There are several types of wallets in the market today. From hardware; to desktop, paper, and mobile, all have their unique advantages and disadvantages. Some offer the latest in cutting-age security, while others are vulnerable to online threats.
Well, there are no doubts about the capabilities offered by hardware wallets like Trezor and KeepKey. But when it comes to web-based or mobile wallets, investors have to be a little cautious. That is what this review is about; wallets, specifically Loafwallet.
Read the Loafwallet guide below to find out everything you need to know about it.
What is Loafwallet?
Loafwallet is a product of Litecoin Foundation, a non-profit organization. The Foundation and Litecoin founder Charlie Lee have one mission: to promote Litecoin and its products.
Loafwallet is one of the products developed and promoted by the Litecoin.
As you might have noticed, Loafwallet forked from ‘Breadwallet’ the popular Bitcoin Wallet. Notice the “Loaf wallet”?
Loafwallet is an application that can be installed from Google Play Store or App Store. Another Litecoin wallet worth trying is Litecoin QT.
I find it a friendly application that is fast and offers cheaper transactions. You can (as I have done for the last 3 months) use it to store, send and receive your Litecoin anywhere and anytime.
One of the first things I look out for is whether there are any limitations to storage. Limitations can be a put off for people with large “appetites” for crypto. As far as I know, there are no limitations of storing Litecoin in your Loafwallet. Litecoin blockchain can handle any volume due to constant block generation that enables it to accommodate a lot of transactions without the need to modify it.
Loafwallet is native to LTC and there, unfortunately, (or fortunately) Litecoin is the only supported cryptocurrency on the wallet.
As you begin to use the wallet, go to settings to choose the currency you wish to transact in. The wallet allows you to choose between regular and economy fees. Loafwallet fees are actually among the lowest in the market. It charges 0.002 LTC, though there have been complaints of higher fees of up to 0.45 LTC. (Check r/litecoin)
You probably already know that you do not need to be verified to use Loafwallet. You become eligible to one the moment you start trading in Litecoins. However, all the transactions that take place within its Blockchain must pass digital verification. Cryptography is used to generate signature or verification code which, really, is an added security measure to your Loafwallet.
Is Loafwallet safe?
Loafwallet is quite safe. The main reason I think it is safe relates to how the wallet is tied to/ link with the Litecoin network. It has somehow convinced me that my wallet has the same level of security as the blockchain. From research and interactions in social media, I have learned that luckily for Loafwallet users, there hasn’t been any hacking that has occurred. My own experience has been quite good.
I do feel that most of the negative feedback about usage is due to user errors. I recommend that if you are trying out Loafwallet for the first time, be cautious. As you transfer your LTC to the wallet, begin with let’s say $10 worth of your LTC to ascertain that it works.
This is perhaps the one thing that can make or break a “native” wallet. There was a lot of hue and cry about 4 months ago concerning Loafwallet crashing. I was excited when I found out that one of the developers was always on hand to help out. To me, that’s what you should get from a project like the Litecoin Foundation.
Transparency is the key to Litecoin and, therefore, the same has been extended to Loafwallet. The use of blockchain protocols protects my wallet against double-spends. Though it serves me right, I have come across some complains about some people losing money or just being unable to access it. The good thing is that most of the issues were addressed by the Litecoin team.
Security means everything in cryptocurrency. I value security and appreciate it whenever it is provided. Though I completely trust in Loafwallet’s security measures, I can’t say it’s 100 percent secure. Anything is plausible in the world of cryptocurrency. Loafwallet has the following security features:
HTTPS protocol is used to secure a user’s server using public key encryption. While you and the server communicate in plaintext; your communication is then switched to encrypted communication which blocks the intruders from reading your message.
Passcode– it is an encryption code added to your wallet. This code secures the private keys. For any hacker to access your coins, they have to bypass the encryption code. Loafwallet also has two-factor authentication (2FA) which provides an additional security feature that allows you to receive verification codes using your phone.
For the recovery of your Loafwallet from any mishaps, its application allows the use of Mnemonic Phrases from other devices.
Can something like an upgrade or fork affect my Loafwallet’s security?
