The XLite wallet allows you to securely manage a variety of digital assets in a single, noncustodial, lightweight, decentralized wallet.
- Noncustodial means you own the private keys of all your assets. You don't have to trust some third-party custodian with the private keys to your assets.
- Lightweight means you don't have to download the blockchains of the assets you hold in XLite, many of which are hundreds of GB in size. Some blockchains are many TB in size.
- Decentralized means access to your assets is supported and guarnanteed by a decentralized network of independent nodes, not by any single entity whose failure could prevent you from accessing your assets.
When not to use XLite
If XLite doesn't support the assets you want to trade on BlockDX, or if you simply prefer not to use XLite for trading some assets on BlockDX, then you'll need to install the native wallets of those assets to trade them on BlockDX. These native wallets are the native Qt/cli wallets released by each asset's respective project.
Why shouldn't I store my funds on an exchange?
While you can store your funds on an exchange, it is risky to do so since you don't really own the wallet your funds are stored in. In other words, when you use an exchange, your funds are really in the exchanges "account" and they are just allowing you access.
These exchanges are highly unregulated, which can lead to issues. They have the ability to freeze withdrawals of funds, and while the exchange owners can tell users that their funds are safe, there is no way to guarantee this given the lack of rules and a regulating body.
Due to the large number of funds being stored on exchanges, it becomes a target for hackers. There is a huge risk storing funds on an exchange with $1.7 billion stolen from exchanges in 2018 alone.
Properly setting up the XLite wallet is simple. Complete each of the following guides in order:
If you encounter issues, please join Blocknet's Discord for assistance.
Warning: Beware of scams
Be cautious of users sending you private messages on Discord to help with troubleshooting, even if they claim to be team members. Scammers will often prey on those having issues and offer help in an attempt to steal funds. This is usually done by impersonating team members.