Posted By: Admin 2014-10-29 - Audit

Hello everyone,



This week I created the Litecoin Audit page (click here to check it out). This is a part of our ongoing effort to provide transparency and security for your Litecoins.



When you deposit Litecoins into the site, your coins will appear in one of the "Hot Wallet" addresses on the audit page. If the Hot Wallet balance ever grows too large, your coins may be deposited into the "Cold Wallet" or cold storage. In any case, the hot and cold wallets will always contain enough Litecoins to fund your withdrawal should you ever want to remove your coins from the site.



Our cold storage is kept offline. This makes it extremely difficult for your coins to be stolen by any 3rd party. In addition to this, we currently use two cold storage wallets stored in opposite corners of the globe. This means if one of the cold wallets was somehow stolen we would still be able to recover the majority of your coins.



Despite all this, we must ask that you do not store large amounts of Litecoins on our site. It is always safer to store your coins under your own roof, in your own cold storage.



Thank you,

Litecoinlocal.net Staff