Topic: Easiest way to put 1 LTC on an encrypted paper (Read 2287 times)

Hi,  post is a bit outdated but someone else could find this info usefull anyway so ..

HAVE CARE!!! IF YOU LOOSE YOUR PRIVATE KEY ALL YOUR COINS WELL BE LOST

I start by saying that following are just my point of view and what I do to achive your goal.
I'm not sure this is the best nor the more elegant, but surely it works.

A wallet uses a private key and a public key (usually called "wallet address"). Basically public key it is used just to receive transactions and private to create and  send them, so that all are able to send coins to your wallet but none but you are able to send them: only you have the private key , only you are able to sign the transaction for sending coins from your wallet.
The public key  is derived from private one but it is impossible to do the reverse process, so you are free to give and expose your public key to receive coin from others with no fear,  because none will be able to retrive private key from it.

That said ,  worst thing you could do with a crypto currency  wallet is to expose your private key to public.
That is why last thing I would ever (IMHO) do is to trust a website asking it to provide me with a private key for my new wallet, especially if I want to store all my coins on that wallet and use it printed as "cold storage" .

I suggest you to generate a new wallet address simply using the original wallet software you want to use.
If you want to generate a keys couple on your own PC without having a complete wallet installation or want to have a particular pattern in you wallett  give a try to this vanitygen

If you don't like to download the whole blockchain  (as others above already suggested you) you have to use a lightweighted version of the wallet like "MultiBit" and/or "Electrum" bitcoin.
Googling for litecoin I found this electrum-lite  but I had no test on it.
   

Returning to the post topic, the easiest way I found to print my wallets and store them in a "secure drawer" is :

- send all my coins to a single public address (or wallet address)
- when transfer is complete, I copy that public address   and  :
   
   if GUI VERSION ...  goto  Help-> Debug> Console  ... and just type: 
   dumpprivkey LTCmyPubbddressgr4ZkpGtL5egY
   
        if CLI VERSION :
   litecoind dumpprivkey LTCmyPubbddressgr4ZkpGtL5egY

OUTPUT  (obviously these are all random  values,  not real pub/priv keys)

AGDFBKr4GZmLnoRwyBDMhAttsMxmjjAeG3Knh9cA89cbuA5cft8d
   

the output in both cases will be the corresponding private key of that public (wallet) address.
That is all I need to restore my wallett with all my coins in.

At this point  I can print it,  copy , produce a QRCODE (zint) and etc .... 

Remember anyone able to read that code will be able to open your wallet so you'd better put it  in a very secure place.
This is the reason I don't trust a website giving me my private key.


To restore it I just need to open another wallet of same coin . You can use an already in use or brand new wallet and  full version or
lightweighted one,   'cause the transactions are stored  into the block chain (and not in your single wallet) and then shared on the coin network. 

Well, I give the opposite command in the same way I got the private key:

importprivkey AGDFBKr4GZmLnoRwyBDMhAttsMxmjjAeG3Knh9cA89cbuA5cft8d   myrestoredwallet
 
(giving it a Label seems to be mandatory)

Restart of the wallet and here you are.

Before to do this operation on your real wallet and coins,  I heartily suggest you  to do some test with empty wallets or with coins with a very low BTC/$ value so that if you miss something in the process you won't loose all your coins at first attempt.

HAVE CARE !!!  IF YOU LOOSE YOUR PRIVATE KEY ALL YOUR COINS WILL BE LOST,
IF ANYONE IS ABLE TO READ YOUR PRIVATEKEY HE/SHE WILL BE ABLE TO OPEN YOUR WALLET
 ..... HAVE CARE AGAIN AND AGAIN


PS: I actually use to encrypt my private key with PGP before I print it 

Yeap, that's what I meant

Do you mean a paper wallet for LTC?

Electrum for litecoin is coming out very soon https://litecointalk.org/index.php?topic=18608.0

Dogecoin is already working on porting this version to work with dogecoin as they one they have is poorly coded like dogecoin itself.

I think there is an Android wallet for Litecoin that might let you send coins without downloading the blockchain. I've never tried it though.

 

Why Dodgecoin already has one....

If i want to give a friend a cold stored litecoin, he has to sync hours before he can spend it

If you want to make transactions without downloading the entire blockchain then you will need to either download a lightweight wallet client or create an account with an online wallet service. There aren't any yet available for Litecoin, but ones for Bitcoin, Dogecoin, and a few other altcoins already exist.

Simon8x, though it was helpfull, I could use some practical guidence.

I made a paper wallet and deposit 1 LTC on it. Now I want to spend this LTC. But...how? I mean how in a practical way. I downloaded the litecoin p2p client on https://litecoin.org/, but this program is syncing for hours!

is there an easier and more important: a more quick way to spend my litecoin stored on this wallet?

No problem. Glad to see my posts helpful to you

Thnx Simon8x

I'm gonna try it!

And i meant appeared indeed;)

Very helpful.

Thanks to OP and respondents.

I guess you have mistyped the word "appeared", right?  
As long as the transaction is included in the blockchain (a.k.a. gets confirmed), you know the transaction is complete.

Of course, if you are doing a transfer of 10000 LTC, you may want to get a few more confirmations
But for 1 LTC, it is good enough to get 1 confirmation.


Btw, I would suggest you to print the paper wallet first, before withdrawing 1 LTC from btc-e, just in case you computer crashes right after the withdrawal.

Ok, sounds clear to me.

Last questoin:

If I want to test it, things are as easy as:

- Withdraw 1 LTC from y BTC-e account to a newly generated LTC adress of https://liteaddress.org

- Wait a while till the tx on http://block-explorer.com/ is disappeard? (E.a. is this the moment I know the 1 LTC is added to my liteaddress, because withdraws from btc-e can take a while)?

- To make it a full test: print the QR code

- scan the qr code or type the long string as told on https://litecointalk.org/index.php?topic=7072.0

- After importing the key, transfer it to btc-e with a btc-e deposit adress?

Yes.
Even if the site vanishes, you still have full control of your LTC as long as you have the private key (the QR-code or the long string "6xxxxxxxxxxxxxxxxxx").

On the other hand, anyone with the private key will have control of your LTC, and can transfer the LTC to their own address. So, you should properly store the paper.

Ok...

And if this website https://liteaddress.org, goes down any time in the future, this wouldn't effect my paper LTC?
In other words, by creating an LTC adress on this site my paper LiteCoin won't be committed somehow in any way with this site?

#noobish

You can try this. https://liteaddress.org
The source is here. https://github.com/litecoin-project/liteaddress.org


After generating an litecoin address, you can withdraw your LTC from btc-e to that particular address, and check the tx on http://block-explorer.com/ or https://ltc.blockr.io/


To import the private key (redeem the LTC), you just need to scan the QR-code, or type the private key.

I searched the internet to find an easy way, and guide how to print an LTC as a code on paper. But coudn't find one which took all my questions away.


Therefore, i'm calling your expertise:

For the birth of a baby I wan't to give 1 LTC as a funny present. Why LTC? though  it's getting more popular, a hole coin is still affordable. True, I also can give 0.027 BTC but that's less symbolic then one whole virutal coin. That's why.

Now, this brand new child doesn't have an online wallet. So I want to give I nicely designed paper with the code of 1 LTC. Now my question is, how can I fix this? Without taking the risk of losing this coin during the proces (to a scam-website e.d.).

Assuming I've some LTC on my btc-e account. How can I withdraw 1 LTC ending up solely on a paper. Which I can use as a gift.

And on the long term...how can this paper LTC become digital again?


I know, this all will sound really noobish to a lot of you, but there must be someone taking the effort of helping me out of this...