It’s very important to manage your litecoins safely. We assist in buying and selling litecoins, but you are responsible for managing them yourself. That's is the beauty of cryptocurrency: you are your own bank!
You can manage your litecoins by creating a litecoin wallet, which is similar to a digital bank account. Luckily, creating a litecoin wallet is very easy and almost always free! On this page you can read everything about how to create and use a litecoin wallet.
Everything about creating a litecoin wallet and finding your litecoin receiving address:
- What’s a litecoin wallet?
- What’s a litecoin receiving address?
- Which litecoin wallet should I choose?
- How do I create a litecoin wallet?
- Safety and backup
- How do I send and receive litecoin?
What’s a litecoin wallet?
A litecoin wallet is similar to a digital bank account for sending, receiving, and managing your litecoin. You can use our platform to buy or sell litecoin, however, we don’t manage your coins for you. You do this yourself in your litecoin wallet.
Already know you want to buy litecoin, but don’t know where to buy your coins? Use other people’s experience with BTC Direct for reference. Take a look:
What’s a litecoin receiving address?
A receiving address is similar to your bank account number: people can use it to send litecoin to your wallet.
Would you like to receive litecoin? Then you provide the sender with your receiving address. Would you like to send litecoin to another wallet? Then you need the receiving address of the recipient. A litecoin receiving address always starts with an L or an M. This is an example of a litecoin address: MGxNPPB7eBoWPUaprtX9v9CXJZoD2465zN.
Whilst a bank account number stays the same, a litecoin receiving address can change once it’s been used for a transaction. This way, not all transactions are linked to a single receiving address and your privacy on the network is better protected. Even though receiving addresses can change, old addresses always remain valid. All generated addresses stay linked to your wallet meaning that you can keep using them to receive litecoin.
Which litecoin wallet should I choose?
When choosing a wallet, take your buying needs and level of experience with cryptocurrencies into account. Have you just started trading in cryptocurrencies, or are you more experienced? Would you like to buy a small amount or invest a large sum? In the overview below you can see which wallet is suitable for your situation.
Software wallet: LTC
- Private key is saved locally and therefore more secure compared to being stored online
- Doesn't need to download the whole blockchain
- Needs to be updated (manually) once in a while
- Desktop only
Ledger Nano S
- Safest wallet
- Supports multiple coins
- Offline storage of your private key
- Not very user-friendly
- Needs to be updated (manually) once in a while
How do I create a litecoin wallet?
Creating a litecoin wallet is quite easy. There are different possibilities to manage your litecoin. All wallets have their own features, there are different levels in ease of use and safety. There are online wallets for litecoin but we recommend using a software wallet or a hardware wallet since these are safer options.
Safety and backup
Just like your physical wallet, you protect your cryptocurrency wallet. If your wallet isn’t secure enough your coins could be compromised. Take your time to go over the following:
Write down your recovery seed
Regardless of which wallet you’re using, you always have to write down the recovery seed of your wallet. For Electrum-LTC, this is a sequence of 12 words, with which you’ll always have access to your coins. Some wallets provide the seed immediately, in other wallets you’ll have to check the settings to find it.
Use pen and paper to write down the recovery seed and store it safely offline. This is the backup for your wallet. Should you ever lose your password you’ll be able to access your wallet with the help of your recovery seed. You can even use it to access your coins from a different wallet. Don’t take a photograph of it, since most devices are always connected to the internet.
How do I send and receive litecoin?
When buying or receiving litecoin, you use the receiving address from your wallet. A litecoin receiving address is similar to your personal bank account number. It’s important to use the correct address since if you use the wrong address, coins will be sent to a different wallet. So how do you get a LTC address? Where do you find it?
The receiving address
First, log into your wallet. In most wallets, the receiving address can be found under the button ‘Receive’. A litecoin receiving address always starts with an L or an M. This is an example of a receiving address: MGxNPPB7eBoWPUaprtX9v9CXJZoD2465zN. A litecoin receiving address will, in most wallets, automatically change once it has been used for a transaction. But don’t worry: old addresses will always stay valid and linked to your wallet.
To receive litecoin, copy the receiving address from your wallet and paste it in the BTC Direct order form.
Sending bitcoin is just as easy! Click on ‘Send’ in your wallet. Enter the receiving address you’ve copied from the recipient. Fill in how much you would like to send, and then confirm.
Take into account that for each transaction, a transaction fee must be paid. This is a contribution to the Litecoin network for processing your transaction. In most wallets the fee is automatically calculated by the wallet provider. How high the fee is depends on how busy the network is at that moment in time.
For receiving as well as sending litecoin, always copy and paste the receiving address. Don’t write or type the address. This lowers the risk of making a mistake. All cryptocurrency transactions are irreversible: once the coins have been sent, there’s no way of getting them back.
Let today be your first day in the world of crypto. Get started with buying your first litecoin by clicking this button
Now you know how to create a wallet, how to secure it and what a receiving address looks like. You also know how to find and use this address.
Do you have any more questions about litecoin wallets, or about wallets in general? Feel free to contact us, we’re happy to help!