Hello steemit,
in this tutorial I want to show how easy it is to withdraw LTC (Litecoin) from POLONIEX exchange to an light wallet like Electrum.
I strongly recommend to withdraw all funds invested in the PermaCryptoFolio experiment from Cryptocurrency exchanges to avoid loss in case of a hack of the exchange.
The screenshots are taken from the FLIPPER portfolio, which is traded on Poloniex exchange.
In the next days I will continue this tutorial series, because there are still a lot of funds on Poloniex I need to draw out into my own wallets.
Install Electrum Wallet
I don't like the fat native wallets that require to download the full blockchain of an cryptocurrency. Instead I always try to use online wallets or light clients like Electrum when possible. In this tutorial I use the Electrum wallet.
Open https://electrum-ltc.org/ in your browser and download the installer for your computer's operation system. Install the software and start it.
In this tutorial we generate a new standard wallet.
The wallet software generates a new seed and shows it in this dialog. Write this seed down to paper and store it in a safe location, best practice is to store copies of the seed on different locations! If you loose the seed, you will loose the access to your Litecoin. Also be sure that there is no keylogger or virus running on your PC! If you have saved the seed, click the "Next" button.
Note: The seed here is not the seed I use for storage of my Litecoin. Do not waste your time with trying it out.
In the next dialog you need to enter the seed, to check if you have written down the correct seed. File the seed into the textfield and press "Next".
Electrum is now generating your Litecoin addresses out of the seed. This can take some time.
We have now created a new wallet.
Activate the "Receive" tab. At the top you see the address of the Litecoin wallet, on the right side is a "copy to clipboard" icon. We need the address later to start the withdraw.
Log into Poloniex
Now, log into your poloniex account and click "BALANCES" in the menu bar and than "DEPOSITS & WITHDRAWALS".
Search the coin to withdraw
This webpage opens. I recommend to click the "Hide 0 Balances" checkbox, to see all your assets. Search for LTC (the shortcut for Litecoin) and click the "Withdraw" link on the right side of the page.
Some input fields become visible now. File into the "Address" inputbox your Litecoin address (from the Electrum wallet). Important is also the Amount field, where you need to enter the number of Litecoin you want to transfer. If you want to transfer all Litecoin you can simply click the number of Litecoin on the left side behind "You have .... LTC".
Please double check the correctness of your inputs. In case of errors you will loose your coins.
Finally click the Withdraw button, if all inputs are correct.
2FA
If you have 2FA enabled for your poloniex account, you first need to authorize the withdraw by entering your 2FA code. This step is not shown here.
Confirmation Mail
You now receive an email from Poloniex. If you click the link inside the Mail, the following webpage will be opened in your browser and the withdraw will be started.
Wait
Now wait some minutes until the Poloniex Withdrawal History shows your transfer.
Done
Check in your Electrum wallet if the funds have arrived.
