There are exclusive crypto wallets in the market today. From hardware; to desktop, mobile, and paper, all have their unique positives and negatives. Some provide the latest in cutting-edge security, while the other is prone to cyber threats.
Here’s an interesting guide on Loafwallet (LiteWallet) review that takes you to every corner you need to explore before going for the Litecoin Wallet.
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What is Loafwallet (LiteWallet)?
Loafwallet is the official wallet for the cryptocurrency Litecoin (LTC). The digital wallet is a product of Litecoin Foundation- a non-profit organization.
Official Crypto Wallet
- Loafwallet is easy to use, open source wallet (source code is available on Github).
- The digital wallet is developed and published by Charlie Lee and Litecoin Foundation.
- One target: “To promote Litecoin and its products”.
- Loafwallet is one of the products that is designed and promoted by the Litecoin.
Loafwallet (LiteWallet) is the fork that came from “Bread wallet”- the well-known Bitcoin Wallet. This Litecoin wallet is an application that you can install via App Store or Google Play Store. Another Litecoin wallet you can give a try is Litecoin QT.
The digital wallet allows you to store, send and receive your Litecoin anywhere at any time with a faster and cheaper rate.
Loafwallet is the best standalone Litecoin wallet built for iOS and Android. It is available to download for free on the Apple App Store and Play Store!
If you want to import your funds into another wallet it’s even easier; as you have the access of your private keys. The app also imports the Mnemonic Phrases to recover your wallet.
Loafwallet Anniversary (Litecoin Developer Update)
The first thing to concern about: Are there any limitations with respect to storage?
There are no such limitations when it comes to your Loafwallet. Litecoin blockchain is capable of handling any volume. This might be due to the constant block generation which helps in accommodating huge transactions.
No verification is required to download the Loafwallet. However, all the transactions via Blockchain need to pass a digital verification. Cryptography is the key to create signature or verification code- an added security measure to your Loafwallet.
The crypto wallet offers pseudo-anonymous transactions. If you want to store Litecoin in the digital wallet:
- Download the Loafwallet on either Apple store or Google play store
- Create a PIN or passphrase to recover at some point of time.
Special Features: Loafwallet Review
- Does not store Litecoin on servers: The funds are available 24/7 as they are not on servers
- The crypto wallet is an open source: Developers can find the code on GitHub.
- Fast process: Loafwallet connects to the Litecoin wallet
The digital wallet is native to Litecoin. Litecoin is the only supported cryptocurrency on the wallet.
Loafwallet (LiteWallet) Fees
As you start using the wallet, go to settings and choose the currency you want to transact. You can choose between regular and economy fees.
Loafwallet fees are the lowest in the market which costs you 0.002 LTC. The average transaction fee is $0.206 and the median fee is $0.06. Though there have been complaints on the higher fees of up to 0.45 LTC.
How to Use Loafwallet?
The crypto wallet is available for free and requires no verification details. Let’s start up with the procedure:
Step 1: Download the Wallet
Loafwallet is accessible on both Google play store and Apple store. The size is 36 MB and works with Android version 6 and above. For IOS users, the digital wallet operates with latest IOS version.
Step 2: Set UP
After you download the app, choose a passphrase. (Recover your funds in case of any issue). Set up a PIN-code to access your funds.
Step 3: Load the Loafwallet with Litecoin
Now your crypto wallet is ready to use. Import your Litecoin from other wallet or buy some via exchanges that supports Litecoin.
The crypto wallet generates a new address each time you complete the transactions.
To receive coins, click on “Receive” Litecoin and you get a unique public address. So, you can proceed with the address and follow the instructions to complete the transaction.
The Crypto Wallet Limitations
If you hold Litecoin and an Android/IOS mobile device, then you are lucky. Investors who own Windows or any other types of device cannot access the wallet as Loafwallet doesn’t support.
Is Litecoin Wallet Safe?
The crypto wallet is safe. The Loafwallet safety depends on 4 major factors as listed below:
The digital wallet has already gained the trust of Litecoin users. Since the code is open source, developers can easily monitor and update for bugs and drawbacks. The app owns 3.9 star Google rating within favorable reviews.
Litecoin has a community serving Loafwallet users. You can interact with the developers and support team via- Twitter, Google+ and Reddit.
Litecoin was developed 4 times faster than Bitcoin. When Bitcoin block completes in 10 min, Litecoin transaction speed is 2.5 min. The crypto wallet connects to Litecoin blockchain to ensure the transactions get completed within shortest amount of time.
The digital wallet is built with enhanced security to protect the Litecoin. The developer uses AES hardware to encrypt the crypto wallet’s code. In addition, The safety layer includes app sandboxing, code signatures, and many other to keep a bug-free wallet.
LoafWallet rebrands itself as LiteWallet
Litecoin Foundation announced LiteWallet in October 2019. It is a new and rebranded version of LoafWallet.
“LoafWallet has played an important role in how individuals and businesses buy, store and transact Litecoin,” said Charlie Lee, Creator of Litecoin and Litecoin Foundation managing director. “We’re looking forward to LiteWallet making it even easier to interact with Litecoin on a daily basis in ways that are already familiar.”
Sep 11, 2019: Loafwallet gets its own Debit card.
Bibox exchange in association with Litecoin Foundation and Ternio blockchain firm plans to release a physical cryptocurrency debit card.
“This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life.” -Charlie Lee, Litecoin Foundation Managing Director.
LoafWallet Calls For Beta Testers
LoafWallet calls for beta testers for the next release of its platform. The V2.1.3 involves numerous bug fixes, updates to specific device types also a way to allow its users to purchase Litecoin with a credit card all within app.
LoafWallet also features the purchase of Litecoin through Coinbase. The new service, Simplex allows its registered users to purchase between $50 to $20k.
New iOS Version Of Loaf Wallet Features Simplex Support
Litecoin foundation announces the release of version 2.2.0 of Loaf wallet, which is the official Litecoin Foundation SPV wallet built for iOS. Moreover, This new version integrates with Simplex to provide fraud-free transactions, giving LoafWallet users the ability to purchase Litecoin directly without leaving the app.
This new update is available for download for free on the Apple App Store. Additionally, updates to Loaf Wallet includes:
– iPad Support
– Memo/labels in transactions are retained.
– Fully global testing team with improved release process.
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Yes. LoafWallet is available for both Android and iOS versions under its rebranded name – LiteWallet.
Many users have faced the issue. With LoafWallet changing its name to LiteWallet without prior intimation, the application seems to have vanished from the app store.