September 22, 2020

Creating Litecoin paper wallet

Creating Litecoin paper wallet

Litecoin is one of the most famous cryptocurrencies. People who just get into this sphere need to keep electronic money somewhere. One of the available methods is a paper wallet. There are a lot of advantages that it has. You aren’t dependent on the internet and computer, in general. Hackers can’t attack you, and you can be sure in the safety of your money if your device doesn’t work. Also, you don’t have to reserve an additional place on your device for storing the blockchain, and you can make interesting gifts using this type of wallet.

You need two simple things if you want to create the Litecoin paper wallet:

  1. Your private key and Litecoin address.
  2. A piece of paper.

Step 1: Getting your personal private key

A private key is a string of symbols consisting of letters and numbers that is connected with your public key and is used for getting your Litecoin address. You can use Seedkeys to get your personal key and Litecoin address.

Step 2: Getting the QR-code using your personal key

You don’t have to do it, but you can convert your personal key to QR-code if you want. It’s better than writing your private key on the piece of paper. That’s why you should convert your personal information to QR-code.

There are some methods to do it:

  1. Generate QR autonomously. You only need to take your personal public and private keys and input them into the QR-code generator. This is a quite dangerous action because these applications can steal your data. You aren’t supposed to give your private keys to any website.
  2. Go to the website. This website is reliable and convenient. You need to wiggle your mouse until you get the automatically generated keys.
  3. Buy a paper wallet. It is also possible action but isn’t the best because creators of paper wallets can steal your private key before you buy your wallet.

Thus, Liteaddress is the best option for you. You can see how your wallet can look on this picture.

Creating Litecoin paper wallet

Step 3: Print your QR code and hide it

Next, you have to print your QR codes with both public and private keys. You can you’re your public key to everyone who wants to transfer money to you. If you want to use it, you can just scan this QR code.

Don’t forget to hide your private key. A lot of people keep their keys in safes and other places where they can be sure in protection of this important document. You also need to save your code on a computer and print new copies because the paint on the paper fades over time.

Also, you are supposed to protect your piece of paper with QR code from water, paint and dirt. That’s why it is so important to make an electronic copy. We recommend you to keep the QR code on a computer that is not connected to the internet. This can protect you from hackers. Sometimes, it takes only one connection to the internet to lose your data. Be careful.

How to spend your money?

There are a lot of different methods that allow you to spend your Litecoins. Let’s talk about the simplest:

  1. A loafwallet. This is the easiest method created by Litecoin Foundation. You can transfer your money to it and use them.
  2. Import from QR Code Reader. This task is harder than previous, but not so much. At first, you need to install any QR Code Reader you want. You must ensure that this isn’t malware. Next, you have to scan your QR code, download Electrum-LTC and import your paper wallet.

Also, you can install the Litecoin Core application and launch it in an offline mode. You need to do this to protect your money from hackers. Next, click the «Help» button (which is placed at the top of the application window). Then, click on «Debug window» and «Console».

Next, enter your client password and write the duration of the client unlocking if this app is locked. You need to do this via command walletpassphrase with the space symbol after that.

Then, you need to input the command «importprivkey», press space and write your private key and finish the command using the «Label» word. You can input any other word which you want. This is the address name.

Wait about 5 minutes while the application is finishing the importing of keys and check the address book of your client. You need to see the public address of your paper Litecoin wallet.

As you understand, you need to save the public and private keys in a text form too.

How to check your Litecoin balance?

This is not a hard task to check the Litecoin balance. You can do it similar to checking the balance of a non-paper Litecoin wallet.

  1. Go to the website.
  2. Paste in the special field your wallet address and press the button «Search».

You will see the number of Litecoins that you have. Also, you can see the history of your transactions.

To sum up, the paper wallet is a relatively convenient and safe method to store your Litecoins. You are supposed to have a copy of the information on the device that never connects to the internet to be sure in its safety.