Redeem your coin
Setting Up A Litecoin Digital Wallet
There are some simple steps you need to follow in order to redeem your coin.
If you are new to crypto-curency, please follow all the steps outlined on this page. You can skip to the appropriate section if for example you already have a Litecoin wallet set up.
Video: How to get a Litecoin Wallet
For more information on setting up a Litecoin wallet we recommend you watch the above video.
- Visit Litecoin.org and download and install the appropriate program for your operating system. Make sure that you only download the program from litecoin.org.
- The first time you run the wallet program, it will download/synchronise with the 'Blockchain'. This can take several hours but is required for your wallet to function, so it might therefore be best to do this overnight. You can find more information about the Blockchain and wallet encryption at Litecoin.org .
- Once the program has finished synchronising, click 'Backup Wallet' under the 'File' menu and follow the on screen instructions.
- Once your wallet is backed up, click 'Encrypt Wallet' under 'Settings'.
- You are now ready to find your 'Receive' address. Simply click on 'Receive and you'll see your Litecoin receiving address on the right hand side. If you want to generate a new receiving address, you can click on the 'Generate New address' button on the bottom left.
- Your wallet is now set up. Don't forget to keep a copy of your password somewhere safe! If you lose your password, you'll also lose access to your Litecoins.
- We recommend that you open your wallet at least once a week so that it can synchonise with the Blockchain.
Installing a Litecoin Wallet
Removing the Hologram On The Back Of Your Coin
- The next thing you need to do is peel off the hologram on the back of your coin to expose the mini private key. You need to do this very carefully as we do not keep a record of this key. Once you have exposed the code underneath, write it down. We'd suggest you do this in a Notepad document or similar so you can copy and paste it easily later.
Converting the Mini Key
- Next you need to convert the mini private key that was under the hologram for a full length private key. To do this:
- Go to www.liteaddress.org
- Click on the 'Wallet Details' tab on the right.
- Enter the mini key where it says 'Enter Private Key (any format)
- Click 'View Details'
- Record the generated 51 character private key WIF (bottom half of the screen). This is the key you will need to import your coins to your own Litecoin Digital Wallet.
Depositing the balance of your coins into your wallet
- Open up Litecoin-Qt and wait for it to synch with the blockchain.
- It's important to insert your private keys whilst you are offline, so disconnect from the internet
- Open up the Debug window. Got to help > debug window > console
Unlock your wallet (if encrypted). Type the following into the debug window:
walletpassphrase "your-pass-phrase" 6060 represents how many seconds the wallet will be unlocked.
Importing your Private Key
- Type the following into the debug window: importprivkey your-private-key
- Wait for the import to finish which can take several minutes.
- Check Your Addresses Were imported
- Close the debug window.
- Go to the 'Addresses' tab and check that your imported Litecoin addresses are there.
Backing up your wallet
- Your previous backups will not contain the private key(s) that you have just imported. Make sure you make a fresh backup. To keep yourself safe, take the wallet offline again.
- Now you've finished you can connect to the internet again.
Subscribe to our newsletter
Get all our updates straight to your inbox and never miss out on our newest collections.Subscribe Now