totally new to digital currencies so forgive my ignorance.
I am looking to purchase some LTC and have downloaded a crypto wallet from litecoin. After the download was complete I was expecting to have to create a series of pass phrases for security, this has not happened, are the pass phrases created when you complete the first transaction or deposit into the wallet or have I missed something?
any advice appreciated.
when you encrypt your wallet you only need the password to spend the coins…anyone and everyone can see all balances of all wallets and transactions on blockchains…you private keys are what is encrypted…your public keys is how you receive coins…and you password just unlocks your private keys so you can create and sign off on transactions…
a wallet that uses a bunch of words like that would be a “brain wallet” (highly NOT recommended) like this: liteaddress.org .
However I would rather recommend a wallet like Electrum Litecoin wallet…which gives you a random 12 word seed phrase which hashes to be your private key…but uses 3rd party servers and does not need the entire block chain downloaded on the device…just the block headers…
your best bet as a newbie is to go to coinbase.com and create an account and use their wallet services until you find the wallet for your device you’d like to use at litecoin.org
I personally only recommend using Core Wallets (like the newest version 0.14.2 and only uses a password for spending) and nothing else but hardware requirements are harder to meet for some people…
many thanks for the response bakd247 I will look into the electrum wallet, thanks again
I highly recommend Elegro Wallet. It provides many functions. And it is very safe.