Electrum wallet for Bitcoin is one of the most reputable and secure wallet available for Desktops and Mobiles. Not just secure, but compared to QT wallet Electrum is fast, simple and uses less resources. Due to its simplicity most users advise beginners to use Electrum wallet but they are not given much awareness about the wallet seed. This beginners guide is all about giving them a basic understanding on wallet seed and tell them how important the seed word is. In addition to this we’ll show you how to find your Electrum wallet seed word and how to restore wallet from seed.
Also read: How to setup Verge electrum wallet
Electrum wallet seed word:
Electrum wallet creates a seed word for you when you initially setup your wallet. It is a 12 word mnemonic seed that is used to generate your wallet private keys. Example of seed word: “
buyer category snap balcony letter banner rest pool cake boil owner plug“. Remember that seed is not a private key of your wallet address. It is a master key that helps to recover your Electrum wallet completely. This seed word is not saved anywhere on electrum servers. It is a client side functionality and is only available for you. Even if you forget to write down this seed initially you can find it later on in your wallet by entering your password but what if you forget your password.
We’ve seen users on forum asking questions like: “I lost my electrum wallet seed; are my Bitcoins gone?”. “I lost my wallet password but I have the seed; is it possible to recover wallet?”. Yes! If you lose your password then you can recover your wallet using seed but if you lose your seed word then all is gone. This is why everyone recommends you to store your wallet seed in a secure location. Okay! Here are some common scenarios that users of Electrum wallet face when they forget their password or didn’t save their wallet file or seed word.
Related topic: How to backup Monero wallet
Forget my Electrum password, but I have the wallet seed
When you setup Electrum wallet you’ll be asked to choose a wallet type, once it’s done the wallet will generate a seed for you, after which you’ll be asked to set a password. This password is mandatory step and it is an extra layer of protection to your electrum wallet. Whenever you wish to access wallet or send coins to another address or when exporting private keys you’ll be asked to enter the wallet password which you set during the installation process. So what happens if you forget this password? There is one option and that is setting up a new wallet from the seed word. Following is a step by step guide to restore your Bitcoin electrum wallet from seed.
Restoring Electrum wallet from seed
So while creating a new / restore wallet using old seed do I need to set the wallet file name and password same as old? No, it doesn’t matter what wallet name or password you choose for your new wallet. As long as you have your previous wallet seed correct you can recover all your wallet addresses and its balance. Here are the steps to restore electrum wallet from seed
1. In your electrum wallet go to File and click on New/Restore which will open Installation wizard screen.
2. Choose a wallet find name and on next screen select a wallet type.
3. Now on Keystore screen, instead of “creating a new seed” select “I already have a seed” and proceed to next screen.
4. Then on next screen you’ll be prompted to enter your wallet seed word. Just input your previous wallet seed phrase and click on next.
5. Now you’ll be asked to set a password for your new wallet which is a wallet encryption so make sure to set a strong password. Also remember to note down the password this time or else you’ll have to follow these steps and create a new wallet from seed again.
That’s it! Electrum will generate all your previous wallet address and restore its funds.
Related Guide: How to restore Monero wallet from mnemonic seed
Now here is another scenario: What happens if you lost your electrum seed but know your wallet password.
Lost my Electrum seed, are my Bitcoins gone?
Don’t lose hope until unless you have your password. Yes, if you know your wallet password then you can still access your funds and make transactions. But before it gets too late now its time for you to find your wallet seed and store them in safe place. For those who didn’t write down the wallet seed during installation process; here is how you find out your wallet seed.
- Open electrum.exe, choose your wallet file, enter your password to open your wallet.
- Now in the top menu bar of your wallet click on wallet >> seed which will ask you to enter your password.
Enter your password, click on OK and the electrum wallet will display your wallet generation seed.
Now do yourself a favor and write down this 12 words on paper (Note: order is important) and store it in a different locations where you find it to be safe and secure.
Things to note:
- If you lose your wallet seed you’ll not be able to recover your wallet.
- Do not disclose your seed word to someone or else your funds will get compromised.
- Seed word won’t work if the order is incorrect.
Electrum wallet seed option is disabled
This is one of the worst case scenario which most users encounter at some point. In electrum wallet if you choose wallet type as standard wallet then anytime you can choose to view your seed phrase by entering your password.
However if you choose “wallet with two-factor authentication” or “Multi-signature wallet” you’ll not be able to view your seed word. This seed option will be disabled / hidden by default in watch only wallets, 2fa wallet and multi signature wallet. Most beginners are not aware of this and as a result some of them even losing access to their funds.
Well, if you know your wallet password and two factor authentication code then there is still hope. All you can do is create a new electrum wallet and send all your funds to the new wallet. By creating a new wallet you’ll be give a new wallet seed, you can set a new password and even configure the 2fa again.
Hope it helps! More information about electrum wallet can be found here. If you have any other questions or having trouble recovering your wallet then please let us know in comments section. We’ll try our best to help you out.