A cryptocurrency wallet is a digital wallet in which cryptocurrencies can be stored. All different cryptocurrencies are separate systems that do not communicate with each other. Therefore, every cryptocurrency has its own network and a unique wallet(address).
This is the reason that a new wallet must be created for each cryptocurrency. For example, a Bitcoin cannot be sent to an Ethereum wallet. Are you trying to do this? Then you have the risk that your cryptocurrencies will be lost.
We offer a wallet for a large part of the cryptocurrencies on our platform. In the future, we strive to make a wallet available for every cryptocurrency. At the moment this is not possible due to the complicated technology behind each blockchain. The wallets can be found in a central location: The LiteBit wallet.
The LiteBit wallet has several advantages:
You can also use the wallet in own management. The desktop wallet and the cold wallet fall under 'wallet in own management'. For a desktop wallet software has to be installed. A desktop wallet must be regularly synchronized to stay up-to-date. If a wallet does not synchronize with the blockchain, not all transactions are visible.
A 'cold wallet' is not connected to the internet. This wallet can receive cryptocurrencies offline but only send it again if the wallet is online. The LiteBit wallet is also a cold wallet. This means that the cryptocurrencies in the LiteBit wallet are stored offline.