Litecoin (LTC) is one amongst the elderly cryptocurrencies in existence; launched in October 2011 as a fork of Bitcoin. It shares countless similar attributes as Bitcoin. Litecoin Core is the official full node client of the Litecoin project that supports Windows, Mac OS, and Linux.
The functions of the Litecoin Core Client: To store, send and receive Litecoin and transaction history. The latest version offers multi- separate wallets, better fee estimation, and other improvements from previous releases.
What is Litecoin Core?
Litecoin Core (formerly Litecoin-QT) is the reference Litecoin client. The initial synchronization takes time and space to download the entire blockchain.
Litecoin Core is the base Litecoin network and center of all Litecoin functions. As a desktop wallet, initially, you need to download the files and then use it.
It is the well-known desktop wallet client as it offers:
- Advance Security
- Multiple enhanced features
- Great Stability
- Very easy to use
- Safe and has relatively low transaction fees
Unlike other wallets, it contains all the protocols and rules required to access the Litecoin blockchain. This desktop wallet helps you keep your private and public keys.
The Litecoin wallet can be encrypted for additional security. With all such features, the company has managed to set a position and good name amongst the Litecoin traders and miners. It also operates according to the MIT License.
Company Behind the Desktop Wallets
The Litecoin project is backed by the Litecoin Foundation, registered in Singapore. They desire to make the world better by integrating the Blockchain.
The Directors of the project are namely Charlie Lee, Xinxi Wang, and Franklyn Richards.
The developers behind Litecoin Core are active on communication and other forums. They frequently release updates to the software, so keep an eye out!
Languages Litecoin Wallet Supports
Help and Support is available through:
- Peer to Peer assistance
How to Setup A Litecoin Core Wallet?
To set up the desktop wallet head to their official website “https://litecoin.com/”
Scroll down to search the Litecoin Wallets. Click the one that matches your operating system.
Let’s say Windows! Choose the specific version of Windows and download the wallet.
After you download, install and run it. If windows firewall prompts for permission, click > Allow access as it’s very essential for the Litecoin connections.
Until it’s completely synchronized, your wallet will not function. It might take a while to complete the process so Be Patient.
After syncing, you need to encrypt the wallet: click -> Settings then choose Encrypt wallet
Enter a very strong password including numbers, characters, symbols, uppercase and make it long. Click > OK
The 2nd notification window pops up informing that [If you lose the passphrase you will lose all your Litecoin]. So make sure you keep the passphrase somewhere safe. Click > YES
Next notification window says you to read it, Click > OK. Litecoin wallet gets automatically shut down. Open it again.
Backing up Wallet
To back up the wallet click on File > Backup Wallet
Save the file somewhere safe like USB. Each time you update your balance; you need to back up your wallet!
To send funds, Click > Send
Pay to: enter the address of the person you want to send funds to.
Label: this is optional; however you can name it, to keep things organized.
Amount: Enter the amount you want to send and click Send
To receive funds, Click > Receive! You have two ways to receive Litecoin:
- Generate a payment: request coins from that person, so all they need to do is click send
- Copy the Address and send to the person sending you coins.
To generate a payment:
- Label: You can enter subject like payment and any of your choice.
- Amount: Enter the amount you want to receive
- Message: If you want to send a message and click > Request a Payment.
After clicking a window pops up. Click > Copy Address and send it the person who will send you.
That’s all. You have done with the process!
Litecoin Core v0.16.3 Release
Litecoin released the Litecoin Core v0.16.3 on September 20, 2018. This release is just a minor version release, involving an important security update. Whenever you run version 0.15.0 or newer, your chainstate database will convert to a new format. This will direct you anywhere from a few minutes to half an hour. All this depends on the speed of the machine.
Also, the block database format has changed in version 0.8.0. There is no automatic upgrade code from version 0.8 to version 0.15.0 or higher. If you upgrade directly from 0.7.x and earlier without re-downloading the blockchain, then it is not supported. The older versions are still supported.
Litecoin core wallets created in 0.16 and later not compatible with the version prior to 0.16. Also, this will not work if you try to use newly created wallets in older versions. But, existing wallets created with older versions will not be affected.
Litecoin Core 0.17.1 RC1 Released
Adrian Gallagher, the lead developer of Litecoin core project announced on March 10, 2019 that the 0.17.1 Release Candidate is in the final stages of their release. This new version is now available via Github for final testing.
Despite the heavy testing process, the 0.17.1 RC may still contain bugs. Hence, it is always advised to back up any data wallet files before upgrading to the new version.
The Litecoin Core Wallet Benefits
- It values the user’s privacy
- It is free
- No need to encrypt the files yourself
The Litecoin Core Wallet Drawbacks
- Not able to work smoothly
- It is a software wallet so there might be some risks associated
Choosing the best wallet always depends on the variety of factors including security, amounts of coins, the experience garnered and the convenience of access while using Litecoin. So you must be cautious while looking for a good reliable Litecoin wallet in the market!
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