Loafwallet Review: Scam or legit?
Quick inner navigation:
Mobile cryptocurrency wallets have been on the rise since early 2017. With their security increasing and cryptocurrency day trading taking shape, some people want to store their digital assets where they can easily be accessed. Litecoin founder, Charlie Lee, developed Loafwallet as an open-source wallet for iOS and Android devices in 2016. Below is an exclusive coverage of Loafwallet.
What is Loafwallet?
Loafwallet is a single payment verification mobile wallet for Android and iOS devices. Developed in 2016 as an open source project, Loafwallet targets Litecoin owners who trade coins using their mobile devices on a regular basis. Anyone can download the wallet irrespective of their country of origin, as long as they own Android or iOS mobile device.
Litecoin’s creator, Charlie Lee, developed the Loafwallet to cater to the needs of mobile users. The wallet is currently monitored and maintained by a team of developers affiliated with the Litecoin Foundation.
If you own Litecoins and possess either an Android or iOS mobile devices, you can hold any amount of Litecoins in the wallet. Investors who own Windows, Blackberry or any other types of smartphones can’t access the wallet.
Unfortunately, Loafwallet is a single-currency wallet. The wallet only supports Litecoins. However, the wallet is extremely secure as it does not store digital assets online.
Since Loafwallet is owned by Litecoin for Litecoin users, their fees are extremely low. The average transaction fee is $0.206, and the median fee is $0.06. Median means the total amount of transaction fees done on the Litecoin blockchain divided by the total number of transactions.
There is no need for verification when you download this wallet. Litecoin is designed to offer pseudo-anonymous transactions. If you want to store your coins in the wallet:
- Download the wallet on either Google play store or Apple store
- Create a pin-code or passphrase to help you recover your coins should you lose the app
The only place you may get verified is when transferring Litecoins to an exchange such as Coinbase.com.
- Does not store coins on servers- your coins are available 24/7 since they are not held on any server.
- The Loafwallet code is open source- Developers can get the code on GitHub and help improve on it.
- Fast- the wallet is linked to the Litecoin Wallet.
Is Loafwallet Safe?
The Loafwallet was built around the idea of providing mobile users with an extremely safe but user-friendly wallet. The app is built using app sandboxing and encrypted with AES hardware for better security. In addition, Loafwallet contains keychain and code signatures to ensure browser issues or malware do not introduce bugs into the wallet.
Transparency is the key to Litecoin and, therefore, the same has been extended to Loafwallet. The use of blockchain protocols protects the wallet against double-spends.
Additionally, the wallet does not hold coins online. In fact, Litecoins in the loaf wallet is held by a third party company, but users own the private keys needed to access them.
So, is Loafwallet safe? The wallet’s safety can be assessed based on four major factors:
Loafwallet has earned the trust of Litecoin users. With the wallet’s code being open source, developers are able to monitor any updates for bugs and weaknesses. The app has a 3.9-star rating on Google, indicating generally favorable reviews.
The wallet is built with advanced security to keep your Litecoins safe. At its core, the developers used AES hardware to encrypt the wallet’s code. The security layers then involve app sandboxing, code signatures and other details to keep away bugs and hackers. If you lose the app or phone, you can access your litecoins with a simple backup phrase.
Litecoin has a community dedicated to serving LoafWallet customers. Through the Litecoin Foundation on Twitter (@LTCFoundation), Google+ or Reddit, you can interact with developers and the customer support team. Few people complain of a lack of support from the wallet developers.
Litecoin was designed to be four times faster than Bitcoin. While an average Bitcoin block is completed in 10 minutes, Litecoin’s transactions speed takes an average of 2.5 minutes. With the Loafwallet, transactions are completed quickly. The wallet is linked to Litecoin’sblockchain to ensure transactions are completed within the shortest amount of time possible.
How to use LoafWallet
Since this wallet is available for free of charge and requires no verification details, it takes less than 15 minutes to set the wallet up.
Step 1: Download the Wallet
Loafwallet is available on both Apple App Store and Google Play Store. It’s 36MB in size and works with Android version 6 and above. For iOS users, the wallet works with the latest iOS version.
Step 2: Set it up
Once you download the app, select a passphrase to help you recover your Litecoins should anything happen to your mobile device. Set up a pin-code also so that only you can access your coins.
Step 3: Load the wallet with Litecoins
Once you have the wallet ready, import your litecoin funds from another wallet or purchase coins in an exchange that supports Litecoins. The Loafwallet generates a new address every time you want to complete a transaction. To receive coins, click on ‘receive’ litecoins and you will get a unique public address. Litecoin is available in almost every major cryptocurrency exchange, including Coinbase and ShapeShift.
In a Nutshell
LoafWallet was built as a standalone wallet so that users could access their coins every time of the day. Everything about the company is open source,andLitecoin developers are ever willing to offer support. For someone in need of a mobile wallet for specifically holding Litecoins, Loafwallet is worth a try.
- Open source- the wallet’s code is open on Github so that developers can monitor for development.
- Advanced security- the company’s developers used several encryption methods to build a safe wallet. Additionally, there is a backup system to recover lost coins.
- Connects directly with the Litecoin blockchain for fast transactions.
- Has a supportive customer support team.
- The wallet crashes sometimes.
- Only holds litecoins.
Who should use LoafWallet? Although the wallet is secure and monitored by a team of expert developers, it’s still a mobile wallet. A bug could compromise the wallet and lead to the loss of valuable digital assets. Additionally, the wallet crashes from time to time. This makes it most suitable for beginners who like to trade Litecoins regularly.
There are few negative reviews about LoafWallet on review sites. However, 37 out of the 220 people who reviewed the app on Google store only gave it a 1-star rating, meaning there are issues about the wallet that needs to be sorted out.
Thank you for reading the LoafWallet guide above. Hope it helps you make an informed decision. As a dedicated cryptocurrency website, we publish, new, informative articles regularly. You are welcomed to visit our site often and stay updated with news, reviews and relevant guides.