Litecoin accounting in our wallets Help


#1

Hello, I need some technical help with accounting with Litecoin, any help at all would be a blessing:

I need a business solution for the following scenario , I have a growing list of new accounts for my services. I would like to charge my clients in Litecoin. I do not want to provide each client a separate wallet as I would be forced to spend lots of time logging into multiple wallets and sending the funds to a main wallet to pool my Litecoin. I need a better way to account for my payments.

I would like to provide my customers with a unique public address that they can deposit Litecoin into and that Litecoin is deposited into the main litecoin account. I also need to be able to identify which unique address is making that particular deposit into the main wallet so I may track who is paying me what amounts.

I will need lots of these unique addresses for my customer base as it expands.

Is there a methodology to make this happen for small business owners ?

David


#2

A good fit to what you are looking for is called HD wallet (hierarchical deterministic wallet).

Theese wallets let you create millions of unique public addresses to receive coins in.
You could, as you said, give each client a unique address and track their movements individually.

There are a lot of Litecoin HD wallet implementations; in fact, AFAIK the litecoin-qt is one of those.

As all public addresses are hd generated, you do not need to login to a lot of wallets, you just have them all in place.

May I know how are you doing it at the moment?

HD wallet implementations to look at:
litecoin-qt (afaik)
electrum-ltc
bitgo (offers good api for bitcoin, and nice sdk for litecoin)
ledger (hardware wallet)

If you are willing to share more details, I may be interested on a job/freelance opportunity on this. Let me know if also interested.


#3

With emphasis on

I will suggest you to try electrum-ltc.org at first. It does not yet support segwit, which is a good feature, but It will some day.
It let’s you tag your receiving addresses as you wish, you you’ll always know who send you what ammounts.

Same is true for Bitgo, which also offers SDK, API and webinterface; but it is primarly meant for ~not-so-small business, IMO.


#4

Let’s talk , can you provide me your email and I will contact you. This is a topic that the Litecoin community will need to cover in depth if businesses will be using this currency .

Dave


#5

Done!

Will be waiting your e-mail