Creating A Wallet

Litecoin has been making some big gains. This surge in price and rumors of some big upcoming announcements for Litecoin mean that Bitcoin’s little brother is finally growing up. If you’re not yet familiar with Litecoin now might be the time to get acquainted. Here’s how to get started using Litecoin.

An Overview Of Litecoin

Litecoin (abbreviated LTC) is a digital peer to peer currency used over the internet. It is based off of concepts similar to the quickly growing Bitcoin protocol with a few differences. Like Bitcoin it is decentralized meaning that it isn’t reliant on a central entity such as a central bank. Rather Litecoin is dependent on the network of users that employ it. It has a finite supply of coins that are being released over time through a process referred to as mining. There will only ever be 84 million Litecoins produced as opposed to Bitcoin’s 21 million limit. Litecoin also has a faster confirmation time than Bitcoin. With Litecoin transaction confirmations arrive on average every 2.5 minutes as opposed to every 10 minutes with Bitcoin.

Litecoin Encryption

Like Bitcoin it uses encryption to process transactions but instead of the SHA-256 algorithm it uses a scrypt based algorithm. The scrypt algorithm is more reliant on memory making CPU mining more effective and was part of the initial appeal of Litecoin. Because of the different algorithm much of the specialized hardware that has been developed for Bitcoin will not work with Litecoin. For this reason many people expect GPU miners to eventually switch to Litecoin.

Setting Up The Litecoin Client

In order to use Litecoin you’ll first need to download and set up the Litecoin client. The Litecoin client is available for Windows, Linux, and Mac OS X from this github page or through the litecoin site. Opening the Litecoin client is as simple as finding it in your applications with mac or program files with windows and starting the program. It may take a little while for the Litecoin client to download the Litecoin blockchain (A history of past and recent Litecoin transactions). Once this is complete you’ll be ready to go. It is a good idea to keep the Litecoin client running as it helps support the network and keeps your blockchain up to date.

litecoinclient

Litecoin Client

Using the client is pretty self-explanatory once it is up and running. Send Coins allows you to send Litecoins to another user by entering in their address and the amount to send. Receive coins allows you to manage your addresses, copy them and lets other people send you coins. Transactions is a ledger of all the Litecoins you’ve sent and received to date. The address book allows you to manage a list of addresses and label them so you don’t have to reacquire an address every time you need to send someone coins. Unlike many other wallets Litecoin still has a Mining application built in (More on this in the Get Litecoins section).

Securing Your Wallet

I highly recommend that you take measures to secure your wallet. Litecoin has a built in encryption feature that you can set up by going to settings -> Encrypt Wallet.

encryptwalletLTC

Litecoin Encryption

Next you’ll be prompted to enter a pass phrase. Make sure that the pass phrase is either something you can easily recall or make sure to store the pass phrase somewhere safe. Your coins will essentially become worthless if you lose this.

LTCpassphrase

Exchanges

A user friendly exchange is Cryptsy.com. It is easy to understand and to execute trades with, unlike most other exchanges you run into. I highly recommend signing up and giving it a try.

Feel free to donate “Litecoins” to: LKrSkdNeNkxkmxAmEML8e5TD4LVYZ5LZXL

Also please feel free to add a litecoin related post to our site with your litecoin address and we will randomly handout portions of any donated litecoins!!

32 comments

  1. DimensionalNet says:

    This is a great start site. Just started Mining (well testing from my Laptop). I’ll probably set up a rig later.

    LTDsJ8HYvZvqfcRc73Jj8D3GqhpBRxtahU

  2. Sarah says:

    easy instructions

  3. Riso says:

    I love it . I will be very happy if you send me litecoin to this address

    LgZ1PhygonVb4AMHjj9p8ucUtZXr9iu2Es

  4. Alex L says:

    Hey thanks so much, I can’t wait to get my first coin. :)
    LZFu7GdT2XNLTESuDqaCYxqHKgQnTEdvGj

  5. Tom says:

    ” Unlike many other wallets Litecoin still has a Mining application built in (More on this in the Get Litecoins section).”

    It does? Where’s the Get Litecoins section?

    LfftwYgopBeBQit2eRehZ4DazB1g8BHGa1

  6. Barrie says:

    Nice article, helped me out a treat. Will be directing my friends here!!! <3 much love

    Me: LLAuSh4N4bKFoZ25qjb1Vs4WxW8YVVE4vW

  7. Leon says:

    Hi all!
    Just making my first steps, would appreciate a symbolic donation to

    LhtoZjH5A4SmKqKY4Hnhvum9z58sfwg8TN

    to see it in action for the first time.

