If you’re storing Litecoin (LTC) on an exchange like Coinbase or Binance, you’re not fully in control of your coins.
Quite the contrary. In fact, exchanges can be hacked, have accounts frozen, or limit access depending on various factors such as government overreach or compromised systems. Cake Wallet, a non-custodial, open-source wallet, puts you in charge of your funds with a functional design, sleek aesthetic and user-friendly interface. Since 2018, it’s been a great way to store, send, and exchange Litecoin securely, especially when it comes to regular expenses.
Here’s why and how to move your LTC to Cake Wallet, with a focus on Litecoin’s privacy-boosting MWEB feature.
Why Cake Wallet for Litecoin?
Cake Wallet is free, open-source, and gives you full control over your private keys—your coins, your rules. It supports Litecoin’s MWEB (MimbleWimble Extension Blocks), which enhances transaction privacy by masking amounts and addresses. You can also exchange LTC for other cryptos like BTC or XMR directly in the application, no account needed. On top of that, it’s got features like coin control for precise transactions and supports multiple wallets for easy management. It can be viewed as a checking account of sorts.
How to Move Your Litecoin to Cake Wallet
Ready to take control? Here’s a quick guide to get your LTC off an exchange and into Cake Wallet:
- Download Cake Wallet: Grab it from the App Store, Google Play, or cakewallet.com. It’s free and available on iOS, Android, and desktop.
- Set Up Your Wallet: Open the app, create a new Litecoin wallet, and back up your seed phrase securely (write it down, don’t screenshot).
- Get Your LTC Address: In Cake Wallet, tap “Receive” to get your Litecoin address. For extra privacy, use an MWEB address (enable it in settings).
- Withdraw from Exchange: Log into Coinbase (or your exchange), go to your LTC wallet, and send your coins to the Cake Wallet address. Double-check the address!
- Confirm and Explore: Wait a few minutes for the transaction to confirm. Then, explore Cake Wallet’s features like sending, exchanging, or using Cake Pay to spend LTC like cash.
Why MWEB?
In much the same way that physical cash increases financial privacy, MWEB masks Litecoin transactions from prying eyes.
It’s lightweight and optional, so you can toggle it in Cake Wallet’s settings for maximum control.
So what are you waiting for? Have the cake and eat it too; move your Litecoin to Cake Wallet and truly own your crypto like a pro.
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