Electrum-LTC is a simple, yet powerful Litecoin wallet. The platform is also known as Lightweight Litecoin Client!
Its unique secret phrase (seed) protect your wallet from hackers and attackers. Caution: Keep it somewhere very safe and don’t worry about losing your Litecoin.
An Overview: Electrum LTC Wallet
Electrum LTC Wallet is a desktop-based cryptocurrency wallet that supports Litecoin. Following are some aspects of the wallet: Like its predecessor Electrum – Bitcoin wallet, the open-source wallet is available on GitHub and anyone can review or upgrade the code.
Established: Electrum is an open source which was initially released in November 2011.
Platforms Available: Windows, Linux, Mac OS
Safety: Your private keys and seed are encrypted on your hard drive. The servers never keep them.
Instantly accessible on: The client does not download the blockchain, instead uses a specialized server’s network that index the blockchain.
Low trust: Any detail received from the servers is validated using SPV. Servers work on SSL authentication.
Cold Storage: A Sign transaction is now possible from a system that remains offline. Broadcast them from a machine that does not hold your keys.
No downtimes: The Electrum Litecoin is not bound to a particular server; it switches immediately if your server goes down.
Ubiquitous: User can use the same wallet on separate systems, they synchronize it automatically.
Support: Export your private keys to other Bitcoin clients.
There are two NOTICES to consider
January 8, 2018:
The Vulnerability Was Found In Electrum And Electrum-LTC. It Was Fixed In Electrum-LTC 126.96.36.199. Please Update Your Software If You Are Running An Earlier Version.
In this video you can explore each corner of the room on how to download, install, and setup the Wallet:
Here’s a practical guide, the complete demo with step by step procedure on how to use the platform!
Create the Electrum Litecoin Wallet
To get started with trading Litecoin, the initial step is to set up a Litecoin wallet. Below are the steps to follow for setting up an Electrum wallet.
Download Electrum for OS X
- Navigate to the official site: “https://electrum-ltc.org/”
- Select the “Downloads” button.
- Select the “OS X executable”
- The Electrum LTC software will download a .dmg file.
Install Electrum Software
- Once the Electrum software finishes downloading > run the software > proceed via the installation process.
- When it asks you “how do you want to connect to a server” > select “Auto Connect” > Select next
- Name your wallet > select the place you want to save your wallet > Select next
- When it asks you “what kind of wallet do you want to create” > select “Standard wallet” > Select next
- When it asks you “Do you want to create a new seed, or restore a wallet using an existing seed,” > select “Create a new seed” > Select next
Electrum Litecoin wallet creates a 12-word “wallet generation” seed. This is nothing but your password to recover the wallet in case of certain failure.
We recommend you to write it down on a piece of paper and store it in a very safe place. Remember few things:
- Never disclose your seed
- Never type it on a website
- Do not store it electronically
- Confirm your seed by verifying the seed > select next.
- Choose a strong password to encrypt your wallet keys. [Create a strong password with a combination of uppercase, lower case letters, numbers, and characters].
- Ensure that you select the “Encrypt wallet file” box > Select next
- Electrum will generate your addresses, Once done > select next
Finally, your wallet is now ready to use!
Navigating your Electrum Wallet (Section by Section)
The history screen displays all the history of your Litecoin transactions.
Use this section to send Litecoin to any third party. To send Litecoin:
- Enter the recipient’s Litecoin wallet address,
- The amount you want to send
- A description of the transaction
- The associated fee
The crucial part of the “Receive” tab is your Litecoin wallet address. This address you will give to any third party who will send you Litecoin.
Restore Your Electrum LTC Wallet
- To restore the Electrum Litecoin wallet you need to follow some of the above steps again.
- Open Electrum > click on “File” > choose the “New/Restore” option
- Give your wallet a name > then choose Next
- Select “Standard Wallet” > then Next
- In this step, instead of selecting “Create a new seed,” choose “I already have a seed” > click Next
- Enter your seed keys that you recently copied. [If you miss the keys, Electrum will not allow you to recreate your address and hence you won’t be able to access your Litecoin.]
- Click “Next” and that’s all.
- Sweep the Litecoin Address
The secondary way to retrieve your coins back is by “sweeping” them. Here’s how:
- Get your private key ready
- Click wallet > Private keys > Sweep
- Write down the private keys
- Write down the LTC address in the “address” section below. (you want to send it to)
- Click “Sweep”
Electrum Litecoin Wallet: Some features that might be useful!
Electrum Litecoin maintains a tamper-proof, remote server. All information is verified via Simplified Payment Verification (SPV). It offers complete accessibility by allowing you to export your private keys to other Litecoin clients.
Find the Electrum Litecoin Client on following channels!
- Development: Project page on GitHub
- To run your own server: ElectrumX
- IRC Channel: #electrum-ltc (web chat) on Free-node
- Forums: LitecoinTalk, r/litecoin
- Original Announcement: Old Litecoin Forum (Archived, read-only)
All in all, Electrum has a good reputation in the market. The UI of the wallet may not be pretty enough but the features are worth using. So, that’s it, we are at the end of my Electrum wallet review. I hope you found it useful.