Bitcoin Forum

Dear bitcoiners,

I have created a multi-sig set up (3-5) with electrum wallet (Trezor T, Trezor One, Ledger Nano X, ledger nano S). I have placed the encrypted wallet file in the cloud, so I can access it from all my computers. So far it works wonders but what happens if electrum wallet stops working? How can I restore the wallet? I have tried to download Armory but it does not seem to open in MacOS Catalina or Sierra. And I am lazy to install the electron stuff to initiate the copay wallet. What do you guys suggest? Any other wallet that works with the wallet file created with Electrum? Can I trust that electrum wallet will always work?

Thank you

Arkaos

there is no reason for a file created by a wallet software to work with another software since they all work separately and always have ways to let you export your keys. for example when Multibit stopped they released a simple guide for users to import their keys in any other wallet such as Electrum. and the keys are important not the file itself.

Electrum is open source so we already know what is happening under the hood. if some day it stopped being updated you still can export your keys from it to import in another wallet and if it didn't work anymore you still can look at the source code (or ask someone who can to do it) and write a small and simple script to extract the keys from the wallet file you had.


in any case i would worry more about this instead:
that is generally a bad idea, although being encrypted makes it safer (depending on the strength of the password used) but it still isn't as safe as storing it locally or in cold storage.

First of all thank you for your answer,

But why do they say that the xpub file is important to recreate the wallet?

What does it mean?

Best

Thanks

i never said such thing! i don't even know what "xpub file" means. there is xpub which is the extended public key but it is not in file form even in Electrum.

i said the "keys" are important not the "file". for example this: is a private key. you can import it in ANY wallet that has import feature (this is an example key, don't import this in your wallet!) and they all understand it no matter what version they are, what kind of mnemonic scheme they use, what HD derivation path they use,...
if some day Electrum stopped working you can either export these individual keys form it or ask a trusted python developer to write a script that extracts it from your wallet file or converts your mnemonic (that you have backed up) to keys that you could import in any wallet.

Where did you get this information? The public key (extended public key (xpub) ) is not as important as keeping the private key either in the form of a key or wallet seeds.
The public key enables you to track your balance without fear of losing it.


The file you got from the wallet is a cipher of those words in the form of an encrypted file with a password that enables you to access it.

Keep either the wallet seed or the private key  in a safe place and you will not suffer from a problem.

Try to learn more from this channel: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