Using electrum | Bitcointalksearch.org

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: beetcoin on November 08, 2013, 01:49:59 AM

also, i'm wondering.. in order to steal my coins, you'd only need the private key?

Correct.

Quote from: beetcoin on November 08, 2013, 01:49:59 AM

i thought the public key would also be required,

No. If you have the private key, you can calculate the public key.

Quote from: beetcoin on November 08, 2013, 01:49:59 AM

is the public key mathematically linked to the private key, just for the purpose of monitoring the wallet only?

Not sure what you are asking.

beetcoin

sr. member

Activity: 434

Merit: 250

Quote from: birkomester on November 08, 2013, 01:36:02 AM

You're right.
But if you want a more secure wallet use Armory.
But electrum is very good too.

i'm not sure why armory is more secure.. just because it uses a local blockchain client? running a local blockchain is kind of a hassle for me.

i think i will eschew saving the private key.. just the seed and .dat file should be good, i think. the more stuff i have laying around, the more the likelihood someone else will stumble upon it.

also, i'm wondering.. in order to steal my coins, you'd only need the private key? i thought the public key would also be required, but based on what i did with electrum.. it didn't work out that way. is the public key mathematically linked to the private key, just for the purpose of monitoring the wallet only?

favdesu

legendary

Activity: 1764

Merit: 1000

That's why you should keep your private keys safe. You can restore any wallet with only the priv key / no password needed there.

Also, make sure to encrypt your local wallet and to never forget the seed words Wink

birkomester

full member

Activity: 336

Merit: 100

You're right.
But if you want a more secure wallet use Armory.
But electrum is very good too.

beetcoin

sr. member

Activity: 434

Merit: 250

what backups are recommended?

someone please correct me if i'm wrong.

The Seed: is a good idea to backup, but it's super risky if you leave it laying around, as an attacker would be able to take control of your coins without even having to bypass a password. so, what i'd like to do is memorize 6 of the 12 words, and then store the remaining 6 that i don't remember.

Backup the .dat file: With encryption. even if someone is able to get access to the .dat file, they'd still need crack your password.

Private Key: This is the one backup that I am unsure about.. I was playing with Electrum a few days ago, and it seems that I was able to restore the wallet with a private key (no password required).

Topic: Using electrum (Read 464 times)