Not according to one of the devs at Litecoin Foundation. He posted early January on reddit that should there be a backward incompatible upgrade, the wallet would as expected, see any transaction as invalid.
However, because Loafwallet utilizes BIP32 and BIP39 when deriving private keys, access to such an account is possible. All you need is to have the 12-word recovery phrase and use it on another client wallet like Jaxx.
Litecoin transactions are pretty fast. I can say the same thing about using Loafwallet. With the activation of SegWit and the Lighting network, handling and transacting with Loafwallet is faster compared to other wallets in the digital currency. Transactions are instant and take about 10 minutes to be confirmed. The only reservation comes with the unexpected crash that requires a complete reinstallation. At such times, it becomes a frustrating experience.
How to Use Loafwallet?
Many of the negative reviews I have come across relate to using the app. iOS is especially tricky if you run v.11. Android OS is pretty simple, though frequent crashes could occur with minor bugs.
How to Install Loafwallet Application
From the Google Play Store or App Store you can download the application directly to your phone.
Install the application on your phone.
Set up the Loafwallet
- Once you have installed the application, Loafwallet is basically on your phone.
- The next step is to sync it to the blockchain- pretty smooth and fast process.
- Follow the prompts to generate a recovery phrase. You should store it somewhere safely.
- You will be asked to add a passcode- choose a strong one and keep it in a safe place. This is the key to your wallet. If you lose it to anyone, you have lost your hard earned coin.
- Once you are done with the passcode, your phone will then switch to the home screen. Here you can access the Loafwallet icon.
- You will use the icon whenever you need to send or receive the Litecoins and all other Loafwallet transactions you need to make.
Note that Loafwallet doesn’t have the latest stealth mode feature. This isn’t a defect, but the Loafwallet icon on the home screen makes it easy for strangers who may pose a threat
Loafwallet: Our Rating Score
Loafwallet’s fee is quite reasonable. However complaints about sudden spikes mean they are unreliable.
Trust and reputation: 8/10
Much of the trust in Loafwallet emanates from the added advantage of LTC being faster and cheaper. Investors also appear to trust the direction of the coin.
Customer support: 8/10
Good customer support with active forums on Reddit, telegram and Facebook. The availability of the team is a plus.
Ease of use: 9/10
Easy to install and secure with passcode and recovery phrase. Anyone can transact using this wallet.
Loafwallet Review Summary
Anyone who holds cryptocurrency will tell you one thing: a good wallet is worth every dime. I could say that so far, I have had value for my money. Loafwallet, because of its ease of use and dominance in the Litecoin community, enjoys a lot of hype.
- Litecoin (LTC) also has a role to play in this. A good performance in the market is emboldening us and that only adds to our trust in its product.
- The same technology and effort used to develop and secure Litecoin is the same used to develop and establish Loafwallet.
- Being a mobile-based wallet, Loafwallet security needs to be continuously revamped to keep up with technological advancement.
- Other newer versions of mobile wallets could prove to be better as things keep on changing on the cryptocurrency scene. So, I’d say that Loafwallet is still underdeveloped and much needs to be done to make it fully secure.
I like the fact that if I lose my wallet, I can still access it as long as I have the recovery key. Being able to use the recovery key on another client is an assurance that if you lose your device, you can still access your coins. This is very important to anyone who has invested time and money in cryptocurrency.
Why do I say this? From the onset of things and comments in the social media, security attracts many comments. For instance:
- Why does it keep crashing when you send LTC a second time?
- The wallet’s Android version is not robust and could be vulnerable to hacking
- Some transactions take way too long due to unresponsive interface
However, just like any new development, improvements keep on being added from the end users comments, whether negative or positive. They all add value to any new application. Here are some of the areas users have wanted fixed:
- A calculator added on the main screen.
- A lock button to make exit easy
- Dual currency support- both in USD and other currencies.
- Wallet widget that displays balances in USD and LTC
These kinds of updates will make Loafwallet even better. I hope you’ve got a fairly good picture of the wallet and can make a decision based on it. For more on cryptocurrency, kindly take a tour of our site.
Disclaimer/Note: Please Just don’t base on this review, Suggested to do their own research as we are not responsible for any risk involved.