A Litecoin wallet is a physical or digital location where you store your LTC. The easiest way to think of a Litecoin wallet is as a place to store your LTC. Most wallets are online, but you can also download them to your phone or computer.
You can store LTC in a wallet like Coinbase or Exodus, or you can store it in a paper or hardware wallet.
It is advised that you should only store it in a wallet you control, such as your own.
