The first thing that you will need is a wallet. A wallet is where you store all of your coins. This applies to all different cryptocurrencies. There are several types of wallets:
- Software Wallets-Software wallets are stored on your computer’s hard disk. These are generally the most secure types of wallets and are used by the majority of the mining community.
- Mobile Wallets-Mobile wallets, like the name suggests, are installed onto your mobile smartphone. They follow the same principal as software wallets, but usually are a little bit less secure since mobile phones are much easier to steal/get lost.
- Internet (cloud) Wallets-Internet wallets are stored up in the cloud on a server. If you decide to choose a internet wallet, be cautious about who the provider is. It is very easy for a fraudulent provider to steal whatever coins are in the wallet. For this reason, I strongly recommend against using one.
In this guide, we will be going over setting up Litecoin-Qt. Litecoin-Qt obviously is for storing Litecoins. Pretty much every cryptocurrency has a -qt wallet, and they are pretty much recognized as the standard for wallets. You can grab Litecoin-Qt here. Download the appropriate copy for your OS and install it.
Note: In this tutorial we are going to be using the Mac version as an example. Keep in mind that it varies very little from the Windows version except for a few different ways that you access controls.
Step 1: Downloading the Blockchain
When you first open up Litecoin-QT, you will see something like this (Make there are no firewalls blocking the program):
Before you can perform or view any transactions, Litecoin-QT has to download the Litecoin blockchain. This file is several gigabytes, so be patient. Note that if you have sent or received Litecoins recently, it won’t show up until the entire block chain is updated. So don’t panic when you wonder where that big Litecoin payment is.
Step 2: Receive Litecoin Payments
Once the blockchain is down downloading, your wallet should look something like this:
In the top-right corner, you can see you public wallet address. If you ever want to receive Litecoins from someone, tell them to send it to that address. If you want a small amount of Litecoin for free, click here.
You may have also noticed that on our second image, under the “Wallet” section, there is a label that says “Unconfirmed”.
The amount next to that label is LTC transactions that have been requested but not confirmed. In our previous guide, we talked about how transactions need to be confirmed before they go through. This is the case here.
Step 3: Sending Litecoins
Enter the public address of the person you want to send it to, enter an amount, and hit send! Again, keep in mind that because of the verification process, transactions are delayed. Expect most to take a few days to be cleared.
And that’s it! You now know the basics of getting around your wallet. Next up in this tutorial is wallet security, and how to keep you coins safe.