Litecoin wallet

Create a litecoin wallet

We’ll make sure you are able to purchase and sell your litecoin with the greatest of ease, but you are responsible for storing your coins. Litecoins are stored in a wallet, from here you are able to send, receive and manage your coins. Creating a wallet is simple and in most cases free of charge. In this article we’ll teach you everything you need to know about wallets.

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Which litecoin wallet should I choose?

Which type of wallet suits you best depend on your needs. All wallets have their own features, there are different levels in ease of use and security. In the overview below you will find more information about the three different types there are: mobile wallets, software wallets and hardware wallets.

Mobile wallet

Managing your coins using a smartphone. Simple and for beginning investors
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  • Carry your wallet with you
  • Free
  • Less safe than a hardware wallet

Software wallet

Managing your coins using a computer. Suitable for beginners and advanced.
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  • Managing your coins using your PC or laptop
  • Free
  • Less safe than a hardware wallet

Hardware wallet

Managing your cryptocurrencies from a physical device. Safe and for advanced users. Read more

  • Safest storage method
  • It cost money to buy the device

Exodus

In the video below, we’ll teach you how to set up an Exodus wallet. This is a software wallet you download on your computer.


You could also store your litecoins in a hardware wallet. Different manufacturers developed different types of hardware wallets. You will find more information in this article:
 

Hardware wallets

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. Please note: this is just an example address. Make sure to always copy the receiving address from your own wallet.

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.

How do I send and receive litecoin?

When buying or receiving litecoin, you use the receiving address from your wallet. It’s important to use the correct address because if you use the wrong address, coins will be sent to a different wallet. So how do you get a litecoin 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. 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.

Receiving
To receive litecoin, copy the receiving address from your wallet and paste it in the BTC Direct order form.

Sending
Sending litecoin is just as easy! Click on ‘Send’ in your wallet. Enter the receiving address you’ve copied from the recipient. Fill in how much coins you would like to send, and then confirm.

Please note!
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.

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

It’s important to secure your wallet the best way possible. The first step in safe storage is to make sure you store your seed phrase offline. A seed phrase consists of 12 or 24 words that are randomly generated. With these words you will always have access to your funds, even if you lose a password or if your computer crashes.

Write them down on a piece of paper and keep it in a safe place. Don’t take a picture of your seed phrase, most devices with a camera are connected to the internet which could give hackers access to your seed phrase and thus your coins.

Summary

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!

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