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What is a bitcoin wallet seed


what is a bitcoin wallet seed

and expect it to take a little longer than usual for Electrum to be ready. The BIP39 English word list has each word being uniquely identified by the first four letters, which can be useful when space to write them is scarce. Note that the wallet information will remain unencrypted in the memory of your computer for the duration of your session. At the London Inside Bitcoin conference the keynote speaker showed 25 paper backups they were carrying - all password-protected. Where is my wallet file located? This is a bad name because the word mnemonic implies that the phrase should be memorized. For this, select the restore wallet option in the startup. The Addresses tab will not show any addresses the first time you launch Electrum. If you put it online, there is a chance someone could hack your device and get access.

HD wallets generate an initial phrase known as a seed or mnemonic phrase. This seed is a string of common words which you can memorize instead of the long confusing private key. Later on, if your wallet gets. Your Bitcoin wallet is a Deterministic wallet.

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A sample explanation that can be adapted is: These twelve words have control over bitcoins. That basically means it is virtually impossible to hack. You will need to back up this wallet, because it cannot be recovered from a seed. What is the gap limit? To restore your wallet from its seed phrase, create a new wallet, select the type, choose I already have a seed and proceed to input your seed phrase. This means that it provides the same level of security as a Bitcoin private key (of length 256 bits). Offline copies of Electrum will not show the addresses at all because it cannot synchronize with the network. It is less misleading to call them seed phrases. This is a bad idea and should not be done, because if one set of 6 words is discovered then it becomes easier to bruteforce the rest of the phrase. Storing bitcoins in multiple locations like this should be done via multisignature wallets instead.

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