So I’m new to LTC, have done research over the last week and decided I want to take the plunge and buy in, I feel like I missed out already but hopefully there is still some good profits to be made.
I have created a wallet using Electrum-LTC on my desktop.
I have stored the Electrum passphrase on paper, plus added an additional passphrase also stored on paper.
My wallet is encrypted.
A few questions:
Can I lose my wallet and forget the wallet password, but still maintain my coins as long as I have the passphrase? So basically just passphrase is the ultimate thing to protect?
What is the fastest and cheapest way to get Litecoin? I see people saying coinbase is taking several days to clear funds deposited, or is this only because they are doing bank transfers or something? I will be buying with AMEX if that makes a difference. Also there is quite a big surcharge of 4% or something on coinbase which is pretty substantial, how to avoid?
How do I make my coins as safe as possible? Seems like all that is protecting my coins when the wallet is on my desktop is my encryption password, is the wallet supposed to be removed from the computer when you aren’t using it or how am I supposed to ensure they are safe?