Litecoin Wallet Security - Help!

[Oddyseous]

I've been following crypto and the community for a long time now. I've currently been investing all the money I can and more into Litecoin. Now I'm worried about Security. Currently I keep all my coins on Coinbase, but with the recent Cryptopia thing, I've really been worried about it. Granted, with Coinbase you have $250,000 FDIC insurance, but who the hell wants to wait on that? Also, due to me being based in the US, it's also possible for the government if they wanted to, to freeze coinbase assets. Which I'm not a fan of the idea, defeats the purpose of full control crypto to me.

Anyway, I've been going back and forth, I don't trust myself with a paper wallet, I don't trust a web wallet, I don't trust the desktop wallet due to viruses/malware. Hardware wallet might be a good option, but my main concern is the hardware wallet failing then me relying on the paperwallet I could have made and not paid for the hardware wallet to begin with as a back up.

Hoping for some advice to make me comfortable enough with one of my options. Thanks guys.

[AB de Royse777]

I've been following crypto and the community for a long time now. I've currently been investing all the money I can and more into Litecoin. Now I'm worried about Security. Currently I keep all my coins on Coinbase, but with the recent Cryptopia thing, I've really been worried about it. Granted, with Coinbase you have $250,000 FDIC insurance, but who the hell wants to wait on that? Also, due to me being based in the US, it's also possible for the government if they wanted to, to freeze coinbase assets. Which I'm not a fan of the idea, defeats the purpose of full control crypto to me.

Anyway, I've been going back and forth, I don't trust myself with a paper wallet, I don't trust a web wallet, I don't trust the desktop wallet due to viruses/malware. Hardware wallet might be a good option, but my main concern is the hardware wallet failing then me relying on the paperwallet I could have made and not paid for the hardware wallet to begin with as a back up.

Hoping for some advice to make me comfortable enough with one of my options. Thanks guys.

Never risk your crypto to be in a hot wallet or any exchange. I would have been more happy to see you bought BTC instead of LTC however it does not matter. I never used LTC but I am sure they have desktop wallet that functions like Electrum. If they have multiSig feature then use a multiSig wallet to keep your LTC. It's relatively safer.

So, here are my advice:
1. Use MultiSig wallet if LTC supports
2. Use hardware wallet (This is the safest)

[Oddyseous]

My main issue with a hardware wallet is what if the hardware fails?

[jhenfelipe]

My main issue with a hardware wallet is what if the hardware fails?

All you need is the backup phrase so that you can recover your wallet. Check the hardware wallet's website for the instructions of recovery, they have it. For example, Ledger Nano S, you'll see the instructions on "Lost device, PIN code or recovery phrase".

[Oddyseous]

All you need is the backup phrase so that you can recover your wallet. Check the hardware wallet's website for the instructions of recovery, they have it. For example, Ledger Nano S, you'll see the instructions on "Lost device, PIN code or recovery phrase".

So if I need that why wouldn't I just go paper wallet? Then I can put what the hardware cost into more coin anyway.

[jhenfelipe]

All you need is the backup phrase so that you can recover your wallet. Check the hardware wallet's website for the instructions of recovery, they have it. For example, Ledger Nano S, you'll see the instructions on "Lost device, PIN code or recovery phrase".

So if I need that why wouldn't I just go paper wallet?

If you're thinking that way, then you should've trust paper wallet in the first place. I feel like you're running away, you don't want anything because you're afraid. However, you'll run out of options if you're focusing on the negative side. Let's say you use a desktop wallet, you're afraid of virus and malware, then secure your device, run scans, don't click malicious links, always check the url of a website, check the apps you install, something like that.

If you'll be keeping your LTC for a long time, this is another way I could think of:
1. Put it in a desktop wallet/android wallet that lets you hold the private key/recovery phrase
2. Store the key/phrase in a safe place then don't open the wallet anymore in your device after receiving your coins (you might want to uninstall it as well)
3. Just open the wallet when you need to do a transaction.
4. If you want to check your balance, then just check it on block explorer. It will lower the risk of being hacked.

