Bitcoin Forum

HI

I am new to the crypto scene.  I would like to know how i would know what wallet hold what cryptos and token.

For example i have come to understand that LTC cant be stored in a ether wallet but it can in a bitcoin wallet.  is this correct?

How would i know how to store new token generated from a ICO?

Is it depending on whether the crypto currency is using a ethereum block chain or a bitcoin blockchain.

LTCU was released recently, is it safe to assume that this can only be stored in a bitcoin wallet?


Thank you in advance!

Haider

no it is not correct. every altcoin needs its own wallet because they have separate chains and different ways of creating the keys needed for sending and receiving funds. exceptions may apply that i don't know about but i can assure you they don't apply to LTC and BTC.

i am not so much of an ICO expert so maybe someone else can fill you in on this. but ICOs are based on ethereum platform so they use that and have nothing to do with bitcoin. (not yet anyways, the RSK is not released yet)

i checked it out and it is a new altcoin and has little to do with litecoin and nothing to do with bitcoin!
and you need to download the wallet they give you.
read the comments in their announcement, the wallets seems to have a virus in it!

Hi

Thank you for your response.

I have a few follow up questions.

If i was to by ripple i would need a separate ripple wallet to store it?

I ask this because i see on myetherwallet that it allows you to hold various tokens on it, is this due to the token being built on the ether chain?

As you can tell im a novice, thus i appreciate your patience and response.

H

No, you can' store LTC in etherwallet. You should check the announcement thread first (page one), if they use ethereum platform, then the token can be stored in ethereum wallet. If they make their own blockchain, they will have their own wallet, so asking in the each coin announcement thread is the best way to know. LTCU is different from bitcoin and ltc so it have it's own wallet.

Yes

Yes

Everyone starts as a novice so it's okay. ;)

Just to correct you a bit there, not all ICO cryptocurrencies are based on the ethereum network, however I think most are (probably more than 50% of all ICOs).

I did a bit of research on LTCU(litecoin ultra. What???). In general, I really think it looks very illegitimate. I'd say think twice if you're planning on investing on that certain coin. Goodluck.

As other have said before me, each coin needs its own wallet, you can't store LTC in a Bitcoin wallet, you need a Litecoin wallet.
It's best that you just use google to find a wallet from trusted sources.

Just search for 'litecoin wallet' or 'dogecoin wallet' in Google and check on the coin's homepage for recommended wallets.

If you want a wallet to hold multiple coins, you can try exodus or jaxx, which holds about a dozen different coins, and it's clearly marked, so there is no confusion.  There is also Exodus/Eden, which holds about 30 different coins, but is currently in an unsupported/testing phase, so it is basically "us at your own risk".

For ICOs, it is best to store them only in the wallet recommended on the ICO announcement page, at least until the bugs are worked out.

I think you have to look at all those variants that other commentators suggested and choose which one suits you the most.
I use Hashnest wallet for my Bitcoins and Litecoins, as well from this month they suggest Bitcoin cash storage. And for ICOs' projects and tokens I have heard that My ethr wallet is the best place, cause of it supports some of tokens. And if you are looking for a place which would allow you to store many of altcoins I would suggest you an exchanger, something like YoBit with all possible altcoins in the list. Good luck!