So over the past few months, I've been mining away with my L3+ and decided it was time to cash in some of my litecoin to pay for the electrical bill since each L3+ consumes about 800W or 800W/1,000 x $0.071 ($ per kW/H) x 24 h x 30 days = $40.90 a month. So, I fired up my Nano Ledger wallet and attempted to send some litecoin from my wallet to Coinbase (actually GDAX, but it all goes through Coinbase at some point) so I could convert LTC to USD and withdraw to my bank account. However, when I attempted to withdraw to my Coinbase address (MHhMzKGeBHiavSN8vzz1F8fCaFcAsK6Aib) from my wallet, I received the following error in my Ledger software:
The recipient litecoin address in incorrect.
WTF!? So I tried again and I could not get this to send. After a bit of investigating I realized I was trying to send LTC from a legacy wallet to a segwit wallet over at Coinbase? So how the hell do you get your LTC from a legacy to a segwit wallet? After thinking of some alternative, albeit dumb, ways of getting my money (like sending the LTC to Bittrex and then converting to ether (ETH) to then send on to Coinbase*), I found the right, cheap, and easy way to do this. Here are the instructions:
- Head over to the P2SH Converter here: https://litecoin-project.github.io/p2sh-convert/
- Enter the litecoin address at Coinbase or GDAX and press the Convert button. In my case, I entered MHhMzKGeBHiavSN8vzz1F8fCaFcAsK6Aib
- Copy the resulting "Mainnet p2sh address (deprecated): " address into your ledger wallet "send to:" address. In my case, I copied the following from the website after pressing convert: 3DozzEm7bFLAUhdVtBee7ggF68fMJPXFY5. Enter the amount to send and any additional parameters and click send.
That's all there is too it. After a few minutes to allow for sufficient confirmations, your LTC should appear in your Coinbase or GDAX wallet. I would strongly recommend sending a very small amount of LTC the first time you try this to make sure it ends up in your Coinbase wallet. If all goes well, then proceed with sending the rest.
I hope this helps save people from wasting time finding as solution as I know when I searched, I didn't find one easily.
Best of luck!
*Do not do this. It's costly in terms of transaction fees and exchange fees.