The beauty of crypto is the principle of ‘Be your own bank’. That is why we advise everyone to use a cryptocurrency wallet where you are the owner of the private key. We understand that this can seem quite confusing at times. Therefore we have created a guide regarding all the Litentry wallets that we recommend.
Let’s take a look at all the different wallets there are, so that you can select the one that suits you best.
Online wallets are the most common wallets for cryptocurrency. There are online wallets that are dedicated to Litentry, but also wallets that can store multiple currencies. Please make sure that you select a wallet where you are the owner of the private key. As the saying goes, not your keys not your wallet.
Software / Mobile wallets
As mobile phone usage increases, so does the use of mobile wallets. Many cryptocurrency applications that you can download, have the ability to hold multiple cryptocurrencies. Again, make sure that you download a safe option where you are in control of your private key. The downside of mobile wallets is, of course, the fact that mobile phones could break or be stolen. Make sure to store your key-phrase somewhere safe.
The best way to store your Litentry is through a hardware wallet. An hardware wallet like Ledger or Trezor is a physical device which you can connect to your computer of tablet. Via a program on your computer/tablet you can access the hardware wallet. The hardware wallet is secured via a seed-phrase and a pincode. The downside of a hardware wallet? Although it is the safest way, it is also the most expensive possibility.