  8. Roeland says:

    Okay, so you just download that client from the site and mining starts?

    Dont I need any other mining software or anything? Dont I have to make some sort of an account?

    Thanks for the help.

  9. denny says:

    this is great .
    its not hard to understand.

    this is my adres LQ5VJ7QtXSURQxog7S8zrFXqsiCjpG7faS

  10. Charliee says:

    Thank you for the information. The instructions are so easy to understand.

    Ley7vjoUpmKWjpCFpG2tdMVfgqsJDwH5gW

  11. Nikhil says:

    there is no inbuilt miner in my litecoin client…but in the screenshot you have uploaded its there…How can i resolve this ?

  12. Patrick says:

    Thank You for doing this. Nice Tutorial. LXriM9BUUCKsqy7BQ2tZ4uLm8sFVH8BsDc

  13. Mike Desilva says:

    Lol…been mining for BTC for months with no success yet. Thanks for the guide. If anyone wants to donate:

    LTC: LeyXcTFxC5Ku3KDUyhwDHtLko1JwChd99h
    BTC: 16LsJ4YdRCMeBdfLLuVrFpoJBUWnejQc3k

    Would love to see a transaction in any amount just to know it’s real lol!

  14. Joseph Altamirano says:

    Thanks a lot!!

    LMNc5t3rC9BCmZNAqggkbhvVAfcBsJVgXN

  15. dan says:

    thanks for the info
    just have to get that 1st coin
    LVPNYXY1CPT1oV1H5z2WEokMH422yucnEh

  16. fire says:

    Thanks for the info!

    7ca4c25360b7742a02c60878d1f84c992416e241

  17. Chino says:

    Thanks for the easy to understand directions. Now a minimal donation from someone to confirm I have it working would be handy :)

    LUuRhhathhAyzaJgCXMybPgebtun7dTMLg

  18. Pezz says:

    Going to give this a try.

    LZAzDUUJKfxvUJkw4f21Z3yP96mCfEMDzW

  19. Arch says:

    Thanks! Very easy to follow.

    LWvciKWimR5K2HoqomjyAm1BozfN4v94La

  20. Bassieworst says:

    Let’s see what this litecoin mining does.

    LaLSfuqcW9QgUsFL6fWhwQVhmmwJARPzPr

  21. Tero says:

    Very easy, thank you a lot for your help.
    Lh9kSWV74SsKx8c8uNuXUNUFHUwSsTNBFU

  22. WILL says:

    THANKS ALOT!

    THIS IS A HUGE HELP

    LhJ3q7K3uqYkDPqbM8aPJ2UFVAGGizorwM

  23. Interested says:

    I’ve always wondered about bitcoins, but never tried anything. I heard about litecoins today and downloaded the app from litecoin.org. Can anyone tell me what the “pay transaction fee” is for in settings? What do I set it to? Thanks to anyone who can help.

    Lcw2hZrUCPq6WtiKqs5b1Q77oAh3eMnUeK

  24. drads says:

    hey guys still new to this any donations would be awesome

    LbUWYwfLg8EtJheSWSpkRRZGRYpKdwNgpg

    cheers

  25. Joostdeb86 says:

    Great site mining works like a charm. But is it possible to send litecoins to a bit coin wallet or the other way arround?

  26. dolby says:

    donations would be awsome in here LNMqgkUUGG2QNihUboFbThgZNs8WvJea2A

  27. mumun@mail.bg says:

    LegyQDw6H5newZEeRFpjYpgx89sS8DfFxU

  28. Garry Owen says:

    Getting setup, thx for the help

    LSnjdy6QPtSj5YBg2khay9vnj9ebDYmxSW

  29. Hiro Protagonist says:

    Thanks for the tips. Getting started immediately :)

    LNay6mxnXE9sd5A8PVp6JhEHU1zBGYtzeJ

  30. vlado says:

    this is my adres Lg2ATk4DrodoR5gnXqMwoKWqDRU4PRDmx5

  31. Kalle801 says:

    Thanks for the easy to understand directions. Now a minimal donation from someone to confirm I have it working would be handy.

    Greetings & Thanks in Advance. :)

    LRtntbXFX9tUYUYh61BbYnMi5Z3jBwEbEu

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