11/16/2017

How To Make A Litecoin Wallet With Electrum

To learn more about digital wallets, please check out our Simple Guide To Digital Wallets. As an example of how to create a litecoin wallet we will use the popular client provided by https://electrum-ltc.org/. Electrum is a light client, so it does not require you to download the litecoin blockchain for use.

Electrum Homepage

Creating a wallet
Start by scrolling down to the “Downloads” section and select a wallet based on your operating system. For this example we will be using the Windows “Standalone Executable” version.

Electrum Downloads

After downloading the file, open it to start the Install Wizard. We will be using the default options so select “Auto connect” and click “Next.”

Electrum Install Screen 1

This will take you to a screen where you can open an old wallet or create a new one. If you’re okay using the default name simply click “Next.”

Electrum Install Screen 2

At this point you will have the option to create a Standard or Multi-Signature wallet or simply read Litecoin addresses. We will create a Standard wallet but you can use a Multi-signature wallet requiring multiple keys to make transactions for increased security.

Electrum Install Screen 3

Now you can choose to restore an existing wallet if you have the seed, public or private keys, or a separate hardware device. As we are creating a new wallet we will “Create a new seed” and click “Next.”

Electrum Install Screen 4

Copy the twelve words in the order displayed and store them in a safe location. These words can be used to recover your wallet in case you lose the private keys or your computer crashes.

Electrum Install Screen 5

Enter the seed words in the correct order on the next screen and click "Next." Generate a strong password using letters, numbers, and symbols to encrypt your wallet. 

Electrum Install Screen 6

Making a transaction
Now you have access to the dashboard of your new wallet. You can either send funds to your wallet or make a purchase using a separate exchange to fund your wallet. To learn more about how to purchase litecoin, check out our Simple Guide To Purchasing Cryptocurrency. 

Electrum Dashboard

Once you have funds in your wallet you can click the “Send” tab to send currency to another wallet or individual. Enter the address of the wallet you want to send litecoin to in the “Pay to” field, a description of the reason for the purchase if desired, and the amount of litecoin you want to send and click “Send.”

Electrum Send Screen

Click the “Request” button to access your wallet’s address. This public address can be shared with others so they can send currency to your wallet.

Electrum Receive Screen

Securing your wallet
As a web-based client, Electrum should be considered vulnerable to keylogger attacks.

Other litecoin wallets
In addition to the client provided by , other popular litecoin wallets include http://www.exodus.io/, https://electrum.org/#home, https://wallet.mycelium.com/, and https://www.ledgerwallet.com/

Authored by

Seth Goldfarb

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