To get started trading and mining Litecoin, you must first set up a Litecoin wallet. There are a number of Litecoin wallet options but for the purpose of this post we will be showing you how to setup an Electrum wallet.
Download Electrum for OS X
- Navigate to https://electrum-ltc.org/
- Select the downloads button.
- Select the OS X executable
- The Electrum-LTC software will download as a .dmg file.
Install Electrum Software
- Once the Electrum software has finished downloading, run the software and proceed through the installation process.
- When asked how you want to connect to a server, select “auto connect” and Select next.
- Next, name your wallet and select where you would like to save your wallet. Select next.
- When asked “what kind of wallet do you want to create” select “Standard wallet.” Select next.
- When asked “Do you want to create a new seed, or to restore a wallet using an existing seed,” select “Create a new seed.” Select next.
- Electrum will create a 12-word “wallet generation” seed. This is your password to recover your wallet in case of a computer failure. We recommend writing this down clearly on a piece of paper and storing it in a safe or a safety deposit box.
- Never disclose your seed
- Never type it on a website
- Do not store it electronically
- Confirm your seed by reviewing the seed and selecting “next.”
- Choose a password to encrypt your wallet keys. Use a combination of uppercase and lower case letters, numbers and characters to create a strong password that you can remember. Make sure that the “Encrypt wallet file” box is selected. Select “next.”
- Electrum will generate your addresses. Once it is complete, select “next.”
- Your wallet is now created.
Navigating your Wallet
The history screen will show you a history of all of your Litecoin transactions.
You will use this screen to send Litecoin to any third party. To send Litecoin enter the receipients Litecoin wallet address, the amount you wish to send and a description about the transaction and trhe assocated fee.
The most important part of the “recieve” tab is your Litecoin wallet address. This is the address that you will provide any third party to send you Litecoin.