Litevault Wallet Review 2023
Litevault is a user-friendly online wallet for storing, sending, and receiving Litecoin (LTC). It offers the convenience of accessing your LTC from any internet-connected device without downloading the blockchain.
It ensures the safety of users' wallets by encrypting them before storing them on its servers. It provides the added security of two-factor authentication via email address. This web wallet is open source, and its software has been developed with a focus on simplicity and ease of use. Additionally, it requires no operating system for its functionality.
Originally designed for the storage of LTC, Litevault has since added the ability to use Changelly and other options.
The platform is managed by an individual known as "Someguy123", based in the UK. They have developed various projects, such as the Litecoin Block Explorer. Presently, "Someguy123" is working on producing code for the Litecoin 2.0 exchange and a new initiative called "Coinbet".
The e-wallet provides an online service that employs in-browser cryptography, which helps to minimize the likelihood of the coin operator accessing your cryptocurrency assets without your consent.
How does it function?
Upon logging into Litevault, the server receives your identification information from the browser. It then sends an encrypted form of your wallet and the AES algorithm. The browser decrypts this using your password (which is not shared with the server) to access your private keys for signing transactions.
The utilization of the wallet is free of charge. However, when conducting LTC transactions, users must consider that the Litecoin network demands a fee for each data processing activity. In addition, exchanges typically impose a service charge ranging from 0.5-2% when purchasing Litecoin.
How to use the e-wallet
To use the Litevault wallet, one must register an account by signing up and entering their full name, email, and other necessary information. After verifying the account, users can log in and create a new wallet encrypted with their chosen passphrase and store it on the company's server.
Users can also enable two-factor authentication to keep a backup of their passphrase for added security. Additionally, it offers Tor hidden service for users seeking anonymity.
Is Litevault wallet safe?
The wallet has gained a significant following in the cryptocurrency market due to its user-friendly interface and high level of security. It has maintained a flawless track record with no reported security breaches.
This is because all data passing through the tool and the browser for accessing the wallet is encrypted. Only the user with the wallet's passphrase can decrypt this information. As a result, it is crucial to safeguard the passphrase as it is the only means of restoring and gaining access to the funds it holds.
Litevault wallet is a reliable and secure tool designed specifically for Litecoin users. It boasts an open-source web-based interface that is intuitive and beginner-friendly. Additionally, its exclusivity to Litecoin is not a hindrance as it is the first and most established altcoin with a stable market cap. Moreover, Litecoin serves as a trading pair for most crypto assets, making it a convenient option for users. Litevault is also a fast and dependable light node capable of handling various Litecoin transactions.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.