Question about electrum's private key

[Fynall]

I would like to have a paper backup of my private key (either paper or perhaps in a text file encrypted into a zip file w/ password inside an ordinary USB flash drive). When I try to find my private key, I see there are not 1 but 26 different private keys, why? Which private key holds my coins?

[pooya87]

wallets such as electum are called HD wallets which means they generate something called a master private key which you may know as Seed words. then they generate all your other private keys (all those bitcoin addresses you see in the addresses tab [press Ctrl+a]) from that master private key.

all you need to do is to back up that Seed words.
from menu click "Wallet > Seed" then enter your password and write the seed down on a piece of paper. that is all you need to recover all the 26 or so and more future addresses that the wallet generates for you.

[ranochigo]

I would like to have a paper backup of my private key (either paper or perhaps in a text file encrypted into a zip file w/ password inside an ordinary USB flash drive). When I try to find my private key, I see there are not 1 but 26 different private keys, why? Which private key holds my coins?

You likely have already made a few transaction. The way Electrum works if that the seed can be used to derive a huge pool of addresses that can be recovered using your seed. Electrum allow the user to use a large pool of addresses and change address to ensure privacy.

If you go to the "address" tab or go to wallet>address, you should be able to see the large pool of address. The addresses that is used and empty are placed in the "used" and the addresses that is used for change is under "change". Take note of any address that has a balance in your receiving address and change. You can then go to Wallet>Private keys>Export to see your private keys.

I wouldn't recommend you doing this. Backing up the seed is sufficient.

[Fynall]

all you need to do is to back up that Seed words.
from menu click "Wallet > Seed" then enter your password and write the seed down on a piece of paper. that is all you need to recover all the 26 or so and more future addresses that the wallet generates for you.

All I need is the seed words, not the wallet file that goes with it? I thought the file was like a safe box and the password (or seed) was the key to open the safe.

[ranochigo]

all you need to do is to back up that Seed words.
from menu click "Wallet > Seed" then enter your password and write the seed down on a piece of paper. that is all you need to recover all the 26 or so and more future addresses that the wallet generates for you.

All I need is the seed words, not the wallet file that goes with it? I thought the file was like a safe box and the password (or seed) was the key to open the safe.

You don't need it. The wallet file stores your xpriv, aka.master private key which is used to generate all the addresses under that wallet. The xpriv can also be derived from your seed.

[pooya87]

all you need to do is to back up that Seed words.
from menu click "Wallet > Seed" then enter your password and write the seed down on a piece of paper. that is all you need to recover all the 26 or so and more future addresses that the wallet generates for you.

All I need is the seed words, not the wallet file that goes with it? I thought the file was like a safe box and the password (or seed) was the key to open the safe.

the wallet file is for usage on a computer, for example when you want to open it and see the addresses and sign a transaction offline. the seed is like an ultimate cold backup if you write/print it on a paper. and the password that you set is like the key to open the safe, the seed is for recovering what is in the safe (which is your private keys)

you can still back up your wallet file too. it actually is a good idea to have that backup in case your paper was lost, damaged,... so you have another safety net.

[torusJKL]

The wallet file also contains the labels/descriptions of the transactions.

[pooya87]

The wallet file also contains the labels/descriptions of the transactions.

it is worth adding that you can easily export those too.
from the menu:
Wallet > Labels > export (and then import later the same place)
it will create a simple JSON file containing all the addresses that have a label.
{
    "bitcoin_address_here": "Label_data_here",
    ...
}

for the history (transactions) you will have to export them separately:
Wallet > History > export
this is also a simple JSON file that can be used later.
[
    {
        "date": "date_here",
        "label": "Label_data_here",
        "value": "amount_here",
        "txid": "txid_here"
    },
...
]