Hey guys im new to all this, So would buying litecoins from coinbase and storing them on loafwallet be a good idea? i’ve googled stuff for hours, I’d prefer to keep my coins on an e-wallet, any advice would help, thanks
it is best you go to litecoin.org and download a core wallet on your pc…make sure you have at least 25GB of space on your drive to store the blockchain. There are a lot of exchanges to get litecoin at just look here: coinmarketcap.com just click litecoin then click “Markets”
also you can buy in the US with a debit card or paypal at coinbase.com
I only recommend using wallets that give you access to your private keys…like the Core Software…also known as Core Wallet…
It’s telling me itll take 5 years to sync the headers, and what if my laptop breaks or gets stolen would i still be able to recover those coins from litecore?
Is jaxx wallet a good alternative?
as long as you have your back up you can recover your wallet…
private keys can also recover wallets…backups and private keys can also be used to steal coins so make sure you are the only one who has access to them…
if your laptop breaks or gets stolen…just download litecoin to another pc and replace the wallet.dat file in the Appdata folder with your backup and rename it wallet.dat and your wallet is restored…you can also monitor one wallet on multiple pcs this way
I’ve heard bad things about jaxx…they supposedly give you access to your private keys but recently I tried to help someone on here that lost his jaxx private keys when his computer crashed even with a backup…
it will not take that long to download litecoins blockchain…
it will say a long time to sync the headers at first but it will diminish quickly…the downloading of the chain takes the longest…took 1 week on my really really slow laptop downloading for 8 hours a day…
1 day on my desktop with giabit Ethernet connection…only needs 25 GB of space opposed to bitcoin which needs 150Gb + of space
you’ll be a lot happier with a core wallet because it is in no way linked to your email or name and give you full access to the litecoin blockchain…all other wallets are apps that talk to core wallets through 3rd party servers…
core is a mini-server you run yourself…and it is all I will ever use and/or recommend to use…other than lightning network wallets…
Thank you so much for your detailed explanation, im currently downloading the litecoin core wallet, in the meantime i was thinking about buying it from coinbase and transferring it to jaxx until litecoin finishes downloading, how would i go about transferring the coin? i do see my recieve code on jaxx wallet, do i send it to that code on coinbase?
I stopped using JAXX after reading:
If you must use a hot wallet use Exodus at least you have your private keys. The rules still apply do not put your life savings on a hot wallet.
don’t transfer just because…you have to pay a network mining fee everytime you send coins unless you want to wait about 6 months for the coins to arrive…just wait till it finishes…your coins aren’t going anywhere in your coinbase wallet…just do keep them there forever because coinbase doesn’t allow access to private keys
CoinBase is a nice starting spot. Feel free to use this link to sign up, you’ll get $10 in free Bitcoin if you spend over $100 on your first purchase.
There are a lot of good exchangers but so many scams too, you can use exchnagers monitoring https://rates.guru/ to find relible website with high rate
YunEx (not sure if it’s from California or the British Virgin Islands) is a quite nice exchange. Not many people know about it but I believe this exchange is a worthy one. The exchange has USDT, KT (Kuai Token), and Ethereum markets. Litecoin is supported only on the USDT market.
Hi. I found this thread today. Thanks for the detailed explanation. Can you still recommend Litecoin core today or did you guys switch to a better one? What can you recommend?
Litecoin core is still highly recommended…
I have noticed a few users having trouble upgrading old wallet backups to the newest version because of the way the newer version defaults to non-legacy HD style addresses now
this is easily avoided by starting the node correctly though
On Bilaxy, Litecoin can be traded on the USDT and BTC markets. The user reviews are quite positive. My own experience is alright, too!
Please at least try Litewallet. It’s the offcial Litecoin Foundation SPV Wallet.
You can use almost any wallets and exchange on coinmarketcap with high ratings and those that are in the top