Your Guide to Wallets
When I first got into cryptocurrency, I lost a few hundred dollars worth of coins because I didn’t understand what wallets or addresses were. I do not want this to happen to you, so let’s take a moment to understand what Litecoin wallets are.What is a Litecoin Wallet?
A wallet is the one stop location to manage your Litecoins. If you have a different cryptocurrency, don’t worry because it all functions the same way.
I want you to think of your Litecoin wallet like you would your email account. With an email account, you can do various things with it like receive, compose, and send emails.
A Litecoin(LTC) wallet program is similar in that you can receive and send Litecoins through it as well. But to be clear, your Litecoin wallet does 5 things specifically:It creates private keys.It creates public keys derived from the private keys.It generates addresses from these public keys.It sends LTC by approving transactions. This happens by verifying transactions with a special signature created from your private key.It shares this information with the LTC blockchain network. This is called “broadcasting” to the network. What are Public Keys?
Public keys are used to generate addresses in your wallet. If wallets are like your gmail account, then the LTC address is like your email address. Just like how people send you emails by typing in your address, people send you LTC by typing in your LTC address.You would share this LTC address like you would share your email address if you want to receive LTC.
Alternatively, you could pay people LTC by copying and pasting their addresses in the “Pay to” section and then clicking “Send.”This is under the “Send” section of the wallet.
With this being said, PLEASE MAKE SURE THAT YOU HAVE THE RIGHT ADDRESS before pushing “send.” Always double check the LTC address. It will be EXTREMELY difficult, if not impossible, for you to get your ...