Transfer Litecoin from Trezor to Uphold
Learning Outcomes
We are going to transfer the Litecoin we sent to the Trezor back to uphold
Get the litecoin wallet deposit address from Uphold so we know where to send the coins.
Check the different options for sending, we have more control over fee amount
Demonstrate signing a transaction on the trezor device
Check litecoin has arrived on the uphold exchange
Get the litecoin deposit address from Uphold
Open the transaction window in the uphold app or web interface, in the From section select the litecoin network.
Read the Crypto Investing is very high risk statement, if your happy then tick the confirmation box and press continue.
Uphold will now display your Litecoin wallet address as a QR-Code, this will be used to tell your Trezor where to send the litecoin.
The litecoin address is: LW36jemSAqPTG4hpa2Tbtdi3kj4RJ77Siq
Make a note of this address for future reference.
Create a send transaction with your trezor
Connect your trezor to your PC, login to the website trezor.io or launch the Trezor Suite software.
Enter the pin number using the 9 grid number range on the Trezor to select the boxes on the PC.
Select the asset you want to withdraw
Press the Send button
Enter the wallet address in the address field
The next field to enter is the amount, when you hover over the field a Send Max button will appear.
if you want to send everything, press the button.
Other options are to enter the amount of Litecoin or the value in the currency of your choice, click the drop down to select another if you need to change it.
The fee to send is alot cheaper than sending from the exchange, in this case it is 113 satoishi vs 30000 by the exchange.
If your happy to proceed with the transaction, press the Review & Send button
Enter your pin again: You will find you need to do this on a regular basis, it is there to protect you please expect to do it multiple times when performing operations on the site.
Here you need to check following is correct:
Litecoin address
The fee to send
Amount to send
If your happy all the information is correct, you then need to check the display on your Trezor
Your looking to check the following is correct:
Amount to send
Litecoin wallet address
If your happy, then press the Confirm button on the trezor
The trezor will ask again to make sure you really want to confirm the transaction
If your sure, then press Confirm otherwise press Cancel to stop.
After pressing the Confirm button, the trezor will sign the transaction and update the screen.
Click the Send button to pass the transaction to the Litecoin network
It takes time for the transaction to be picked up by the miners, please be patient to wait for the first block confirmation.
You can monitor progress of the transaction by checking the Activity Log in the Uphold app.
The transaction information looks like this
When the litecoin has been sent you will see the transaction status update
Click the arrow pointing up to get more transaction information
Click the TX ID link to view the transaction in the blockchain explorer
This screen gives you more information on the progress of the transaction, which block the transfer was included in and how many blocks have been solved since the block that contained the transaction.
Typically funds are not available for spending until a transaction has reached 3, 6 or over 20 confirmations, this is to protect against double spending.
As time goes on more blocks are confirmed that strengthen the previous block making it harder to make changes to the block chain. Which is why you have to wait for a set number of confirmations, below we see there have been three confirmations.
You can check the process of the transaction by viewing this link:
It will show the total number of confirmations, the number will keep incrementing forever.
Checking progress on Uphold
When the first block is confirmed it will show up on the exchange, the portfolio amount will update showing you have funds on the way but are not spendable yet.
The exchange needs to wait for a defined number of confirmations before it becomes spendable. The number of confirmations will differ with each exchange and currency. You just need to be patient and wait, there is nothing you can do to speed up the process. Paying a higher fee just speeds up getting the first block confirmation.
When the funds finally arrive, you will get an email and a notification on your phone.
We keep refreshing the Activity screen, when there have been enough confirmations the yellow timer icon will disappear and you will be able to start trading or withdraw the litecoin to sell to your bank.
Funds have arrived
It took 21 confirmations for the litecoin we sent to be spendable
The activty screen on uphold has now changed to indicate enough confirmations have been processed to allow the funds to be spendable.
Our available funds show the litecoin wallet is now active with the amount of litecoin we sent.
What have we learned?
Get the litecoin deposit address from uphold
Create a send transaction on the trezor
Check the details before sending
Confirm the transaction on the trezor device
Check the exchange to see if the transaction has been confirmed in the first block
Check the Trezor Litecoin explorer to see how many blocks have been confirmed
Realise it takes time for our litecoin to become spendable on an exchange, in this case it look an hour.
Next steps
Now we have moved our litecoin back to the exchange, we want to sell it and try to make some profit.
In the next post I will demonstrate how we work out our costs and what the litecoin price needs to be to make a profit.
I am really enjoying sharing my knowledge with you, I would love to hear from your to gain any feedback and to provide tutorials on any issues you maybe experiencing.