I hope you won't be saying what if you lost your recovery phrase or something, remember you are responsible of keeping it. If you want you do many copies and keep it in different places

[mrdeposit]

I've been following crypto and the community for a long time now. I've currently been investing all the money I can and more into Litecoin. Now I'm worried about Security. Currently I keep all my coins on Coinbase, but with the recent Cryptopia thing, I've really been worried about it. Granted, with Coinbase you have $250,000 FDIC insurance, but who the hell wants to wait on that? Also, due to me being based in the US, it's also possible for the government if they wanted to, to freeze coinbase assets. Which I'm not a fan of the idea, defeats the purpose of full control crypto to me.

Anyway, I've been going back and forth, I don't trust myself with a paper wallet, I don't trust a web wallet, I don't trust the desktop wallet due to viruses/malware. Hardware wallet might be a good option, but my main concern is the hardware wallet failing then me relying on the paperwallet I could have made and not paid for the hardware wallet to begin with as a back up.

Hoping for some advice to make me comfortable enough with one of my options. Thanks guys.

Storing money in an exchange that will never give you a private key is not good idea. Hacking issue and freezing money without your approval, are the other reasons not to keep your money in the exchange wallet.
The right decision is the hardware wallets as you said and I can suggest Ledger and Trezor.

[ccsang]

It's may seem convenient to store your tokens on exchanges, but this is in fact a very dangerous practice. As you thread said that you investing all the money, so store your tokens on exchange not a good choice because you don’t own the private keys to your exchange wallets and something about exchange security, so if anything happens then you can quickly lose access to your coins. I'm highly recommend hardware wallet like ledger, I used it for 2 year and it's still useable, just store your seed in a safe place.

[libert19]

Buying hardware wallet would be the best option as it secures you from all types of online threats, regarding backing up hardware wallet seed you can use bank locker or something like that, if you want full security then remember few seed words in your head, don't write everything down, so even if someone gets your paper written with seed it won't cause any harm.

[EscrowService28]

I've been following crypto and the community for a long time now. I've currently been investing all the money I can and more into Litecoin. Now I'm worried about Security. Currently I keep all my coins on Coinbase, but with the recent Cryptopia thing, I've really been worried about it. Granted, with Coinbase you have $250,000 FDIC insurance, but who the hell wants to wait on that? Also, due to me being based in the US, it's also possible for the government if they wanted to, to freeze coinbase assets. Which I'm not a fan of the idea, defeats the purpose of full control crypto to me.

Anyway, I've been going back and forth, I don't trust myself with a paper wallet, I don't trust a web wallet, I don't trust the desktop wallet due to viruses/malware. Hardware wallet might be a good option, but my main concern is the hardware wallet failing then me relying on the paperwallet I could have made and not paid for the hardware wallet to begin with as a back up.

Hoping for some advice to make me comfortable enough with one of my options. Thanks guys.

There are other wallets that offer top Security features. but for me saving everything on written paper is the best choice for me. When I save it in the USB flash drive I still have thoughts that it might be corrupted.. so better to write the keys on paper.

[Garry_1]

Litecoin is one of the top cryptocurrencies that has maintained its positional consistency by market capitalization.

Every crypto wallet should have the following characteristics:

The wallet should be secured.
The wallet community should be active, and the company must be of repute.
The wallet should provide backup and restore.
The wallet should be easy to use and can be navigated easily.
The wallet should be compatible with the devices and operating system being used by the user.
The sole proprietor should be you, i.e the control over the private key lies on you.

Litecoin wallet is a software application that allows you to store, send and receive your Litecoins in a secured way.
Check the best litecoin wallets to store litecoins.There are many Litecoin wallets, some wallets are more secure and some have easy to use features.

[septi.JR]

You are too afraid of losing investment. but you invest with crypto which is very vulnerable to wallet hacking, if you have and enough to buy a hard wallet, it's a safe wallet, while you don't share a private key

I want to know how much you invest in LTC

[wuvdoll]

Even if you don't trust yourself to keeping paper wallet, you can hand over this responsibility to your wife.
I know for sure that women are very good at keeping things so that they don't get missing even if you ask for it in the next 10 years.

I would never advise even my worst enemy to leave their coins on exchange because it is viable to hack and since you cannot control your private key personally, the hack would always continue to affect all the users of the platform, you can also make use of hardware wallet, I this k it's the best for you.