Previously we discussed that QT wallets are the best only if you take some extra security measures, first one of them is encryption and second is backup. In this post we’ll talk about encryption and how to encrypt litecoin wallet. We’ve noticed most of the new litecoin adopters like to keep their coins in their online exchange accounts without understanding the risks involved. We don’t recommend you to trust your coins with third party services. Always store majority of your coins (long term coins) in paper wallets (check here) and day to day use coins in your personal Litecoin QT wallet.
Instructions to encrypt Litecoin wallet
Step 1. Launch your Litecoin QT Wallet, If you don’t have it installed on your PC follow instructions here.
Note : Installing the client will begin to download the whole blockchain size 6GB+ so it may take around 24 – 72 hours, depending on your internet speed and PC configuration. When the blockchain is finished downloading, the “out-of-sync” warning will disappear.
Step 2. Once your blockchain is synced, click on Settings >> Encrypt Wallet and create a long and secure password.
Note : You should make sure this password is not used for any other applications or websites. It is recommended to come up with a password that is as long as possible. A strong password contains letters, numbers, punctuation marks and at least 16 characters long.
When you’re done, you should see an icon of lock in the lower right corner of the client that says your wallet is encrypted and locked. Now that your wallet is encrypted and you’ll be asked for password every time you initiate a withdraw request.