A “Litecoin Wallet” is basically equivalent of a bank account. It allows you to send, receive Litecoins, you can also store them locally. Litecoin QT wallet is one that you install on your own computer running on Windows, Mac OS and Linux.. You are in complete control over the security of your coins, but you have to take some extra security measures to make your wallet safe by encrypting your wallet, check our another guide to encrypt litecoin qt wallet. We also advise you to make several backups of your Wallet.dat file time to time.
I personally prefer Litecoin QT wallet for my day to day use coins and for long term storage, i always use Paper Wallet. Setting up a Litecoin QT wallet is very easy to do. Following are the instructions to guide you through the process of installing the Litecoin-QT client for Windows, same instructions can be used for Mac OS and Linux too.
Instructions To Setup Litecoin Wallet On PC
Step 1 : Download Litecoin QT client (official download here) for Windows and install it by clicking Next.
Step 2 : Now launch Litecoin QT client, a new window will open and connections will start up in minutes. Installing the client will begin to download the whole blockchain.
Only disadvantage of QT wallet is that you have to download the entire block chain on first run (currently 6 gigabyte) which can take up to 2 -4 days the first time you start the client and several minutes every time you start the client afterwards.
Step 3 : Once your wallet / client finished syncing with blockchain click on ‘Receive’ button. Here you can generate a new Litecoin receiving address.
A Litecoin address is equivalent of bank account number and is made up of 26-35 alphanumeric characters beginning with the alphabet L. This address is all you need to receive payments.
Step 4 : If you want to send some coins to another litecoin service just click on ‘Send’ tab, enter the receivers address, enter the amount and click on ‘send’ button.