Hey, im new to the litecoin core wallet and somewhat new to the crypto scene, and i was wondering what if i send all my LTC to my hardware wallet (litecoin core) and my hard disk fails, this would mean i would lose my whole investment right?is there anyway i can find a private key/recovery phase so that even if my hard drive fails i can recover my funds?
I use a LTC paper wallet and a safety deposit box. I figure if the bank gets hit by a ‘metorite’ then the crypto gods hate me anyway.
Then if I have to sell rather than HODL…I just import it into the LTC wallet (litecoin.org) and move it that way.
Never leave any crypto on exchanges like coinbase or whatever…even the legit ones have been hacked…I do my business on the exchange if any left over I dump into a new paper wallet and back in the safety deposit box it goes
old school…but really really hard to screw it up
as to your question…I’ve had people screw up on a tezor hardware wallet (their fault) and if you are talking hard drive failure…that is why you move stuff back and forth from paper wallet and exchange ALL in one shot…the odds of you HD failing while you are running the import wallet are slight indeed
again, how I do stuff
Iam an old bloke who has a quite a few litecoin but I know its not secure. I tried a paper wallet, experimenting with a few digibyte and it didn’t work as it was supposed to. So I purchased nano ledger a couple of months ago but as I was configuring one of the key words were out of sync… I got a bit frustrated at this point and have just put every thing to one side. Wondering do you have any good links for putting a paper wallet together? Cheers
Steve ( silveraus )
I use this link to make a paper wallet.
I then copy the PUBLIC address on above and put it in a Labled LTC folder in bootmarks…with the
public address in the bookmark name field using Litecoin Explorer. Then I can simply click on that bookmark under LTC and see the LTC wallet (which is a HODL wallet and should only show LTC coming IN never going out)
Once you empty a wallet you don’t use it again for safety. To empty a paper wallet you bring up litecoin wallet.
and then you use import function under console to import the private key ( just type it in …in that I’m gonna touch this wallet I’m gonna empty it anyway.)
So I have paper wallets with ‘little amounts’ of LTC I can use to buy goods etc and re-use…but main LTC wallets stay ‘virgin’ and the only OUT that goes out of that wallet is ONE and that is when i use the LTC or move the LTC to another virgin HODL wallet
I then take my paper wallet (once putting my public key in bookmarks for ease of checking on my HODL hoard of LTC) and put it in a 3 hole plastic protection sheet from a binder…scotch tap the top closed…Stick that in a paper folder and then a zip lock bag (larg) (to waterproof) and then a water proof bag.
Then I put this ONLY copy of private keys (along with others for BTC etc in water proof bag) into my $80 a year safety deposit box at the bank.
So if I want so sell, I have to go to bank, take it out, import it into the litecoin wallet on the home computer, then put the change into a NEW paper wallet again…print that out…do above and back to safety deposit box. Again only copies. I suppose it MIGHT be prudent to have a 2nd safety deposit box in another bank in another town and have copies that way…but have not done so
I figure if a ‘metorite’ takes out my bank …and this is lost…the asic/crypto gods hate me …and so be it!
This method is what has allowed me to HODL thru good and bad for BTC LTC etc (mostly) since 2013.
I also use paper wallets for moving $$$ say from back to LTC to Bitmain back in the day…keeps me focused to do it this way, sometimes I"d go screw it and take out a home equity loan and mine the amojnt back on the pump…those were the days!
anyway, how I roll, no issues, I had a friend paranoid who had dual trezors setup (old and new) and somehow setting up the new one he messed up. Having old one he got stuff back with update or in some manner. Thus, screw it, with paper wallets the only thing I have to be really careful of is my laptop or desktop litecoin wallet. There have been times THAT has been corrupted but because I never leave any money on desktop wallets or exchanges…i simply use them as a highway to move coin…it was never an issue in that they usually die…on catchin up the blockchain and then it is just a re-install…I also backup on usb (2 of them in case) and the desktop when I do move any, even tiny amount of crypto, just in case. I think I had to use the USB once to get like $70 bucks back in 2014. So that also is a habit.
So anyway, how I roll. Now that I think about it, a 2nd copy of all the stuff in a 2nd bank 1/2 a state away in the hometown …for $60 a year …might be prudent. But it is hard to ‘beat’ my private codes out of me, if I"m the only one that can get into the bank vault w/o reading the will.
on the side I just put like 178 LTC back into HODL mode in a paper wallet and tucked it in with the rest…of course I always buy at the high…so LTC needs to beat $94.65 and stay above for me to break even. (I got too excited at the last LTC pump)
others on here may do a combo of trezor and/or paperwallets etc
never keep ANY on exchanges…there are shady exchanges that have gone poof in the past or even cryptopia got hacked and they were legit. Hell, even move ‘dust’ crypto from www.coinbase.com ASAP.
been around since 2013 you think you’ve seen everything