New user, (probably) old questions


#1

Hi guys,
Just entered this world and have some doubts with wallets and keys.

I get how Ethereum works: you have 1 (public) address and if you own the (private) key, you control the funds. You can receive multiple tx to the same address and that address is like a wallet, if the key is safe. You can writte down the key (and address), come back in a year and spend the total balance.

How can I do the same with LTC? I got the core wallet, encrypted the wallet (this only forces to need a pwd to spend, that is not a private key, right?) and received 2 tx to 2 different addresses I created in core wallet. Let’s say 1 coin in the first and 2 coin in the 2nd. So now my total balance is 3 coins. I then make a backup data to a USB drive.

  • Will that bck file work on any version of core wallet I may have in the future (Windows, Mac, etc?)
  • If I lose the bck and remove core wallet from hard-drive or lose the hard-drive, how can I see my total balance? Will I need the private keys?
  • Is there 1 private key for every addres I’ve used (2 in this eg.) or just one for total balance? If it’s 2 keys, can I send all my 3 coins to only 1 (own) address so I’ll just need 1 key?
  • How can I see the private key?
  • Can I also writte down the key/keys (and addresses) and come back in a year and spend the total balance?
  • If I know the private key, do I still need the (encrypted) pwd to spend?

Sorry for so many questions, but I liked Ethereum logic and LTC Core wallet seems less user friendly. I’d like to know exactely what do I need to keep it safe and how offline can be an option to keep it safe.

Thanks


#2

Всем привет. Я также сначала был знаком с устройством эфира. Также не могу понять как получить приватный ключ в виде текста используя официальный кошелек Liteсoin Core. Если словами трудно - достаточно прямой ссылки. Спасибо сообществу за отзывчивость.


#3

A) You could save your coins cold storage USB drive like Trezor, Ledger S ect.
B) You could move funds to a seeded wallet like Electrum-LTC (but they have your seed on remote server)
C) You could even move the funds to an online wallet (but if they get hacked your LTC can be stolen)
D) Paper wallet, not sure exactly how to make it. Maybe someone else can chime in?
E) Copy your private key to an online wallet to use it by proxy to move funds. Ex: to evade extra transaction fees (BTC?).

Pick any of the five but A and D are most secure.