How To Make Litecoin Paper Wallet In 1 Minute [Ultimate Guide To Keep Your Litecoins Safe]
When first learning how to purchase Litecoin, next you have to learn how to store your Crypto in the safest way possible. So, this post is all about that. And there just aren’t a better way than by learning hot how to make Litecoin Paper Wallet.
After purchasing Litecoin, many people get stuck.
- What do I do now when my coins are on an exchange?
- Should I make a Litecoin paper wallet, store the coins on my Trezor..?
That’s understandable – been there, done that 😉
In order to avoid unpleasant surprises, we decided to create this detailed guide for you. In it, you will learn how to make Litecoin paper wallet for your newly acquired Litecoins, that’s the safest and most efficient way of storing your cryptocurrency.
Why make Litecoin Paper Wallet?
Every single day, cyber criminals attempt to find new ways to steal digital currency. The most successful way to do this, judging from past events, is through cryptocurrency exchanges.
If you decide to leave your Litecoin on an exchange platform you are open for these types of hacking. After all, you are not the one who controls their private keys, that is rather the responsibility of the exchange you bought your Litecoin from.
A Litecoin paper wallet is a randomly generated numerical code, on a piece of paper, that stores your Litecoins. With a wallet like this, only you are able to access your funds. As long as you are responsible and print your private keys, you can feel confident that your coins are safe.
How to make Litecoin Paper Wallet
In order to make a paper wallet for your Litecoin you will have to go through a few easy steps. Make sure you have a printer close by and let’s get started!
Step 1: Visit Liteaddress.org and create your unique address. Hover your cursor around until the counter in the rectangle box goes to 0. By moving your cursor in different directions, you ensure that your keys are 100% unique.
As you are moving your cursor, little trails in the form of dots will appear. Ignore these and continue until your wallet is generated.
Step 2: After the random cursor movements generate your wallet, you will be automatically brought to a page that looks like this:
This is the most important page and you will find information about everything you need to know to ensure the protection of your funds.
The Litecoin Address, as seen on the left side, is the public wallet address and QR that can be shared with anyone who wishes to send you funds. You can share this address with anyone you like.
On the right (SECRET), you will see your Private Key. We can’t stress enough the importance of keeping this code (and QR code) private. Don’t make a screenshot with it and don’t copy in your notes. Instead, follow the next step to print it on paper.
Step 3: Select the tab called “Paper Wallet” and you will see a preview of your wallet in its printable form. You will get three copies of the same wallet so you can store it at multiple places. Simply press “Print” on the right side under the tabs and your Private Keys will officially be offline.
Congratulations! You now have your very own Litecoin paper wallet.
Make sure you use it with caution.
Paper wallets also make for amazing gifts so you could also give one to your friends (with some Litecoin inside :D).
How to use your Litecoin paper wallet
A Litecoin paper wallet is meant to store your cryptocurrency “offline”, meaning that it is your private keys are not stored anywhere on the web.
The purpose of storing coins offline is to hold on to them for the long term. Traders will find little benefit in having paper wallets, if they want to have their funds available for exchanges. These wallets are mostly meant for people who want to store their Litecoin is cold storage for a long(er) period of time.
In order to withdraw and use your Litecoin from the paper wallet you will have to use wallet softwares and/or Litecoin services that allow you to import your private keys to access and spend what is your wallet.
- Go to Menu-> Settings-> Start/Recover Another Wallet
- Scan the QR code of your private keys
- And the process is completed!
You can either keep your Litecoin there, or send it to another Litecoin paper wallet.
Not all wallets have this feature. Coinbase.com cannot directly transfer the funds of your paper wallet. In cases like these, it is recommended that you use software such as Mycelium (Android) or Bread (IOS) to sweep your paper wallet and send the funds to your Coinbase. Keep in mind that, once you decide to transfer the funds from the paper wallet to a live wallet, you should empty the wallet completely. Partial withdrawals from a paper wallet are not possible.
How & Where to Store Your Litecoin Paper Wallet
If you own property and plan on holding for the long term we can recommend hiding your paper wallet as if it was a stash of cash (which it pretty much is). Bury it in your backyard or under a tile of your floor, store it in a safe or hide it in a small wall opening.
If, on the other side, you live in rental property, you could better lock the paper wallet in a safe, whether at home or in the bank or simply find a creative place that no one would ever look at. Just keep the floors and the walls as they are!
To avoid damage from moist, mold and other weather conditions, you can also laminate the wallet to make it more durable.
Wrapping up how To make Litecoin Paper Wallet
That’s it – 3 quick steps and you have a Litecoin Paper Wallet.
This should keep your Litecoins safe 😉
Remember, never ever share your Litecoin Paper wallet with anyone – if you lose your LTC there’s is no “bank manager” to call to get your coins back. They are gone forever.
So, keep your Coins safe from the start.