![]() ![]() LTC wallets, on the other hand, act more like your email account. If you lose your cash wallet, then your money is gone forever. Wallets for LTC do not operate like a wallet that stores your cash. For this reason, NEVER SHARE YOUR PRIVATE KEYSWITH ANYONE! Will I Lose My Coins If I Delete My LTC Wallet? A thief can also steal your LTC if he knows your private key. If you ever delete your wallet program, you can recover your LTC by “importing” or “sweeping” your address. I highly recommend you write down both the LTC address and private keys and put them in a safe place so you don’t lose them. This is how you would do it on Electrum LTC. Some wallets may have different ways of revealing private keys. In the picture below, I have selected the top address. Right click on the addresses you want and then left click on “Private Key” in the drop down menu. All of these addresses are yours and all of them have different private keys. Let’s go over how you might do this in Electrum LTC.įirst, click on “Addresses.” When do this, you’ll notice that there is a whole slew of them. But it is important to know how to access the private keys in case you ever accidentally delete your wallet or your computer dies. This is for your protection so that no one looking over your shoulder can steal it. Moving on, as you’ve probably noticed by now, the private keys are kept hidden. In other words, your wallet can not sent LTC without the private keys. Then, your wallet signs the transaction with this signature and broadcasts this information to the network so that everyone can confirm that the transaction occurred. This signature is unique because it can only be recreated if you have the right private key. I will now briefly go over what happens exactly inside of a wallet when you push “Send” to demonstrate why private keys are so important.įirst, the wallet secretly takes the private key and converts it into a signature. In the screenshot above, you’ll notice that I input an LTC address and am attempting to send 1 LTC to it. Similarly, you can only send LTC if you have the right private key to your address. You can only send emails if you have the right password to log into your account. If a LTC address is like your email address, then a private key is like your password. You can adjust it to be lower but it will take longer to process and you run the risk of your transaction being ignored completely. Sidenote: When you do send Litecoin you have to pay a transaction fee to the people who process your transaction called “miners.” The standard rate is about .001 LTC. Please also keep in mind that the addresses are case sensitive as well. It will be EXTREMELY difficult, if not impossible, for you to get your Litecoin back if you input the wrong address. With that being said, PLEASE MAKE SURE THAT YOU HAVE THE RIGHT ADDRESS before sending your Litecoin. Once you click the “Send” button underneath, your wallet will transfer your LTC to that address. Here, you would enter the LTC address in the “Pay to” section and then input the amount you want to send. Above is a screen shot under the “Send” tab of an Electrum-LTC wallet. ![]()
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