Electrum Litecoin Wallet Review

Electrum-LTC is a simple, yet powerful Litecoin wallet. The platform is also known as Lightweight Litecoin Client!

Its unique secret phrase (seed) protect your wallet from hackers and attackers. Caution: Keep it somewhere very safe and don’t worry about losing your Litecoin.

Electrum LTC Wallet Review

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An Overview: Electrum LTC Wallet

Electrum LTC Wallet is a desktop-based cryptocurrency wallet that supports Litecoin. Following are some aspects of the wallet: Like its predecessor Electrum – Bitcoin wallet, the open-source wallet is available on GitHub and anyone can review or upgrade the code. 

Established: Electrum is an open source which was initially released in November 2011.

Platforms Available: Windows, Linux, Mac OS

Safety: Your private keys and seed are encrypted on your hard drive. The servers never keep them.

Instantly accessible on: The client does not download the blockchain, instead uses a specialized server’s network that index the blockchain.

Low trust: Any detail received from the servers is validated using SPV. Servers work on SSL authentication.

Cold Storage: A Sign transaction is now possible from a system that remains offline. Broadcast them from a machine that does not hold your keys.

No downtimes: The Electrum Litecoin is not bound to a particular server; it switches immediately if your server goes down.

Ubiquitous: User can use the same wallet on separate systems, they synchronize it automatically.

Support: Export your private keys to other Bitcoin clients.

There are two NOTICES to consider

Electrum-LTC Is A Community-Maintained Port Of Electrum, The Bitcoin Wallet, To Litecoin. It Is Not An Official Product Of Electrum Technologies GmbH, Which Does Not Support It.

January 8, 2018:

The Vulnerability Was Found In Electrum And Electrum-LTC. It Was Fixed In Electrum-LTC 3.0.5.1. Please Update Your Software If You Are Running An Earlier Version.

February 2019

Versions of Electrum and Electrum-LTC older than 3.3.3 are vulnerable to a phishing attack, where malicious servers are able to display a message asking users to download a fake version of Electrum. To prevent user exposure, versions older than 3.3 can no longer connect to public servers, and must be upgraded. Do not download software updates from sources other than electrum.org and electrum-ltc.org.

Electrum Litecoin Wallet: Some features that might be useful!

Electrum Litecoin maintains a tamper-proof, remote server. All information is verified via Simplified Payment Verification (SPV). It offers complete accessibility by allowing you to export your private keys to other Litecoin clients.

Find the Electrum Litecoin Client on following channels!

1. Development: Project page on GitHub
2. To run your own server: ElectrumX
3. IRC Channel: #electrum-ltc (web chat) on Free-node
4. Forums: LitecoinTalk, r/litecoin
5. Original Announcement: Old Litecoin Forum (Archived, read-only)

Create the Electrum Litecoin Wallet

To get started with trading Litecoin, the initial step is to set up a Litecoin wallet. Below are the steps to follow for setting up an Electrum wallet.

Download Electrum for OS X

1. Navigate to the official site: “https://electrum-ltc.org/”
2. Select the “Downloads” button.
3. Select the “OS X executable”
4. The Electrum LTC software will download a .dmg file.

Install Electrum Software

• Once the Electrum software finishes downloading > run the software > proceed via the installation process.

• When it asks you “how do you want to connect to a server” > select “Auto Connect” > Select next

• Name your wallet > select the place you want to save your wallet > Select next

• When it asks you “what kind of wallet do you want to create” > select “Standard wallet” > Select next

• When it asks you “Do you want to create a new seed, or restore a wallet using an existing seed,” > select “Create a new seed” > Select next

Electrum Litecoin wallet creates a 12-word “wallet generation” seed. This is nothing but your password to recover the wallet in case of certain failure.

We recommend you to write it down on a piece of paper and store it in a very safe place. Remember a few things:

• Never disclose your seed
• Never type it on a website
• Do not store it electronically
• Confirm your seed by verifying the seed > select next.
• Choose a strong password to encrypt your wallet keys. [Create a strong password with a combination of uppercase, lowercase letters, numbers, and characters].
• Ensure that you select the “Encrypt wallet file” box > Select next.
• Electrum will generate your addresses, Once done > select next

Finally, your wallet is now ready to use!

Navigating your Electrum Wallet (Section by Section)

History Screen

The history screen displays all the history of your Litecoin transactions.

Send

Use this section to send Litecoin to any third party. To send Litecoin:

1. Enter the recipient’s Litecoin wallet address,
2. The amount you want to send
3. A description of the transaction
4. The associated fee

Receive

The crucial part of the “Receive” tab is your Litecoin wallet address. This address you will give to any third party who will send you Litecoin.

Restore Your Electrum LTC Wallet

• To restore the Electrum Litecoin wallet you need to follow some of the above steps again.

• Open Electrum > click on “File” > choose the “New/Restore” option

• Give your wallet a name > then choose Next

• Select “Standard Wallet” > then Next

• In this step, instead of selecting “Create a new seed,” choose “I already have a seed” > click Next

• Enter your seed keys that you recently copied. [If you miss the keys, Electrum will not allow you to recreate your address and hence you won’t be able to access your Litecoin.]

• Click “Next” and that’s all.

• Sweep the Litecoin Address

The secondary way to retrieve your coins back is by “sweeping” them. Here’s how:

1. Get your private key ready
2. Click wallet > Private keys > Sweep
3. Write down the private keys
4. Write down the LTC address in the “address” section below. (you want to send it to)
5. Click “Sweep”

Recent Updates

• Aug 8, 2019: Electrum Litecoin Wallet Latest version 3.3.8.1 released.
• July 2019: Electrum Wallet introduced Lightning Payments.

Conclusion

All in all, Electrum has a good reputation in the market. The UI of the wallet may not be pretty enough but the features are worth using. So, that’s it, we are at the end of my Electrum wallet review. I hope you found it useful.

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