: The wallet will provide you with a recovery seed. Copy the phrases correctly on a piece of paper and keep them safe, offline.

Step 5: The wallet is now active and ready for use

How to add/receive LSK tokens to your Lisk Core crypto wallet:

Step 1: Log in to your Lisk desktop client and on your user dashboard, click on the “Receive” tab

Step 2: This reveals your public wallet address. Copy it and forward it to the party sending you crypto

Step 3:  Wait for the coins to reflect on your wallet

How to send cryptos from your Lisk Core wallet

Step 1: Log in to your Lisk Core desktop wallet and on the user dashboard, click “send.”

Step 2: If you have more than one cryptocurrencies hosted here, select the crypto address from which you wish to transfer funds

Step 3: Enter the recipient’s wallet address and the number of cryptocurrencies you wish to send

Step 4: Confirm the accuracy of these details and hit send

Lisk Core ease of use

Downloading and installing the Lisk Core desktop client and creating a user account is easy and straightforward. It is also highly intuitive and easy to use as it features a unified and scalable navigation menu that is compatible with multiple sizes of computer screens.

The Lisk SDK app builder platform can also be considered user-friendly as it comes available in popular programming languages JavaScript and TypeScript. However, we must observe that the desktop client and its tools are more adapted for programmers and developers looking to build and launch a decentralized app on the ultra-secure Lisk blockchain.

Supported currencies and countries

Lisk Core desktop wallet supports both Bitcoins and LSK Tokens and is available in virtually all crypto-friendly countries worldwide.

Lisk Core wallet cost and fees

The Lisk Core wallet desktop client is free, and you won’t be charged when you install the wallet or store your BTC and LSK cryptos here.

But every time you initiate a transfer out for either crypto, you will be charged network fees – collected by the respective blockchains and not Lisk Core wallet.

Lisk Core customer support

Lisk Core wallet has a relatively responsive customer support team. And client assistance starts with the regularly updated FAQ and announcement pages on their website. The FAQ addresses all the common challenges Lisk core wallet users face, while the Announcements page features recent news and explanatory guides about updates to the wallet.

You are also encouraged to join the Lisk community forum and interact with the wallet developers and other users. Here, you can raise queries about the wallet and have them answered by your peers or wallet developers.

For more personalized queries, you can reach out to the Lisk customer support team by sending them an email, joining the live chat via Discord app, or direct messaging them on the wallet’s official wallet social media pages like Twitter, Facebook, or Reddit.

What are the pros and cons of using Lisk Core Crypto Wallet

Pros:

  • The desktop client is highly secure as it integrates multiple security features over the wallet.
  • It is highly intuitive and features an easy to use and easily navigable user interface.
  • Its integration with the Lisk blockchain gives you access to all the mainnet’s features, including voting rights.
  • Lisk core desktop client provides you with a link to the Lisk SDK where you can develop Dapps for free.

Cons:

  • It can only support Bitcoins and LSK tokens.
  • It is not beginner-friendly but specially designed for technical Dapps developers.
  • The Lisk core wallet is a full node desktop client that takes consumes significant computer storage space and RAM.
  • Comparing Lisk Core Crypto wallet with other Lisk wallets

Verdict: Is Lisk Core Crypto wallet safe?

Well, Lisk Core is a full node desktop client and, as such, may be considered secure than most other web and app-based wallets. In addition to this, Lisk core has embraced multiple security features around the wallet that include encrypting data in the wallet with a password, open sourcing the wallet technology, and providing users with a recovery seed. However, we must mention that being a full node desktop client doesn’t make the wallet immune to online hacks and phishing attacks. And that its failure to embrace premium encryption tools or two-factor authentication goes against its security-focused mantra.

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Cryptocurrencies

Litecoin Core Wallet Review: Features, Pros, Cons, Safety, And Ease Of Use

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

The Litecoin Foundation is regularly updating the Litecoin Core Wallet and introducing more operational and security features. But how safe and easy to use is the desktop wallet? What are its key features? In this Litecoin Core review, we explain how it works and detail everything else you need to know about this wallet.

We start by looking at its key features:

Key Features:

Full node nature: Most other crypto wallets will only require you to download a light desktop or mobile app. When using Litecoin Core client, however, you have to download the entire blockchain onto your computer. And while this makes it more secure than apps, it is time-consuming and eats up most of your computer space.

Compatible with different OS: The desktop client is highly versatile and compatible with virtually all popular operating systems, including Windows, Linux, and macOS.

Faster transaction processing: The desktop Litecoin client integrates the SegWit protocol used on the Litecoin Blockchain. This integration makes Litecoin transactions initiated on the platform relatively faster and less expensive.

Supports multiple wallets: The most recent update to the Litecoin desktop client introduces multiple wallets. You can now open and host multiple Litecoin wallets on the same desktop wallet.

Security features:

Open source: One of Litecoin Core’s key strengths is that it is built on an open-sourced technology. This implies that it has been vetted and audited by crypto industry experts with possible security loopholes identified and patched. The regular updates provided by the Litecoin Foundation have also become great avenues through which patches to the client are provided.

