Now write down the backup seed and store it in different location. Open your wallet and navigate to wallet > seed. Not a problem if you failed to write down the seed word during the initial setup process. So make sure to save the copy in a safe and secure location. Be aware that anyone who has access to your seed word can steal all of your coins. So set a strong password and write down the seed phrase. Using this mnemonic seed one can entirely restore the wallet. The password is set so that anyone with access to your wallet cannot use your coins as they do not know the seed word. Whereas the password which you set is used to encrypt this computer generated seed word. The 12 random seed word is computer generated and is the master key which contains all the information about your wallet. Now this is different from the password which you set in the next step. It is called Mnemonic seed which generates the private keys of your wallet. In electrum when creating a new wallet you’ll be provided with a 12 random words which looks similar to this. Here we’ll explain all the three approaches. 2 You can save the wallet data file and 3. 1.You can backup by writing down the seed word. There are three ways to backup your electrum wallet. Additionally you can also backup the entire wallet data file. So what happens if I forget my electrum wallet password? It can happen to every one of us and this is when you’ll need your wallet seed which will help you to restore all of your Bitcoins.Īpart from wallet seed word you can also export the private keys which you can later import and recover your coins. So it is very important that you password protect your electrum wallet which you should have set when you’ve created the wallet initially. Also if you allow someone to access your private keys they will also have access to your Bitcoins. If you lose the private key you lose access to your Bitcoins associated with that particular address. Whereas Private key is confidential and this is what allows one to spend Bitcoins associated with the public address.Įlectrum wallets are capable of maintaining multiple wallet addresses and each wallet address has a private key associated. Public key is the receiving address which you can share it with others to receive Bitcoins. The key pair is a combination of public and private keys. The Bitcoin electrum wallet software holds cryptographic key-pair and this key pair is what allows one to access a Bitcoin address on the blockchain. Your wallet software just allows you to access your Bitcoin address on the blockchain. They are actually stored on the Bitcoin blockchain which is a distributed peer to peer ledger where all of the Bitcoins, their data and the contents are stored. In fact, your Bitcoins are not kept in your wallet. So where are my Bitcoins stored actually and from where it is getting the data from? Instead it fetches the data of your wallet such as balance, transaction history from several blockchain servers. Moreover unlike QT wallet this wallet does not require you to download the whole blockchain to your local machine which is both space and time consuming. This application has several advanced features like two factor authentication, cold storage, multi sig wallet etc. It is one of the most popular option to send, receive and store Bitcoins. So what is electrum wallet? Electrum is a Bitcoin wallet software that you use in your computer. Now before we see how to backup electrum wallet here is something that you need to know about this wallet type. Moreover electrum wallet is available for Bitcoin, Litecoin, Dash and many other popular altcoins. When it comes to desktop again there are many wallet types available but most prefer using electrum wallet as it is free, light weight and easy to use. Among them desktop wallets are most widely used as it has many features and gives users full control over their funds. There are many types of wallets available for Bitcoin and other cryptocurrencies such as online, mobile, desktop, hardware and paper wallet. Recently one of user asked us how do I make a backup of my Electrum wallet? Here in this beginners guide we’ll show you how to backup Bitcoin electrum wallet. Also we’ve explained how to backup Monero wallet. Previously we’ve made a guide on core wallet backup. If you are storing Bitcoins in your PC or Laptop then it is very important that you backup your wallets. System malfunction, hardware failures and data theft can occur anytime.
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