Securing your Litecoin (“LTC”) wallet is a must. Since Litecoin is increasingly popular as a cryptocurrency, the value of Litecoin is increasing as well over time. So it’s a good thing you’ve come here to lear how to effectively protect and backup your Litecoin wallet. Let’s get started!
Securing Your Litecoin Wallet by Encryption
Your wallet can actually be secured pretty easily. Unless you make use of an online wallet that you trust to a third party, you use the Litecoin wallet from the official Litecoin.org website. The Litecoin wallet actually has a build-in functionality to encrypt your wallet and thus making your wallet more secure. Let me first show you how easy it is to perform this encryption. You open your Litecoin wallet, choose “Settings” from the menu and pick the first option “Encrypt Wallet…”.
The following screen that pops up asks you to enter your passphrase twice. Remember: 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 (say, at least 10 characters). By picking a strong password, you ensure that no person nor computer can guess your password and eventually steal your Litecoins.
Congratulations, you now have encrypted your LTC wallet and it should be a lot more secure. Let’s move on to the next step in safeguarding your precious coins: the backup.
Backup Your Litecoin Wallet
You know what happens when the hard drive of your computer crashes and the only copy of your wallet is on it? That’s right, you lose all of your coins indefinitely. If someone steals your coins, that’s no fun. But when you lose your coins because of ‘forgetting’ to take the necessary precautions, that just plain sucks. Follow these easy steps to backup your Litecoin wallet right now.
- Make sure your wallet is fully synchronized with the Litecoin network. The green ✓-icon in the lower right corner will indicate if your wallet is fully synchronized or not. The waiting icon indicates that the wallet is being synchronised and you should wait a few more minutes before this process is completed.
- Fully synchronised? Now close the client (File > Exit, or use CTRL + Q).
- The next step is finding your wallet.dat file on your computer.
- For Windows Vista, 7 and 8(.1) users, this location is the following: C:UsersUsernameAppdataRoamingLitecoin. The underlined word should be replaced by your own username. Another option is opening your file explorer and pasting %appdata%Litecoin in the location bar.
- Mac OS X users can find their wallet.dat file on the following location: ~/Library/Application Support/Litecoin/
- Linux users (this includes Ubuntu, Linux Mint, Debian, OpenSUSE and more) should head over to: ~/.litecoin/
- Now copy (do not cut!) this file to another secure location, such as a USB key or an external hard drive. You might also want to choose an online location, such as Dropbox or Mega. This part is up to you.
You have now succesfully made a backup of your wallet in case something goes wrong. My recommendation to you is to encrypt this wallet.dat file by using a program such as TrueCrypt or by WinRar and setting a password. Physically security is another option: put your USB key in a vault or put it somewhere else where it is safe.
Did this help you (better) secure your Litecoin wallet? You can thank me by donating to my LTC address: LX3vBbHByqd6KejqzdFDKwXXD4K6vqwcwf