Litecoins are booming at the moment and growth is incredibly exciting. With rising popularity of Litecoin, hackers are also diverting their attention to steal your precious coins. Storing your Litcoins safely has become a big problem. Paper wallets (if done properly) are the safest way to store your coins in cold storage, in previous post we already covered, How To Create Litecoin Paper Wallet.
Today we’ll discuss how to import paper wallet private keys in to Litecoin QT wallet. Official Litecoin QT wallet supports an “importprivkey” RPC method for this purpose. Following are the instructions to import paper wallet.
Import Paper Wallet to Litecoin QT Wallet :
First of all make a backup of your wallet.dat file (instructions here) before starting.
Step 1 : Launch your Litecoin-QT client in Offline Mode. This is more secure to import private keys. Once QT client is up, go to Help >> Debug window from the menu bar and then click on “ Console ”.
Step 2 : If your wallet is encrypted you must unlock it first. If not just skip this step and follow step 3. To unlock your wallet, run the following command without quotes, where 600 stands for the seconds your wallet is unlocked.
walletpassphrase "Your Passphrase" "600"
Step 3 : Now import your private key using following command without quotes.
importprivkey "yourPrivateKey" "Label"
Step 4 : Wait for 2-5 minutes while Wallet imports your private key. After 2-5 minutes check your address book for newly imported address.
Step 5 : That’s it. Now you can send these coins to wherever you want.
Note : Since the private key has now been imported to your wallet, it would be no longer consider as cold storage anymore.