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Web wallets enable you to store your cryptocoins safely and securely. The only problem is that unlike offline wallets, online wallets can be hacked. Nevertheless, they are good for storing a few coins.
If you want to store LTC coins, the best wallets to use are Litecoin wallets. They are a number of them, but if you want a Litecoin wallet that is easy to use and offers a good level of security, then you should give LiteVault a try.
It is not fancy in any way, but it does do a good job of keeping LTC coins safe.
Pros of web wallets
- Web wallets are easy to use.
- You can send and receive payments in a matter of minutes while on the go.
- Also, web wallets have some additional security features, such as 2-factor authentication and QR code scanning.
Cons of web wallets
- The downside to using web wallets is their vulnerability to attacks, such as DDOS attacks, malware, phishing scams and insider hacking.
- Web wallets are not very reliable for storing large amounts of crypto, just small amounts.
What is LiteVault
Lite Vault is an open – source Litecoin web wallet that encrypts wallets before they reach the company’s servers and enable two – factor authentication via email. In case you do not know what a web wallet is, it is an online wallet that you access through your web browser. LiteVault wallet can be found in Litecoin.com, which is hosted in San Francisco, US. Created by Someguy 123, an expert web developer, LiteVault was launched in 2015. LiteVault Knows no borders, it is supported worldwide.
LiteVault wallet encrypts its wallets before they are stored on the company’s servers and it also allows 2 – factor authentication. The company cannot see your private keys and neither can they access your funds.
Your private keys are stored in your web browser, so it is important to back up your keys. The wallet allows you to export your private keys in an unencrypted JSON file, and so you are able to view the keys. You can choose to encrypt the file, but make sure you also have the decryption key.
When you create a wallet, to store the wallet in LiteVault’s server, there is a randomly generated password called a SharedKey. The password is shared between you and the server and it authorizes the writing to the encrypted version of your wallet stored in LiteVault’s servers.
The SharedKey is held in the encrypted wallet, but it cannot be accessed without the right password. Before LiteVault stores your wallet, they encrypt it using the AES algorithm in your browser using your password. This means that they cannot view your addresses, labels or private keys.
There are no known or any set limitations. You can store a huge number of Litecoins in your LiteVault wallet. But it is better to just store a few coins since it is still a web wallet and therefore vulnerable to attacks.
To login into your LiteVault wallet, you need to use your identifier and password. You can also enable the 2-factor authentication feature to make your wallet more secure. In case, you lose your 2FA device, LiteVault can disable the feature. But if you lose your password, LiteVault cannot help you recover your wallet since they do not store passwords on their servers.
There are no known fees associated with the use of LiteVault wallet. However, Litecoin does charge a small fee for LTC- related transactions. This fee, however, varies. If you are buying your LTC from an exchange, typically they charge anywhere between 0.5-2%.
LiteVault Special features
- In-browser cryptography for security purposes.
- The interface was re-designed to be cleaner and more usable. Color tags were also added to make it easier for the user to visually identify an address easily and quickly.
- QR Code scanning, which eliminates the tediousness of typing in the long address and reduces the risk of entering the wrong address owing to typos.
- Private keys are hidden behind the “View Private Key” button on the wallet’s page.
- Message signing using your address to prove you are the owner.
Is LiteVault safe?
“Is LiteVault legit?”, “Can I trust LiteVault?” here is what you need to know:
- Since LiteVault was launched, it has had a huge following. People seem to love LiteVault owing to its simple to use interface and good security. So far, no security breaches have been reported.
- The other reason why LiteVault is considered safe is that when you create a wallet, the wallet is encrypted. Only you have access to your passphrase and wallet. While the wallets are stored on the company’s servers, they cannot see your private keys and neither can they access your funds.
- Unfortunately, if you lose your passphrase, there is no way of recovering your wallet or your LTC coins.
- LiteVault encrypts all wallets before storing them in their servers. Each wallet contains a SharedKey, which is a password that you need to make receive and send LTC from your wallet.
- You can also enable the 2-factor authentication to enhance for better security.
- LiteVault does not store passwords in their servers; therefore, in case you lose your password, you will not be able to access your funds.
- For queries, you can contact LiteVault via email or social media (Reddit and Twitter). You may not get a quick response because according to crypto forums, only one person handles the queries. That is the creator Someguy123.
How to use LiteVault?
LiteVault is simple and easy to use.
To use LiteVault:
- Register an account with LiteVault by signing up.
- Enter your full names, email address and other details.
- Verify your account and then log in.
When you create your new wallet, it is sent to the company’s servers already encrypted together with your passphrase. You can also enable the 2FA feature for better security. Ensure to back up your passphrase because if you lose it, you will not be able to access your wallet and LiteVault cannot help you recover your wallet.
If you want to stay completely anonymous, use the wallet’s Tor Hidden Service. But use LiteVault’s Hidden Service URL and not the normal URL.
LiteVault Review Summary
- User-friendly interface.
- Easy to use.
- 2-factor authentication security feature.
- It’s open source.
- If you lose your passphrase, there is no way of recovering it. So you lose access to your wallet along with your coins.
LiteVault is a Litecoin wallet where you can store your LTC coins securely. But it is never advisable to keep large amounts of coins in an online wallet because they are vulnerable to attacks. Offline wallets can’t be hacked that is why they are much safer and better option.
Thank you for checking out this broad review for LiteVault. We hope it was helpful for you. Make sure you visit our website regularly and stay updated with various crypto news.