A little bit of help for a newbie


So I am totally new to cryptocurrency and Reddit so please forgive any unintentional breaches of etiquette!

Today I have taken my first steps to owning cryptocurrency. I opened a coinbase account, got myself verified and then purchased some litecoin with GBP. As I understand it my litecoin is currently sitting in my exchange wallet.

However, having read up about it it seems that you need to have your own separate wallet. I went to www.litecoin.com and downloaded the wallet for windows. When you select Windows it offers you two 64 bit options:

DOWNLOAD Litecoin Core 0.14.2 for Windows - 64 bit
VALIDATE GPG Signature for this release - 64 bit

I selected the first option and then i porceeded to download a huge file that seemed to make my laptop a node in the litecoin blockchain. It took several hours to download. My first question:

Was this totally necessary for me to have my own wallet? If so, I am unsure how people could have multiple wallets as it needed over 10GB of space.

I wasn’t sure what the second option was (and no advice was given on www.litecon.com) so I clicked on it but couldn’t download it. I began to google search but then found a mass of confusing information regarding gpg configuration, verification and hashing etc etc. However, it did seem to suggest that failure to varify could result in loss of litecoins.

Second question:

Do I need this second download? What does it do?!


Can I move my litecoin from coinbase to my litecoin wallet safely or do I need to do some reading up before I attempt this?

Any help, easy to understand reference links etc would be appreciated.

Merry Christmas!

First, yes you need to read more before attending to send your coins to your wallet…

for the time being you can keep your coins on coinbase until you understand more about the diferent wallets and how they work, please invest some time on this in order to protect your coins.

i dont know if litecoin.com is trusthfull, I would recomend using litecoin.org is the official site.

the GPG signature is to ensure you have downloaded the correct file and that it have not been tamper, if you download a tamper wallet and send coins to it, you will loss your coins…

So, for now you can keep your coins on coinbase… but please read on and ask before doing something you are not sure.

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