What is your Public Key and what is your private Key

litecoin

#1

Hello,
I m new to Coin and i am here to gain more knowledge about COIN.
I m very interested in Alternative Coin like Litecoin (LTC)…
One day i hope to promote alternative COIN online on the Dutch and English speaking market but first i kneed to understand the proces in detail.
I’m using Lite Core Wallet (SOFTWARE WALLET INSTALLED ON MY COMPUTER). My first question is about this wallets security.
I have encrypted my SOFTWARE Wallet with a password. (More then 16 numbers)
But when stop the application and i restart it, it does not ask me about FOR password. When i check -Setting Menu I see that the OPTION ENCRYPT WALLET is ticked.
Isn’t the application supposed to ask for the password when i start up the software LITECOIN core?
I also wonder if i have backed up my COIN correctly?
I used an encrypted USB but is see only two files 1 backup.dat file and One Coin.dat
Is that normal.
I don t use an Online Wallet.
Where can i find my Public Key?
When do i need my Private key? Do i need to make payments?
Thanks for Feedback


#2

Hey Tom,
You should be asked for your password ONLY when attempting to make payments, not when opening your wallet each time.

Regarding Public and Private keys the public key is your wallet address where you send coins to and private keys are what you use to sign payments with, it essentially proves you own the coins in that address, so never share it with anyone or they will be able to spend your coins. Check out these two videos to walk you through the steps of finding/explaining them in more detail:

Public and Private keys Explained: https://www.youtube.com/watch?v=67uW07QDHxE
How to Export/Import: https://www.youtube.com/watch?v=TevLN_k-GWA


#3

Hello,
Thanks for your videos. I was able to backup data and then move it from one host to another.
The first thing i did after migrating the wallet was securing the Litecoin software with a password.
I have watched your videos a few times. They are great .

Thanks for your reply and keep it up with the videos