Hello, I've been google-fu-ing for a while now trying to get a good understanding of how this works, before I invest much money.
So I have Electrum as my wallet. I understand that there is a public key that I use to have BTC sent to my wallet.
However, I don't fully understand how the wallet, private key and pass phrase works. I wrote down my long string of words, but I'm learning that this isn't actually my "private key". From my understanding, this string of words can be inputted into Electrum, and the wallet will then use those words to calculate my private key, correct?
If this is the case, what is the file that Electrum has me save on my PC? What do I need that for? Do I need to have that saved forever? Do I need to connect my wallet to the internet ever for any reason?
If you can help me understand this, that would be great, but I'd certainly accept a link to a helpful resource if you can point me towards one!
[link] [comments]
from Bitcoin - The Currency of the Internet http://bit.ly/2XM8FZj
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