Litecoin

If you’ve been on Crypto Twitter for a winter or more, you’ve likely come across the phrase: “not your keys, not your crypto”. This is in reference to how centralized exchanges - think the big names in the space - and hot wallets do not allow self-custody of your Litecoin. The upside is that your Litecoin and crypto is being held by a third-party, kind of like a bank. The downside is that unlike a bank, if this third-party holding your Litecoin decides to do a ‘rug pull’ it’s unlikely (read: almost guaranteed) you’ll ever see your Litecoin again. In abiding by ‘not your keys, not your crypto’, the responsibility of self-custody - keeping your Litecoin and crypto safe - falls on the individual (you). But that’s why this whole decentralized peer-to-peer Satoshi thing started, right? Spot on. Exactly right. To give you autonomy and control over your ‘money’.But before you go grabbing the keys and sticking yourself behind the wheel, here’s a non-technical guide on how to keep your Litecoin and crypto as secure as possible.There are four main alternatives to holding your digital assets (Litecoin, NFTs, other crypto) on exchanges, namely:Hot wallets, hardware wallets, paper wallets, and professional custodial services.While exchanges are a necessary part of the cryptocurrency ecosystem - yes, even those big names - they’re *not* necessarily ‘secure’. It’s strongly advised not to hold any amount of crypto that’s significant to you on an exchange. In doing so puts your assets at risk of hacks, mismanagement and, yes, dreaded rug pulls. Even the world’s most ‘secure’ exchanges can be compromised. Do not risk it.We’re a little biased, but one of the best ways to store your Litecoin is with LiteWallet - officially endorsed by us, the Litecoin Foundation: <a href="https://litewallet.io/" rel="noopener noreferrer nofollow">https://litewallet.io</a>. You can find other recommendations, and information, by visiting: https://www.litecoin.net/store.Hot Wallets. Third-party hot wallets are great if you’re transacting small amounts regularly, but they&#39;re connected to the internet. And anything connected to the Internet is vulnerable. Has your Facebook been hacked before? Taking control over your hot wallet can be just as easy for hackers.Hardware Wallets. Hardware wallets are physical devices that “secure” your crypto. One of our personal favorites, for its ease-of-use (and reliability) is CoolWallet. Get a co-branded Litecoin one here &lt; <a href="https://shop.litecoin.net/product/coolwallet-s/" rel="noopener noreferrer nofollow">https://shop.litecoin.net/product/coolwallet-s/</a>&gt; and profits will go to helping further Litecoin’s development!When purchasing a hardware wallet, ensure you keep your seed phrase secure (and offline - not on ‘Notes’ or in ‘Photos’) and never, ever buy second-hand. Also, grim, but consider how (in the unlikely event you pass away unexpectedly) your loved ones will access your crypto.Paper Wallets. Old school. Paper wallets are exactly what they sound like - a piece of paper on which you write down your private keys (and private sweet nothings for Santa’s elves to read). But, because they’re stored entirely offline (no internet connectivity) they’re far less likely to be compromised. If you go down this route, ensure your paper is stored in a secure, fire/waterproof place (i.e: a safe). And - up to you - but maybe tell a loved one where your digital silver is buried (just in case).If you’re seriously serious about security (get Siri to say that three times fast), then consider researching multi-sig options from companies like Casa - a professional custodial service.Sorry to break it to you, but we’re all going to die (not being doomsday, just saying, eventually). Consider how, where and to whom you’re going to pass your crypto on to. Having an inheritance plan may sound grim, but it’s smart and your Litecoin is real money. Good luck out there!Credit:<a href="https://twitter.com/robertfcoleman" rel="noopener noreferrer nofollow"> RF Coleman </a>

Not your keys, not your Litecoin

litecoin

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