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As a (pre-Bitcoin) thought experiment, had a 'new gold' been discovered in the Earth’s crust, assuming it was mostly distributed evenly across the Earth’s surface and was exactly comparable to gold in terms of these five monetary traits (with the exception that it was more scarce), free market dynamics would have led to its selection as money, as it would be that much closer to absolute scarcity, making it a better means of storing value and propagating price signals. Seen this way, gold as a monetary technology was the closest the free market could come to absolutely scarce money before it was discovered in its only possible form—digital. The supply of any physical thing can only be limited by the time necessary to procure it: if we could flip a switch and force everyone on Earth to make their sole occupation gold mining, the supply of gold would soon soar. Unlike Bitcoin, no physical form of money could possibly guarantee a permanently fixed supply—so far as we know, absolute scarcity can only be digital.андроид bitcoin mail bitcoin

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Desktop or Mobile Wallet
If you have a small number of coins and you want easy and quick access to them, it is best to use a desktop or mobile wallet (software wallets). These are great as they do not take up much space on your computer or mobile, and they are reasonably secure.

What is Litecoin: desktop wallet Exodus.

With these software wallets, you are the only person that has access to your private keys. Not even the development team of the wallet can see them.

You can also set up recovery options on your software wallet. So, if you forget your password or your computer breaks, you can still get access to your coins.

Private Key: Think of this as the password to your bank account — this is used to access your wallet.
Public Key: Think of this as the username to your bank account — this is used to send/receive coins in your wallet.
There are lots of different software wallets to choose from, with Exodus being one of the more popular picks.

Hardware Wallets
In the real world, you wouldn’t want to store your life savings in your leather wallet, would you? This is the same when storing your Litecoin!

The safest way to hold your coins is to use a hardware wallet. This is the cryptocurrency equivalent of a vault!

Hardware wallets allow you to store your coins offline, meaning that they are never connected to the internet. Although it is less convenient if you need to send or receive your coins quickly, it is the safest option.

The most popular of these is Ledger Nano S. Even though hardware wallets come with a price, you have to consider the importance of security, especially if you hold lots of coins.

Ledger Nano S also allows you to view your recovery password on the screen. By writing this down and storing it somewhere safe, you can regain access to your Litecoin if somebody stole the hardware device.

What is Litecoin: hardware wallet Ledger Nano S.

If you have read our “what is Litecoin?” guide so far, you should now know what it is, how the technology works and how to safely store it!



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