Your Litecoin (LTC) wallet

Secure your Litecoin assets with the most trusted hardware wallet. Cold storage wallets are typically encrypted devices that store users’ Litecoin assets offline, providing a layer of security against the evolving threats emerging from being connected to the Internet.

Secure your Litecoin (LTC)

Secure multiple assets, including Litecoin, using a Ledger Hardware Wallet.
Your private keys, giving access to your assets, remain safe in a certified secure chip.

Protect your Litecoin assets with the first and only
independently-certified hardware wallet on the market.

The Ledger Nano X is a Bluetooth® enabled secure and
CES award winning device that protect your Litecoin assets.

How to manage your Litecoin (LTC)

Directly manage your Litecoin with Ledger Live, our own desktop and mobile application. Check your balance in real-time, send and receive your Litecoin assets and 21 other coins directly from Ledger Live.

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What is Litecoin (LTC)

Often called the silver to Bitcoin’s gold, Litecoin is a fork of the Bitcoin protocol created by Charlie Lee and released on October 7th, 2011. A former Google employee, Lee was one of the first to officially fork the Bitcoin protocol and attempt to optimize it by changing ‘consensus rules’ of the blockchain such as the block time, which he converted from 10 minutes to 2.5 minutes.

Litecoin (LTC) features

Litecoin similarly has a different supply than Bitcoin. Rather than the 21 million supply cap of BTC, Litecoin has an 84 million cap. Litecoin also deploys the Scrypt hashing algorithm, which is slightly different from Bitcoin’s SHA-256 algorithm.

Despite their minute technical differences, Bitcoin and Litecoin are often viewed in a similar light, with Litecoin the ‘little brother,’ so to speak. Over the years, Litecoin has consistently remained within the top 10 of cryptocurrencies by market cap, in large part as a sort of experimentation ground for upgrades that would be compatible with Bitcoin.

Charlie Lee has been a publicly available and an active cryptocurrency proponent for years in major social media forums, and he was also an early engineer at major U.S. cryptocurrency exchange Coinbase.

Outside of Bitcoin and Ethereum, Litecoin is often the most commonly listed and referenced cryptocurrency due to its historical precedence and close association with the legacy cryptocurrency — Bitcoin.

Litecoin’s Unique Position in the Crypto World

Litecoin has a similar scope as Bitcoin, and as such, LTC are sometimes viewed as a dilution of BTC due to the similarities of the networks. However, Bitcoin has long been drastically higher in spot price than Litecoin and retains a much larger development, mining, and user community.

The position of Litecoin as in the shadow of Bitcoin has afforded it some unique opportunities, however. Where Bitcoin’s development takes a much more tempered and conservative approach, Litecoin can be more liberal. For example, Charlie Lee sparked speculation earlier this year that Litecoin would be adding Confidential Transactions (CTs) to its network for better privacy along with its exploration of Mimblewimble with BEAM — a privacy-oriented cryptocurrency.

Similarly, Litecoin has undergone development work with the Lightning Network, Bitcoin’s second layer scaling solution that is also compatible with Litecoin. For example, CoinGate launched a pilot run for the Lightning Network on Litecoin with CoinShark, and the network has proved a useful experimentation ground for atomic swaps — cross-chain asset swaps.

Litecoin also presents a unique case study for Bitcoin on certain events. For instance, the halving event of Litecoin is not aligned with Bitcoin since it launched at a different date, meaning that Litecoin’s next halving will occur in July of this year while Bitcoin’s next halving will happen in May 2020. Halving events are often useful tools for gauging market sentiment and mining market health, often leading to surges in price and useful empirical analysis of the network.

Speculation is always rife as to whether Litecoin is drastically undervalued or overvalued, but it has gained traction in local cryptocurrency markets (i.e., LocalBitcoins), particularly in economically destitute areas such as Venezuela. Litecoin has also been one of the best price performing cryptocurrencies of 2019.

The sustainability of Litecoin through the volatile ups and downs of the cryptocurrency ecosystem since 2011 have made it an attractive target for merchants and partnerships. Many altcoins come and go in the blink of an eye, so it is not surprising that local cryptocurrency markets and open-source merchant payment processors, such as BTCPay Server, support Litecoin.

Relegated to Bitcoin’s little brother, Litecoin presents an interesting case study in the world of crypto.

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Ledger Nano X Review and Comparison

Last updated: 6/14/19

The Ledger Nano X is the latest hardware wallet introduced by Ledger. In this post I will share my personal experience with the device and my thoughts about whether it’s indeed the best wallet around.

Ledger Nano X Review Summary

The Ledger Nano X is one step ahead of other hardware wallets on the market today. The increased capacity for coins, combined with its bluetooth connectivity make it a powerhouse for managing crypto assets. Having said that, the user experience still requires some work.

