So you’ve just bought some litecoins, you’ve mastered the art of trading coins on exchange but you still don’t know about the threats of online theft or accidental loss?
Well, you are not alone. Due to ever rising price of bitcoin, majority of newbies are now looking to invest in litecoin. We’ve noticed most of the newbies like to keep their coins in their online exchange accounts. We personally don’t recommend you to store your coins with third party online services. Always store majority of your coins in paper wallets (check here) and rest of coins in your personal Litecoin QT wallet.
Instructions to setup a completely secure Litecoin wallet on your PC
Step 1. Download and install the official litecoin-qt client. (download here).
Note : Installing the client will begin to download the whole blockchain size 3GB + so it may take 3-10 hours depending on your network speed. When the blockchain is finished downloading, the “out-of-sync” warning will disappear, and you’re ready to proceed to the next step.
Step 2. Once your blockchain is synced, click on Settings >> Encrypt Wallet and create a long and secure password. A strong password must contain letters, numbers, punctuation marks and must be at least 16 characters long.
Now your wallet is encrypted and you’ll be asked for password every time you initiate a withdrawal. Let’s move on to the next step to insure your precious coins safety: the backup.
Instructions to backup Litecoin wallet on your PC
Step 1. Open your Litecoin wallet, make sure the client must have the blockchain fully synchronized.
Step 2. If your wallet.dat file is not encrypted anyone can easily steal all of your coins. We strongly recommend you to encrypt your Litecoin wallet as instructed above.
Step 3. Now close your client and locate your Litecoin wallet.dat
Locating Wallet.dat / Blockchain in Windows :
- (Windows XP)
C:\Documents and Settings\YourUserName\Application data\Litecoin
- (Windows Vista, Windows 7 and Windows 8)
Locating Wallet.dat / Blockchain in Mac OS :
Locating Wallet.dat / Blockchain in Linux :
Step 4. Copy / Save your wallet.dat on external hard disk or wherever you want. We recommend to store your wallet on multiple locations. You can also add another layer of security by including another encryption layer to “wallet.dat” file. You can use encryption tools like TrueCrypt for additional security. You can also use WinRar and setting a strong password.
Also check : How To Buy Litecoin With Paypal, Credit Card.
Did this help you (better) secure your Litecoin wallet? You can thank me by sharing this article on facebook, twitter or elsewhere.