Litecoin paper wallet is the most safest way to store your precious Litecoins outside of a computer or electronic. A paper wallet can also be generated even if you are offline. Since your keys never touched the internet, it’s impossible to get your coins stolen or hacked. A paper wallet is actually just a piece of paper with the Address and the Private Key printed on it.
In this guide we’ll generate a paper wallet on offline computer (Mac / Linux Preferred) using Liteaddress service. For more security you can use other ways like a clean fresh installed OS, Linux live boot disk or a newly installed Virtual Machine (VMware).
Understand your Paper Wallet :
A paper wallet is made of two keys, first is your litecoin address and second is your private key.
Litecoin Address : A Litecoin address is equivalent of bank account number and is made up of 26-35 alphanumeric characters beginning with the alphabet L, that represents a possible destination for a Litecoin payment.
Private Key : A private key is a secret number that allows Litecoins to be spent. Every Litecoin Paper Wallet contains a private key which is mathematically related to a Litecoin address. Since private key is the “ticket” that allows someone to redeem coins, it is important that these are kept secure. A private key is made of 64 characters in the range 0-9 or A-F.
Instructions To Generate Litecoin Paper Wallet :
Note : If this is your fist time, then read the instructions 3-4 times and then generate paper wallet. Once you generate a paper wallet, first do a small deposit and withdraw transaction to check if the paper wallet is working for you or not.
Step 2. Disconnect your computer from internet and reboot it. You can also use a Linux Live CD, just make sure that you are disconnected from internet.
Step 3. Put your flash drive in and open the folder you downloaded in Step 1. Now you can safely generate your keys without any online interaction.
You can also choose some fancy designed paper wallets too, for example check below.
Note : First key is your Litecoin Address, you can transfer your Litecoins to this address, which is printed down on paper and hasn’t ever touched the Internet. Second key is your Private Key, never expose this key to internet until you need to redeem the wallet.
Step 4. Print your wallet on paper and secure them in a safe place. You can also save the webpage as a .pdf file to keep a digital backup on a flash drive.
Step 5 : Check our another post with instructions to Import a Litecoin Paper Wallet into QT Wallet.
Advantages Of Paper Wallet :
- Protection from viruses, malware, keyloggers and hardware failures.
- Keeping a piece of paper safe is easier than keeping your computer secure.
- You retain the 100% ownership of your private keys and coins not a 3rd party service.
- No dependence on the security of any website.
Warning : One. Paper wallets should be produced on a computer not connected to the Internet.
Two. It’s proven that antivirus software cannot completely rule out the possibility of malware. However, using bootable Linux CD prevents the vast majority of malware from being able to run.
Three. The private keys of paper wallets should never be saved to a computer hard drive, online cloud service or e-mail etc.