Simple definition of wallet would be the program, which allows you to store your coins. Every coin has it's own wallet. As a beginner you would only need a wallet for particular coin you want to collect, e.q. hold for some time.
Most of the miners prefer to store their coins in more or less stable currencies, like Bitcoin or Litecoin. So that if they decide to mine another alt currency (alternative currency), they would exchange it for this stable coin and store it in the wallet. Of cause this is not the rule, but as a beginner it would be good choice to start this way.
In the beginning it can take a lot of time to download whole block chain for the coin. Litecoin,for example, has later block chain stored in the file bootstrap.dat. Downloading that would reduce synchronisation time from few days to and hour.
NB! Keep in mind few things:
Useful links:
In the beginning it can take a lot of time to download whole block chain for the coin. Litecoin,for example, has later block chain stored in the file bootstrap.dat. Downloading that would reduce synchronisation time from few days to and hour.
NB! Keep in mind few things:
- Remember your wallet should be completely syncronized before you can recieve any money.
- The blocks generated during the time when wallet is offline (the time, when wallet program is not running or has no network connection), are not present in the local block chain. So the next time your wallet is online it would need to synchronise with the network. Fortunately it will only synchronise last blocks which are missing.
- Download wallet program only from official coin web-site. Hackers are not sleeping.
Useful links:
- Altcurrencies thread on the Bitcointalk: https://bitcointalk.org/index.php?board=159.0
- Litecoin wiki: https://litecoin.info/