Bitcoin Forum

How do I choose a backup method?

1. Private keys: I create a private key for each address using "Wallet> Private keys> Export". Using these private keys I can transfer my address to another wallet.
2. Wallet seed words: In this method, I can reach all my addresses and information with 12 wallet words.
3. Wallet backup file: This is another method. I can create wallet information by uploading from Backup file.

Which is the most accurate method?

Why are you asking how to choose backup method when you already know all of them?  Just pick whichever your prefer.
Generally the seed is all you need to restore your wallet, so just write it down on something and make sure you never lose it.
Wallet file will require you to save it in USB/PC which can be compromised by malware.
Private key exporting shouldn't be used as long term backup because you're not exporting all the possible private keys of your seed.

You would probably omit private keys along the way. This does not ensure that you also backup your future private keys. You can export your xpriv (master private key) and that will allow you to generate all the addresses.
This should be your primary backup method.
This method backs up your entire folder. You will be able to cover all the labels and invoices saved on your Electrum client. It isn't much of a security risk if you secure it well with an encryption on top of the encryption on your wallet. This makes it secure as long as you use different passwords for both of the encryption. For windows, the directory you are looking to backup is %appdata%/Electrum.

Regarding 3, you are not supposed to backup the entire data directory. Open your wallet in electrum and then use the file menu > save copy option to backup your wallet file. That's all you need.

when you make a wallet with electrum the normal way, there is no way of omiting a private key. you can only freeze addresses. (normal way is making a new wallet with the random seed electrum generates for you)
and imported private keys are a different story though, the only way to back them up is to store them separately or store the wallet.dat file because seed doesn't recover these.

and you do not have access to "xpriv" (master private key) unless you open your unencrypted wallet.dat file and look for "master_private_keys" which is an unnecessary complication the seed is doing the same job and is easier to back up by writing it down.

You can and will omit key if you use the seed, backup all the private key of the present wallet, send several transactions and you don't back it up. This is risky and it isn't really a method that anyone should consider.
You don't have to. Go to Console, type in getmasterprivate() and bam. You get your master private. As I mentioned, you should be backing up your seed and not doing these things. This is if you believe you can't use Electrum anymore in the future and you want to have your current addresses.

I want to know which is the right method. I am new to bitcoin. For example, every wallet has its own characteristics. I want to use my backups in every wallet.

As far as I know, the seed words of each wallet is unique. So I can use seed words that I created in any wallet in another wallet?



I do not think it's very safe to make different backups in more than one place. Focusing on a single point is more accurate for me.

Backing up the seed. Done.
Currently no. Electrum uses its own method of generating the seeds. You cannot use seeds in Electrum in any other wallets currently. You can probably import in most wallets that allow importing xpriv key.
Redundancy is the most important thing. It is safe if you store them correctly, eg. in different safes.

i have no idea what you are talking about. can you explain?
because there simply is no option for omitting a private key from your wallet if you are using the seed to generate that wallet! there is option if you have another wallet with imported private keys (built without seed)

https://i.imgur.com/t6SoILd.jpg

however when you use an address and empty it, that address goes under another tree called used and if you collapse it you can see the address, it is not removed.


even if you believe you can no longer use electrum making the master private key from the seed is not a problem. even if you can not do it pragmatically yourself you can ask someone online (on /r/python for example) to look at github and write a couple of lines of code for you to convert it.

Yes, but I'm not talking about also using the seed as a backup. What I meant that if you choose to export the private keys one by one, you might skip some of the keys. But if you looked at the entire thread, you may get an idea of what I am talking about. As i mentioned repeatedly, you need to backup your seed.

Even if you don't lose any keys, this method is extremely time consuming and unnecessary. I do not recommend this method at all.

I backed up my private keys. Can I use these private keys in other wallets too? Let's just say I've backed up the seed words of your wallet. What if the electrum project is canceled in the future?
By looking at Bitcoin's address, can we tell which wallet was created? Every wallet seems to be creating a unique address for itself. But money can be transferred between different wallets.
For example, I backed up private keys in the electrum wallet. Can I use the addresses in the electrum in a different wallet using these private keys?

As long as you have a copy of the electrum software you are good.