That’s the Nano X in a nutshell. If you want a detailed review of my experience with the Nano X keep on reading, here’s what I’ll cover:

1. Hardware Wallets Overview

If you’re new to cryptocurrency wallets I suggest watching this video to get a complete overview of the topic:

A Hardware wallet is a small device that stores the private key for your cryptocurrency.

The interesting thing about it is that it never exposes your private key outside of the device, meaning it is always kept offline (also known as cold storage).

So even when you want to send money from it, it will sign the transaction on the device itself and not on any computer its connected to.

For this reason, it is possible to connect your hardware wallet to any compromised computer without the risk of exposing your private key.

This makes hardware wallets a very popular choice for storing cryptocurrencies as opposed to software wallets that are constantly connected to the internet (also known as hot wallets).

2. Ledger and the Nano X

Ledger is one of the two biggest hardware wallet companies around today (the other one being Satoshi Labs who manufactures TREZOR).

The company was founded in 2014 and is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications.

Ledger has a team of over 130 professionals. They specialize in developing a variety of products and services to safeguard cryptocurrency assets, the latest one being the Ledger Nano X.

The Nano X’s main difference from previous models is its bluetooth connectivity, which allows it to be controlled via a mobile phone and not just from a desktop computer.

3. My Ledger Nano X Experience

I’m a really big fan of the Nano S (the previous Ledger model), that’s why I was anxiously awaiting the Nano X’s arrival. The mobile support was probably the final feature missing in order to make it a truly perfect hardware wallet.

What’s in the box?

The Nano X comes beautifully packaged with the device itself, a USB-C cable, a set of instructions and recovery seed cards. The previous bulgy buttons that were on top of the device are now seamlessly integrated on it in a way that’s even a bit hard to notice. All in all a beautiful design.

Setting up the Nano X

There are various stages you’ll need to go through in order to set up your Nano X.

Step 1 – Setting a PIN code

When you first power up the device it will ask you to choose a 4-8 digit PIN code. You can toggle between numbers using the buttons, while “enter” is achieved by pressing both buttons simultaneously.

Step 2 – Writing down your seed phrase

The seed phrase is like the password to your wallet. It’s something that should be kept safe and hidden at all times.

When initializing the device you will receive 24 words which you should write down on a piece of paper and store away. In case the device gets lost, broken or stolen you can recover your funds using your seed phrase.

Because the seed phrase is so important you will be asked to confirm it entirely after writing it down. Unlike the TREZOR setup process, with Ledger you can’t skip this part.

While I understand why Ledger insist on this, I find it a bit cumbersome and would prefer to have the option to skip this part and get back to it later.

Step 3 – Pairing the Nano X with your mobile

Now comes the interesting part, connecting the Nano X with your mobile device.

Previous Ledger versions were only controlled via the desktop software known as “Ledger Live”. The Nano X can also be controlled via the Ledger Live mobile app.

Pairing the device should been fairly simple and straightforward, but unfortunately that’s not what I experienced. I found it a bit buggy and it took me two tries to get it to work.

The process becomes even more cumbersome when you start controlling the device from the app. Almost every time you execute an action on the app you need to wait for the bluetooth connection and approve the action on the device itself.

More often than not, the device doesn’t show the “approve” option and you just need to wait a few seconds for the action to be auto approved.

Step 4 – Installing apps

Once the device is paired and ready you can install different apps on it depending on the coins you want to use.

Step 5 – Adding accounts

This was, by far, the most confusing step for me. After installing the Bitcoin app I was sure I was ready to go. Apparently you have to also add a Bitcoin account on the device and that is not conveyed through the user interface.

Of course you can find a complete onboarding process on Ledger’s site, but as a veteran Bitcoiner I expected it to be more intuitive.

After 5 minutes of going back and forth I finally discovered this missing step and from there it was relatively easy to get the handle on how to control the device.

Mixed feelings

After setting up the Nano X and using it for a while I have to say I have mixed feelings about the device. On the one hand this is definitely an upgrade from previous models and other hardware wallets.

On the other, the interface isn’t as intuitive as I’d like it to be and the bluetooth connection seems to be getting in the way of every action.

Perhaps these are a result of technical limitations that I’m not aware of, but in the end, if this product is aimed at the general audience it requires a bit more polishing.

Another small thing that I think is worth mentioning is the fact that there’s no battery indicator on the device. This made it shut down on me without any notice.

4. Ledger Nano X supported coins

The Ledger Nano X supports over 1000 coins and tokens. The main coins can be sent / received via the Ledger Live software interface. Here’s a list of the top supported coins:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Stellar (XLM)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Zcash (ZEX)
  • Dash (DASH)

Less “popular” coins and mainly ERC-20 tokens (i.e. coins used in ICOs) need alternative software connected to the Ledger to send and receive them (e.g MyEtherWallet, MyCryptoWallet).

