Creating your First Litecoin Wallet

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

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  1. Navigate to https://electrum-ltc.org/
  2. Select the downloads button.
  3. Select the OS X executable
  4. The Electrum-LTC software will download as a .dmg file.

Install Electrum Software

  1. Once the Electrum software has finished downloading, run the software and proceed through the installation process.

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  1. When asked how you want to connect to a server, select “auto connect” and Select next.

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  1. Next, name your wallet and select where you would like to save your wallet. Select next.

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  1. When asked “what kind of wallet do you want to create” select “Standard wallet.” Select next.

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  1. 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.

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  1. 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

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  1. Confirm your seed by reviewing the seed and selecting “next.”

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  1. 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.”

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  1. Electrum will generate your addresses. Once it is complete, select “next.”
  2. Your wallet is now created.

History Screen

The history screen will show you a history of all of your Litecoin transactions.

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Send

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.

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Receive

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.

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