Seed or Private keys? | Bitcointalksearch.org

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: backthespace on December 14, 2017, 05:39:45 AM

Hi

Do I need to save only my Electrum seed or will my values be more secure if I also store my private keys on paper?
For example, I want to make sure my funds are still available in 5 years from now. What if Electrum by then somehow doesn't exist anymore? Can I access my wallet and funds from another provider using my Electrum seed? Or would another provider only be able to create my wallet with my existing funds if I can provide my private keys?

Sincerely, backthespace

In this case only seed is enough.
If you want look 5 years from now (hodl), you alternatively can backup all private keys that has any bitcoins in it. (this will eliminate need of keeping old copy of electrum to recover from seed)

coinsensus21

newbie

Activity: 33

Merit: 0

Private keys.

mocacinno

legendary

Activity: 3584

Merit: 5248

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: Trigzilog on December 14, 2017, 03:08:46 PM

I'm still confused with the seed. I've tried it in the eth wallet but when I open it there are alot of public add to choose from. is the mnemonic phrase a seed?

The original question was about the alternative bitcoin wallet called electrum. The answers given by me and other members cannot be translated to most other wallets.
If you need to know the answer to your question, you'll have to find the support thread for your wallet (since you're talking about ETH, i assume you're using mist?). Anyways, as a first part of an answer: if you write down PUBLIC addresses, i can assure you that you won't be able to restore your wallet... writing down addresses or public keys is not sufficient for backup purposes.

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: pipoy5 on December 14, 2017, 03:25:03 PM

Do we need password with the SEED? just like the phrases?

No. You only need the password to access your already existent wallet. If you restore it with the seed, you will be able to setup a new password.

pipoy5

newbie

Activity: 11

Merit: 0

Do we need password with the SEED? just like the phrases?

Trigzilog

newbie

Activity: 12

Merit: 0

I'm still confused with the seed. I've tried it in the eth wallet but when I open it there are alot of public add to choose from. is the mnemonic phrase a seed?

backthespace

newbie

Activity: 9

Merit: 0

Quote from: mocacinno on December 14, 2017, 05:41:15 AM

Quote from: backthespace on December 14, 2017, 05:39:45 AM

Hi

Do I need to save only my Electrum seed or will my values be more secure if I also store my private keys on paper?
For example, I want to make sure my funds are still available in 5 years from now. What if Electrum by then somehow doesn't exist anymore? Can I access my wallet and funds from another provider using my Electrum seed? Or would another provider only be able to create my wallet with my existing funds if I can provide my private keys?

Sincerely, backthespace

Backup the seed on a couple pieces of laminated paper and you're fine

In case electrum ever seizes to exist, you can download the sourcecode of https://iancoleman.io/bip39/, open it on an offline machine, enter the seed and the correct derivation path, and you can derive as many private keys from your seed as you need... Afterwards you can import those keys into most reasonably decent wallets..

Perfect, thanks for the quick and precise answer.

mocacinno

legendary

Activity: 3584

Merit: 5248

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: backthespace on December 14, 2017, 05:39:45 AM

Hi

Do I need to save only my Electrum seed or will my values be more secure if I also store my private keys on paper?
For example, I want to make sure my funds are still available in 5 years from now. What if Electrum by then somehow doesn't exist anymore? Can I access my wallet and funds from another provider using my Electrum seed? Or would another provider only be able to create my wallet with my existing funds if I can provide my private keys?

Sincerely, backthespace

Backup the seed on a couple pieces of laminated paper and you're fine

In case electrum ever seizes to exist, you can download the sourcecode of https://iancoleman.io/bip39/, open it on an offline machine, enter the seed and the correct derivation path, and you can derive as many private keys from your seed as you need... Afterwards you can import those keys into most reasonably decent wallets..

backthespace

newbie

Activity: 9

Merit: 0

Hi

Do I need to save only my Electrum seed or will my values be more secure if I also store my private keys on paper?
For example, I want to make sure my funds are still available in 5 years from now. What if Electrum by then somehow doesn't exist anymore? Can I access my wallet and funds from another provider using my Electrum seed? Or would another provider only be able to create my wallet with my existing funds if I can provide my private keys?

Sincerely, backthespace

Topic: Seed or Private keys? (Read 184 times)