Possessing just the address does not give you the power to spend the bitcoins sent there. If it were designed like that your bitcoins could be spent by anybody!

When you spend bitcoins coins may be drawn from various addresses so anyone looking at the blockchain could infer that these addresses belong to the same wallet.

If you are talking about the private keys being exported, then you can. Even if Electrum goes down, you can still create your own server and send your coins elsewhere.
No. Addresses cannot be tied to the client which generates it, if the client does not have any bugs.

Yes. It's a different story for master private keys however. Not all wallet will support them.

Hi,

For example, I backed up the private keys of my addresses in the electrum wallet. How can I install multibit hd wallet from again using these private keys?

AFAIK, you can't import anything into Multibit HD and they don't adopt the same seed deviation method as Electrum. Hence, you need to send the coins to a wallet created by Multibit HD's seed.

You can import into Multibit Classic though[1]. Can go through more in depth for you, if you need.

[1] https://multibit.org/help/v0.5/help_importingPrivateKeys.html

OK, so what to backup if i want to backup all the labels and the history and the keys?

the seed brings me the private keys and the addresses right? but labels and history are gone then.

so backup the complete .electrum folder and good to go?

Yeah, it is probably safest to just backup the entire electrum folder ( mine is only about 50MB ). I believe the electrum/contacts file includes the labels/saved addresses. History is automatically populated from the blockchain so you shouldn't ever lose that afaik.

if i am not mistaken when you recover your wallet with seed, the wallet requests all the history from servers and adds it to your wallet (you should test this though because i have never tried or paid attention to this)

but if you want your labels only you can export them separately: Wallet > Labels > Export (and import after)

also for History: Wallet > Export History

and for backing up your wallet the whole Electrum folder has some additional unnecessary files such as "blockchain_headers" "certs" folder,.... the only thing you need to back up is one file called "default_wallet" in the "\Electrum\wallets" folder.

I understand that we can not use private keys in other wallets. The Multibit HD wallet does not have a private key insert or eject menu. I think this is the only feature in the classic version. In the new version they removed the use of private keys.

Then it makes more sense to make the backup process with seed words. Already we can only use the private key in the corresponding wallet. Rather than backing up private keys, backing up seed words is simpler.

So Kolloh, Does that mean if i copy paste my 'electrum' folder. Then hide it in encrypted (1048 military grade)cyber space, on an email server that even the NSA have trouble getting into- I can restore my wallet if my computer gets stolen?

New to this, already lost btc to a clever thieve, just want to make dam sure it never happens again.

Peter

using "military grade" (or whatever you want to call it) encryption aka AES-256 doesn't mean you are safe. because you are only as safe as your password.
many people think their password is strong but it really isn't https://en.wikipedia.org/wiki/Password_strength

also anything that is stored digitally can be lost you can lose access to that email server, it can go down, disappear, hardware failure,...

keep these two in mind when backing up your wallet.

Yep, you would be able to restore your wallet if your computer was stolen in this case. If you don't need your labels and contacts and settings, you can simply backup your seed phrase and you'll be able to restore the wallet with all funds as well. This can even be written down and stored in a physical safe, for example.

Thank you poo
Thank you Kolloh

I am very vert sure about my email server. I have done my research. I used to use true crypt. But now it is Gpg, still as good.
To the best of my knowledge neither of these have been broken by criminals....or even the FBI. Except that terror case the other year. You remember the Muslim couple in the black SUV?...the FBI broke his phone eventually.
But, i dont feel that a concern as i am not breaking the law.

Yes I heed your advice on passwords and as a matter of fact I will act on that advice. I am a prolific reader of certain subjects.
i honestly cant imagine anyone working it out. It is not written anywhere on my premises.
I also use a file destroyer instead of the delete.

TrueCrypt has a vulnerability in its driver that could give an attacker elevated privileges to your system. The vulnerability will never be fixed because its developers stopped maintaining it. There is an alternative to TrueCrypt called VeraCrypt in which the bugs were fixed.

http://www.pcworld.com/article/2987439/encryption/newly-found-truecrypt-flaw-allows-full-system-compromise.html

Vera crypt.. hey thanks Tech. I might just look into that.