If you’ve heard of Bitcoin, then you’ve probably heard of the silver to Bitcoin’s gold; Litecoin. Litecoin is a digital currency just like Bitcoin. And just like Bitcoin, you need to have a Litecoin wallet to store it when you purchase it.
You can store your Litecoin either in online wallets or offline wallets depending on your preference.
Steps to Creating Your Litecoin Wallet
Step One: Go to Litecoin.com
When you get to the official website, scroll down to wallets and click on the option that matches your operating system. After you’ve downloaded the wallet, install it and get it running.
Step Two: Sync the Wallet
After installing and running the wallet, it is not going to work until it is synchronized. Wait for a while till the process is complete then encrypt your wallet.
Step Three: Encrypting Your Wallet
Type in a strong password that includes upper and lowercase letters, symbols, characters, and, numbers. Your password needs to be secure. After you’ve secured it, click on Ok.
Step Four: Back up Your Wallet
After creating the wallet. It is important that you back it up. Look for the phrase “back up wallet” and click on it. Make sure that the file is saved in a safe place. Always back up when you update your balance.
Step Five: Send and Receive Litecoins
At this point, you can send Litecoins from your wallet. Go to the “send coins” option and click on send. Type in the address you want to send the coins and the amount you want to send and click on send.
To receive coins, you can either generate a request for payment and forward it to the person who is meant to pay you, or you can simply give the person your Litecoin wallet address. The Litecoins will appear in your wallet, and you will be notified.
This is how to open and activate a Litecoin account.