Highly encrypted: When installing and activating the Litecoin Core wallet, you will be presented with the encryption option. You have the option of encrypting the desktop wallet with a strong multi-character password or not. However, note that you can never recover your private keys should you lose or forget the passphrase.

Physical wallet backup: Litecoin core client makes it possible to back up the entire wallet on an external drive. You are especially encouraged to backup your wallet every time you engage in a transaction that changes your digital asset balances.

Privacy and anonymity guarantee: Litecoin Core integrates a number of features that promote privacy and anonymous transactions. It, for instance, is VPN compatible, ensuring that it helps you mask your IP address when using the desktop wallet. Moreover, you can access the wallet via the highly anonymous Tor Browser.

How to set up a Litecoin Core wallet?

Step 1: Head over to the Litecoin core website. Search for wallets and click on the version that matches your computer’s operating system

Step 2: Download and click on install. Note that downloading and synchronizing the desktop client will take time – be patient.

Step 3: After installation, choose to encrypt the wallet using a strong and multi-character password.

Step 4: Finish the installation process by clicking ‘OK’ on the popup window, after which the wallet shuts down automatically.

Step 4: Reopen the wallet and back it up to a USB device.

Step 5: The desktop client is now set and ready to use.

How to add/receive crypto to your wallet

Step 1: Log in to the Crypto wallet and click on the receive icon.

Step 2: Copy your wallet address and send it to the person sending you Litecoins.

Step 3: You can also have them scan the QR Code address.

Alternatively: Use the request pay option:

Step 1: Click on the ‘Receive’ icon and select ‘Request Payment.’

Step 2: Enter the amounts you wish to receive, the message you wish to send, and the label. Here, the label refers to the name of the individual from whom you wish to receive the coins.

Step 3: Click ‘Receive Payment’ and wait for your coins to reflect in your wallet.

How to send crypto from your desktop client

Step 1: Log in to the Litecoin Core desktop wallet and click on the ‘Send’ icon.

Step 2: On the ‘Pay To’ section, enter the recipient’s wallet address.

Step 3: Enter the number of coins you wish to send.

Step 4: Confirm that these details are correct and hit ‘Send.’

Litecoin Core wallet ease of use

The Litecoin Core desktop client has relatively minimalistic features that make it quite easy to use. Downloading and installing the wallet, though slow, is quite easy and straightforward. Additionally, the wallet features a clean and highly intuitive dashboard that makes it easy to use for both expert crypto traders and beginners. The highly responsive customer support is also ready to walk you through the installation process and guide you on how to interact with the platform.

Litecoin core wallet cost and fees

The Litecoin Core wallet is free to download and install. You will, however, be charged a fee every time you send Litecoin from your wallet. Recent upgrades to the Litecoin Desktop client have introduced a dynamic pricing structure. This gives you the choice of determining the price and speeds at which your Litecoin transactions are fulfilled. Ideally, higher transaction fees translate to faster transaction processing while lower fees often equate to lower transaction speeds.

Plus, unlike most wallets that will automatically deduct the transaction fee from your balance, Litecoin Core desktop client gives you a choice. You can choose to have the fees deducted from either the account balance or the amounts being sent.

Litecoin Core wallet customer support

Litecoin has a readily available customer support team. You can easily connect with Litecoin developers and support teams on their different social media platforms. They regularly post important news and updates on these platforms.

You can also interact with these developers and get assistance from your peers on the Litecoin Core platform.

The website, desktop client, and user platforms are also multilingual. They currently support over 13 international languages, including German, Chinese, English, Russian, Dutch, Polish, and Greek.

What are the pros and cons of the Litecoin core wallet?

Pros:

  • The desktop wallet is relatively safe and embraces multiple security features.
  • Litecoin Core is free and employs a dynamic pricing structure.
  • Help is readily available from the wallet developers via email and social media, as well as from the Litecoin platform users on the platform.
  • Litecoin Core desktop client is also simplistic and easy to use for both beginners and expert crypto traders.
  • You can encrypt the Litecoin client with a passphrase and back it up in an external drive or USB.

Cons:

  • The desktop wallet only supports one digital currency – Litecoin.
  • You need to download the entire Litecoin core blockchain into your desktop if you wish to use the wallet.
  • The wallet has limited operational features.
  • It does not embrace such effective security features as two-factor authentication.

Comparing Litecoin Core desktop client to other crypto wallets

Litecoin Core vs. eToro

Some of the similarities between Litecoin Core desktop client and eToro crypto wallet app are their user-friendliness and inexpensive transaction fees. They, however, are different when it comes to the number of supported cryptocurrencies and integrated security features.

eToro carries the day with regards to the number of supported cryptos. Litecoin can, on the other hand, be said to be more secure as it employs more advanced security features like using open source technology and VPN access.

Bottom line: Is the Litecoin Core wallet safe?

Yes, Litecoin Core desktop client is relatively safe. Since its establishment in 2011, the wallet has been subjected to several technical upgrades, each introducing a new security feature. So far, the Litecoin desktop wallet has employed several highly effective security features. These include open-sourced technology, physical backup, password encryption, VPN/Tor Browser access for improved privacy and anonymity. We, however, observe that the wallet doesn’t employ such security features as two-factor authentication and multi-signature access.