All wallets that are not managed by LiteBit are called external wallets.
At LiteBit, you can your store cryptos in a central location: the LiteBit wallet. You can also transfer cryptos to another wallet, an external wallet. This wallet must always be a wallet you have access to. If a third party provides the wallet service, you must have ownership over that wallet. The most prominent example is an account on an exchange.
A third party
You can choose to save cryptos on an external website. These are websites that offer wallets (i.e. exchanges or other websites or apps where you can store your cryptos). If you store your cryptos with a third party, there is no need to download software and maintenance is automatically performed.
Self-managed wallets
A self-managed wallet is a wallet for which you manage the private keys yourself. A self-managed wallet can be downloaded or purchased in the form of a cold or physical wallet.
Download a wallet
There are websites where wallets can be downloaded. If you choose to download a wallet yourself, you are responsible for its security and management Because a blockchain processes many transactions, this wallet must always be synchronised in order to stay up to date.
Cold wallet
A cold wallet is not connected to the internet. Although this wallet is not connected to the internet, it can still receive transactions. But there can only be outgoing transactions if the wallet is connected to the internet. These wallets can also exist as a Ledger in the form of a physical wallet.
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