Greetings fellow miners! I have just received my 1st Mini-Doge miner and have a question about the litecoinpool setup. After joining the litecoinpool website, step 4 of their setup process says
Create a Litecoin address. Download and install a Litecoin client from the official website. After starting Litecoin Core, click on the “Receive” tab and copy your Litecoin address, then paste it in your account settings so that you can receive payments.
Alternatively, if you wish to use Electrum-LTC, you can use any of the addresses shown in the “Receive” or “Addresses” tab.
Your Litecoin address should start with one of the prefixes “L”, “M”, or “ltc1”.
I have a Coinbase account. Can I just use my LTC wallet address from coinbase? If I setup the LTC address by setting up the Litecoin Core - how do I get the litecoin from there to my Coinbase account and eventually to a “standard” bank account to convert to USD?
Thanks in advance for your replies!
You can send to any ltc address to my knowledge. I’m sending to blockfi to earn interest, whatever your preference really
Yes, you can use your Coinbase account. That’s what I’m doing and have been for a few weeks now. Just put your Coinbase LTC wallet address in litecoinpool.
This is from Litecoinpool’s FAQ:
Can I use an exchange address for payouts?
While technically possible, we strongly advise against using addresses provided by exchanges or other third-party services. One of the main problems is that you do not fully control these addresses, and in particular if a problem arises you usually have no way to prove that you are the legitimate owner. On the other hand, if you create an address on your computer using any wallet software, you can easily produce a digital signature.
If you decide to use a third-party address anyway, we strongly recommend that you do notlock the address. This is because at any point an exchange may stop accepting funds to an address and require you to use a new one (yes, this has happened).
Thanks for the Reply JoeJoe. So are you using a wallet address or just the LTC “deposit” address from Coinbase portfolio?
Just the LTC deposit address from Coinbase
Since I had to set up a Zelcore wallet recently to accept my KDA I might start sending my LTC there too. It’s always better to send it to a wallet instead of an exchange. But… you can do either.
Hi Joe, I was wondering if you ever consolidated your kda and litecoin to zelcore? If so how hard and/or costly is it to send it back out to an exchange to get fiat or just to swap to a different coin. I’m getting ready to start mining scrypt and I’m trying to decide what pool/wallet to use Thanks!
For now, still just sending to to Coinbase. I want to use my mining profits to get a ST-Box. Once I gather enough coins on Coinbase to do that then I’ll send the LTC to Zelcore.
I sent some different crypto the other day and the ‘gas’ fee was really low. For instance sending $100 worth of KDA would cost me $0.01 cent. In the end I was worried too much about the fees as well.
If you’d like exact fees let me know the coin & amounts and I can do a mock order and report the fee - then just cancel it.
Where do you guys send your LTC for the highest interest? I started using Gemini, and then I started looking at BlockFi, Crypto.com, Coinbase. etc. I plan to hold LTC for a while and would like it to earn as much interest as well.