Litecoin is a fork from Bitcoin and was created by Charlie Lee in 2011. It has been further developed and maintained by the Litecoin Foundation. While bitcoin has a total coin supply of 21 million, Litecoin boasts a total of 84 million. Compared to Bitcoin, Litecoin is cheaper and requires considerably less transaction fees, it’s a good bitcoin alternate especially for those who are new to the cryptocurrency world.
Interesting in learning more about Litecoin? Visit https://litecoin.org/ for more details.
Before being able to use Litecoin, you will need your own Litecoin wallet. There are many ways you can obtain one. This blog will introduce a simple method that does not require downloading of any software or to register new accounts in exchange services.
Step 1. Visit LiteAddress.org
Move you cursor randomly across the screen to generate a random value. This value is used when creating your wallet.
Step 2. For security reasons disconnect from your network.
In some cases your network security may have been comprised by hackers. It is for this reason that you are strongly recommend to disconnect from your network before moving forward.
Step 3. Click and generate a new address
By clicking ‘Generate New Address’ the algorithm will be execute and calculate your public address and private key. It is unique and impossible for any current computer to guess it. It’s ability to withstand such attacks is due to it’s 256 bit encryption which make the odds of being cracked unimaginable.
Congratulations you now own your very own Litecoin wallet.
In the screenshot above there is a ‘Red Secret part’, the string “6uBQYUcWEBQPKqiybPSw1yKKdSCKXSTdQt8hzLEzT2v7fAhWaYV” is the Litecoin private key, and you should not expose it to any one. Anyone who has this can spend your Litecoins. You can think of the private key as the pin for your bank card. It is important to note that if you lose it, it is impossible to recover. Keep your private key in a safe place.
The green share Part in the left, it is your public Litecoin Address. You can give this to others freely. This address is needed for others to send the Litecoins to your wallet. There are many web tools to explore and check the balance of your wallet. For example, visit live.blockcypher.com/LTC, and enter the address to check the balance.
Tips: For safety reasons, you should print the private key and store it somewhere out of reach from others. Further more, you could split your wallet into different pieces and store them at different locations. Saving on a computer or online is not recommended, if you have to do so, at least remember to use a strong password.
That’s it, you have successfully secured your Litecoin wallet!
Step 4. Get some Litecoin.
There are a number of different approaches to get some Litecoin, you can try asking your friends to send some of their Litecoin to your Litecoin address, alternatively simply buy from any exchange that supports Litecoin. In Australia, you can buy Litecoin from Btcmarket, Independance reserve, CoinSpot and a few others.
Litecoin is often referred to as LTC. You don’t need 1 whole LTC for a transaction, the smallest precise amount available is 0.00000001 LTC. Remember you are able to send fractions of a LTC to any address.
Step 5. Use wallet software to spend your Litecoin.
Once you have a positive balance in your wallet, you can spend it! How do I that? This is where your private key comes in handy.
You will need secure software that helps you import your private key. There are many phone apps and software wallets out there. Before downloading and using one, it is important that you do some research to make sure they are legitimate applications and not just another fishing or hacking attempt.
Below are some well known and trusted wallets:
Below is an example of an Electrum Litghtwight Wallet importing a private key. Once complete your Litecoin balance will appear in your Electrum-LTC wallet, and you are ready to be spend.
Feel free to remove the private key and add it back again, this will not change your wallet balance.
A Litecoin Wallet is nothing more than a Private key. Who ever owns this owns your Litecoins. So keep it secure!