You can view the complete supported asset list here.

5. How Much does That Nano X Cost?

The Nano X costs $119 (VAT excluded) which is twice the cost of the Nano S ($59 VAT excluded). Basically, you’re paying for Bluetooth support and extended capacity of coins (the Nano X can hold up to 100 assets simultaneously).

In my opinion, while this is a very big price leap it’s still worth the added functionality.

The Nano S’s limited capacity for coins can be a real hassle at times and the fact you can control your hardware wallet from your mobile is a huge plus.

Litecoin (LTC)

Litecoin (LTC) is a peer-to-peer cryptocurrency that was created by Charlie Lee in October 2010. It is basically a fork of the Bitcoin Core client, making it almost identical to Bitcoin, except for its hashing algorithm (scrypt, instead of SHA-256) and some performance improvements. LTC is based on the Proof of Work mechanism. The main differences lie in the hashing algorithm for mining, the supply limit of 84 million LTC and the 2.5-minute block time.

Install the Litecoin app on your Ledger device to manage Litecoin (LTC) with Ledger Live. The Litecoin app is developed and supported by Ledger and works on the Ledger Nano S and Ledger Nano X.

Before you start

  • Set up Ledger Live with your device.
  • Update the firmware on your Ledger device.
  • Install the Bitcoin app, as Litecoin requires it.

Instructions

  1. Open the Manager in Ledger Live.
  2. Connect and unlock your device.
  3. If asked, allow the manager on your device.
  4. Find Litecoin in the app catalog.
  5. Click the Install button of the app.
    • An installation window appears.
    • Your device will display Processing.
    • The app installation is confirmed.

    The Litecoin app can export your extended public key (xpub) to web apps in a U2F compatible web browser (Chrome, Opera or Firefox). The xpub is privacy-sensitive information, as all public addresses can be generated from it.

    Public key exports by default require manual approval on the device to prevent inadvertent sharing of your public addresses. This setting can be configured as follows:

    1. Open the Litecoin app.
    2. Navigate to Settings > Public key export approval.
    3. Choose one of two options:
      • Manual approval (default): public key exports require a confirmation on the device.
      • Auto approval: public key exports are automatically approved.

      Legacy addresses start with an L. This is Litecoin’s original address format. The option to add legacy addresses in Ledger Live is planned.

      SegWit addresses start with an M. The SegWit upgrade reduces network fees, speeds up transaction signing on hardware wallets, and enables second-layer solutions like Lightning Network. By default, new accounts added in Ledger Live are SegWit accounts.
      Tip: If your exchange does not yet support the SegWit address format, you can use this address converter to send LTC to your Ledger device.

      Bech32 addresses start with ltc1. These are native SegWit addresses that feature safety and security improvements. This address format will be implemented in Ledger Live.

      Litecoin transactions are public information. Do not re-use your addresses for optimal privacy. Ledger Live automatically generates new addresses and keeps track of your previous ones. Previous addresses do remain valid, but they don’t offer an optimal level of privacy.

      Next steps

      • Add your accounts to Portfolio.
      • Send or receive crypto assets.

      View Litecoin wallet page to learn more about LTC.

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      Your private key giving access to your coins is never exposed. It remains protected within a secure chip locked by a PIN code, the same type of chip used for passports. The Ledger Nano S is fully-certified by ANSSI, the French cybersecurity agency.

      State-of-the-Art Security

      The only hardware wallet featuring a secure chip with a custom operating system (OS), for no compromise between security and convenience

      While many hardware wallets on the market feature a “simple” chip, all Ledger hardware wallets are equipped with a “smartcard chip”, that include a secure element. This kind of chip is used for highly secure applications, such as protecting biometric data on passports or credit card information.

      Very specifically, a secure-element chip is a tamper-resistant hardware platform, capable of securely hosting applications and storing confidential and cryptographic data. In other words, secure element chips are extremely difficult and costly to hack, while “simple” chips, even with software protection, require much less effort.

      Secure-element chips undergo advanced third-party evaluation and certification processes, through certification bodies such as Common Criteria and EMVCo, to attest to their robustness & security.

      Additionally, Ledger has developed its own secure element operating system, named BOLOS – a flexible and open system making it easy to support many crypto assets. This enables Ledger hardware wallets to offer a unique blend of cutting-edge security (secure element) and user convenience (BOLOS), while making sure your crypto assets can resist even sophisticated attacks.

      Multi currency

      The Ledger Nano S supports over 1100 cryptocurrencies, including Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS and Stellar allowing you to manage multiple assets with the same hardware wallet.