7. How to Create and Spend a Paper Wallet

There are 3 things you'll need to create a paper wallet:

1. Your private key and Litecoin address

2. Printer

3. Paper

Step 1 Grab the Private Key

A private key is an alphanumeric string of characters that’s tied to your public key and Litecoin address. You can grab the private from your Electrum-LTC wallet. Check out our article "What is a LTC Wallet” on how you can do that.

You can also use seed keys which are used in Hierarchical Deterministic wallets to derive your private keys.

Step 2 Convert it into a QR Code

Converting your private key and Litecoin address into QR codes is a convenient way to keep. Many wallets allow you to simply scan the QR code of your private key to redeem the Litecoin.

You can generate the QR code yourself by using a tool called an “off-line QR Code Generator” which is a google chrome plug-in. Simply copy paste your private key or seed key into the app while your internet is not connected. As a side note, be wary of using websites to generate your QR code as they may be designed to steal your Litecoin. Make sure to research the QR generator you end up choosing prior to using it.

Another way you can generate a Litecoin paper wallet is through liteaddress.org. This is a trusted website to generate Litecoin wallets. Wiggle your mouse until a private key and public key are automatically generated.

Here's what a QR code from liteaddress looks like:

Step 3 Print and Store it in a Safe Place

Print the QR codes of both the Litecoin address and private key.  Anytime you want to send LTC into this paper wallet, scan the QR code of the LTC address . 

The private key is what you will need to recover and spend your LTC when you're ready, so make sure to store it in a safe place where no one can see or scan it.  Some people put it in a safe, a bank, or even a fire and water resistant casing.

Spending From a Paper Wallet

There are many ways you can spend your Litecoin from a paper wallet. Here are two of the easiest ways to do it.

1. Litewallet

Perhaps the easiest method to spend your Litecoin is through litewallet, the mobile wallet developed by the Litecoin Foundation. 

• Go to Menu-> Settings-> Start/Recover Another Wallet

• Scan the QR code of your private key

• Then you're done!

You can either keep your LTC there, or send it to another LTC wallet.  Depending on how you generated your LTC, it may be important to spend the entire balance in your paper wallet. 

For example, if you generated the QR codes yourself from a LTC wallet then you should most definitely spend the entire balance in your address.  The reason for this is that wallets typically create "Change Addresses" for your LTC to get sent to if you partially spend your balance.  Because you most likely don't have access to the wallet you used to generate your paper wallet from, the remaining LTC will be lost because you don't have access to the change addresses.  

However if you created your paper wallet from liteaddress, this isn't an issue.

2. QR Code Reader

This step is a bit more complicated.  You must first grab a QR code reader.  Anyone (that isn't malware) will do.  Scan the QR code of your private key.  Then download Electrum-LTC and import the private key:

1. Click wallet-> Private keys->Sweep.

2. Write down the private keys.

3. Write down the LTC address you want to send it to in the “address” section below.

4. Click “Sweep.”

Your Litecoin should appear in your Electrum-LTC wallet shortly.